Second Quarter 2026
Filed Aug 3, 2026GeneDx reported second quarter 2026 revenue of $114.4 million, including $100.3 million in exome and genome revenue, and reiterated full year 2026 revenue guidance of $475 to $490 million.
Revenue increased 11% year-over-year, exome and genome volume increased 32% year-over-year, and adjusted net income returned to $0.4 million from a first-quarter loss. The company retained its full-year outlook, although adjusted net income was below $16.4 million in the second quarter of 2025 and GAAP net loss was $17.7 million.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenueother | $114.4 million | – | 11% |
| Exome and genome test revenueother | $100.3 million | – | 17% |
| Exome and genome test result volumeother | 30,785 | – | 32% |
| Other panels volumeother | 32,057 | – | – |
| Total volumeother | 62,842 | – | – |
| Adjusted gross marginnon-GAAP | 70% | – | – |
| GAAP gross marginGAAP | 68% | – | – |
| Adjusted total operating expensesnon-GAAP | $80.3 million | – | – |
| Adjusted total operating expenses as a percentage of revenuenon-GAAP | 70% of revenue | – | – |
| Total GAAP operating expensesGAAP | $95.7 million | – | – |
| Adjusted net incomenon-GAAP | $0.4 million | up $8.6 million | – |
| GAAP net lossGAAP | $17.7 million | – | – |
| Cash, cash equivalents, marketable securities and restricted cashother | $133.5 million | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Whole exome, whole genomeExome and genome test result volume grew to 30,785, an increase of 32% year-over-year. | $100.3 million | – | 17% |
| Other panelsOther panels volume was 32,057. | 11.6 | – | – |
| Data informationRevenue was reported in the Volume & Revenue table. | 2.3 | – | – |
| Software and interpretation servicesRevenue was reported in the Volume & Revenue table. | 0.2 | – | – |
Full Year 2026 and Third Quarter 2026 outlook
- Revenue$475 to $490 million (Full Year 2026); $122 to $124 million (Third Quarter 2026)
- Gross marginApproximately 70% (Full Year 2026); Approximately 70% (Third Quarter 2026)
- NoteExome and genome volume: At least 30% growth (Full Year 2026); 33,200 tests (Third Quarter 2026)
- NoteExome and genome revenue: At least 20% growth (Full Year 2026); $110 to $112 million (Third Quarter 2026)
- NoteAdjusted net income: Positive (Full Year 2026); Approximately $2 million (Third Quarter 2026)
What drove it
- Exome and genome test revenue grew to $100.3 million, an increase of 17% year-over-year.
- Exome and genome test result volume grew to 30,785, an increase of 32% year-over-year.
- Texas Medicaid exome sequencing coverage became effective May 1, 2026.
- California Medicaid pricing for genome sequencing became effective July 1, 2026, with pricing published at 100% of the Medicare rate.
- Carelon outpatient genome sequencing coverage is effective June 14, 2026 and opens access to up to 56 million covered lives.
- The total number of state Medicaid programs covering outpatient exome and/or genome sequencing expanded to 39 following Mississippi Medicaid’s coverage announcement effective July 1, 2026.
Concerns
- Adjusted gross margin of 70% compared with 71% in the second quarter of 2025.
- Adjusted net income of $0.4 million compared with adjusted net income of $16.4 million in the second quarter of 2025.
- GAAP net loss was $17.7 million.
- Total GAAP operating expenses were $95.7 million.
What to watch
- Third quarter 2026 revenue guidance of $122 to $124 million.
- Third quarter 2026 exome and genome volume guidance of 33,200 tests.
- Third quarter 2026 exome and genome revenue guidance of $110 to $112 million.
- Third quarter 2026 adjusted gross margin guidance of Approximately 70%.
- Third quarter 2026 adjusted net income guidance of Approximately $2 million.
- Execution on the transition to genome testing and the stated imperatives of optimizing unit economics, growing utilization, and delivering products at scale.
Balance sheet and cash flow
- Cash, cash equivalents, marketable securities and restricted cash was $133.5 million as of June 30, 2026.
- On August 3, 2026, the Company amended and restated its existing loan agreement with Blackstone, adding an additional $50.0 million term loan facility and increasing the aggregate principal amount available under the facility to $150.0 million.
- An affiliate of Blackstone agreed to purchase approximately $5.0 million of the Company’s Class A common stock at $61.00 per share in a private placement.
- The Company’s pro forma cash position following this transaction is approximately $188 million.
Analysis
GeneDx reported $114.4 million of second-quarter 2026 revenue, up 11% year-over-year. Exome and genome revenue reached $100.3 million, up 17% year-over-year, while exome and genome test result volume rose 32% year-over-year to 30,785. The company reported $11.6 million of other panels revenue, 2.3 of data information revenue, and 0.2 of software and interpretation services revenue in its Volume & Revenue table.
The mix remains centered on whole exome and whole genome testing, which represented $100.3 million of the reported $114.4 million total revenue. Management cited expanded reimbursement and access, including Texas Medicaid exome coverage, California Medicaid genome pricing, Carelon outpatient genome coverage, and 39 state Medicaid programs covering outpatient exome and/or genome sequencing. The company also launched redesigned exome and genome reports and appointed Mark Gardner as President to lead commercial and operations teams.
Adjusted gross margin was 70%, up from 69% in the first quarter of 2026 but below 71% in the second quarter of 2025. GAAP gross margin was 68%. Adjusted total operating expenses were $80.3 million, representing 70% of revenue, while total GAAP operating expenses were $95.7 million. Adjusted net income was $0.4 million, up $8.6 million from the first quarter of 2026, but compared with adjusted net income of $16.4 million in the second quarter of 2025. The company reported a GAAP net loss of $17.7 million.
Liquidity included $133.5 million of cash, cash equivalents, marketable securities and restricted cash as of June 30, 2026. On August 3, 2026, GeneDx added an additional $50.0 million term loan facility and increased aggregate principal amount available under the Blackstone facility to $150.0 million. An affiliate of Blackstone also agreed to purchase approximately $5.0 million of Class A common stock at $61.00 per share, resulting in a stated pro forma cash position of approximately $188 million.
Management reaffirmed full-year 2026 revenue guidance of $475 to $490 million, at least 30% exome and genome volume growth, at least 20% exome and genome revenue growth, approximately 70% adjusted gross margin, and positive adjusted net income. Third-quarter guidance calls for $122 to $124 million of revenue, 33,200 exome and genome tests, $110 to $112 million of exome and genome revenue, approximately 70% adjusted gross margin, and approximately $2 million of adjusted net income. The key reported items to monitor are delivery against the third-quarter volume and revenue targets, adjusted-margin stability, and movement from the reported GAAP net loss toward the company’s stated profitability objective.
Management, verbatim
Our team’s unwavering focus and agility drove a strong second quarter. By delivering healthy revenue, volume, and gross margin growth, we successfully navigated our return to profitability
Katherine Stueland, CEO of GeneDx
We are managing the transition to genome testing, making progress on each of our key imperatives — optimizing unit economics, growing utilization, and delivering the best products at unmatched scale — while continuing to extend our industry-leading position in both exome and genome testing to reach as many patients and families as soon as possible.
Katherine Stueland, CEO of GeneDx
Not in the filing
stated, not guessed- GAAP operating income or loss
- Non-GAAP operating income
- GAAP net income comparative figures
- GAAP diluted EPS
- Non-GAAP diluted EPS
- Operating cash flow
- Free cash flow
- Debt outstanding as of June 30, 2026
- Share repurchases
- Dividends
- Prior guidance for comparison
- Quarter-over-quarter percentage changes for revenue, segment revenue, and volumes
- Year-over-year percentage changes for other panels, data information, and software and interpretation services revenue
- Third-quarter 2026 operating-expense guidance
- Third-quarter 2026 tax-rate guidance
- Full-year 2026 operating-expense guidance
- Full-year 2026 tax-rate guidance
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.