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Medical care facilities · Healthcare · Fiscal year ends Dec 31
GeneDx reported revenue of $428M in the fiscal year ended Dec 2025, up 40.0% from the year before. Operating income was −$13M, an operating margin of −3.1%, and net income was −$21M. Operating cash flow of $33M less capital expenditure of $19M left free cash flow of $14M. It held more cash than debt (net cash $52M).
Ranks among the 24 medical care facilities companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 212 | 235 | 203 | 305 | 428 |
| Cost of revenue | 229 | 261 | 113 | 111 | 129 |
| Gross profit | −16.6 | −26.8 | 90.0 | 194 | 298 |
| Research & development | 105 | 86.2 | 58.3 | 45.7 | 72.0 |
| Selling, general & admin | 319 | 338 | 200 | 172 | 239 |
| Operating income | −446 | −668 | −181 | −23.2 | −13.1 |
| Net interest incomeBanks | – | −0.7 | 1.1 | – | – |
| Interest expense | 2.8 | 3.2 | – | – | – |
| Pre-tax income | −245 | −598 | −177 | −52.6 | −21.1 |
| Income tax | 0.0 | −49.1 | −0.9 | −0.3 | −0.1 |
| Net income | −245 | −549 | −176 | −52.3 | −21.0 |
| Diluted EPS | −2.27 | −53.63 | −7.23 | −1.94 | −0.73 |
| Diluted shares | 108 | 10.2 | 24.3 | 26.9 | 28.6 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 401 | 124 | 99.7 | 85.2 | 105 |
| Receivables | 26.5 | 42.6 | – | 37.6 | 74.4 |
| Inventory | 33.5 | 13.7 | 8.8 | 10.7 | 14.0 |
| Current assets | 484 | 213 | 182 | 198 | 268 |
| Net PP&E | 62.7 | 51.5 | 32.5 | 32.9 | 45.7 |
| Goodwill | 0.0 | – | – | 0.0 | 13.5 |
| Total assets | 554 | 491 | 419 | 419 | 524 |
| Payables | 44.7 | 46.0 | 10.2 | 8.0 | 2.5 |
| Deferred revenue | 0.5 | 0.0 | – | – | – |
| Current liabilities | 101 | 144 | 58.8 | 54.8 | 109 |
| Short-term debt | 0.0 | 4.8 | 0.5 | 1.2 | 4.5 |
| Long-term debt | 11.0 | 6.3 | 52.7 | 51.9 | 48.2 |
| Total liabilities | 166 | 237 | 191 | 174 | 216 |
| Shareholders' equity | 388 | 254 | 228 | 245 | 308 |
| Backlog (remaining obligations) | 10.2 | – | – | – | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −190 | −319 | −180 | −28.5 | 33.3 |
| Capital expenditure | 9.4 | 7.2 | 5.3 | 5.5 | 19.0 |
| Free cash flow | −200 | −326 | −185 | −34.0 | 14.3 |
| Depreciation & amortisation | 21.8 | 50.0 | 19.7 | 7.9 | 9.6 |
| Stock-based compensation | 219 | 42.0 | −0.3 | 9.1 | 32.2 |
| Acquisitions | 0.0 | 127 | 12.1 | 0.0 | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 10.6% | −13.7% | 50.8% | 40.0% |
| Gross margin | −7.8% | −11.4% | 44.4% | 63.6% | 69.7% |
| Operating margin | −210.3% | −284.5% | −89.2% | −7.6% | −3.1% |
| Net margin | −115.6% | −233.9% | −86.8% | −17.1% | −4.9% |
| Return on equityBlank when equity is negative | −63.2% | −216.4% | −77.1% | −21.3% | −6.8% |
| ROCEEBIT ÷ (assets − current liabilities) | −98.5% | −192.6% | −50.2% | −6.4% | −3.2% |
| Free cash flow margin | −94.2% | −139.0% | −91.5% | −11.1% | 3.3% |
| Cash conversion (CFO ÷ net income) | 0.78x | 0.58x | 1.02x | 0.55x | −1.58x |
| Receivable days | 46 | 66 | – | 45 | 63 |
| Inventory days | 53 | 19 | 28 | 35 | 39 |
| Payable days | 71 | 64 | 33 | 26 | 7 |
| Interest cover | −157x | −208x | – | – | – |
| Debt ÷ equity | 0.03x | 0.04x | 0.23x | 0.22x | 0.17x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −390 | −113 | −46.5 | −32.1 | −52.3 |
| Current ratio | 4.77x | 1.47x | 3.10x | 3.61x | 2.46x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.