GeneDx Holdings Corp shares jumped 21% to $4.68 in late-morning trading on Tuesday after the provider of exome and genome testing and interpretation announced that it expects to exceed revised 2023 revenue guidance with fourth quarter 2023 revenue from continuing operations of more than $57 million.
GeneDx also said it expects at least 63% year-over-year growth from its exome and genome test revenue.
"We had an incredibly strong fourth quarter as we continued to drive utilization of our industry-leading exome and genome products, improve our average reimbursement rate, and meaningfully reduce our cash burn," GeneDx CEO Katherine Stueland said in a statement.
“With continued strong execution across these metrics in 2024, we’re confident in our ability to reach profitability in 2025, ultimately keeping our eye on the goal of diagnosing inherited disease earlier, connecting people with the right treatment, and driving a healthier future for as many families as possible," she added.
GeneDx noted it reduced its 4Q cash burn 51% year-over-year and 21% sequentially, while expecting to report a year-end cash position of at least $131 million as of December 31, 2023.
The company will release its financial results for the fourth quarter and full year 2023 after the market closes on February 20, 2024.