Kevin Feeley, the Chief Financial Officer of GeneDx Holdings Corp. (NASDAQ:WGS), a company with a market capitalization of $2.07 billion that has seen its stock surge over 4,200% in the past year, reported a sale of company stock according to a recent SEC filing. On December 2, Feeley sold 263 shares of GeneDx's Class A common stock at an average price of $78.39 per share, totaling $20,616. This transaction was conducted to cover tax withholding obligations related to the vesting and settlement of restricted stock units (RSUs). The company maintains a healthy balance sheet with liquid assets exceeding short-term obligations and moderate debt levels. Following this sale, Feeley holds 23,406 shares of GeneDx's Class A common stock. InvestingPro analysis reveals 10 additional key insights about GeneDx's financial health and market position, available in the comprehensive Pro Research Report.
In other recent news, GeneDx, a key player in genomic testing, reported a notable year-over-year revenue increase of 52% for the third quarter of 2024, totaling $76 million. The company marked a significant milestone by achieving profitability for the first time. These recent developments were highlighted in an earnings call, where the company's strategic growth in the pediatric outpatient market and advancements in genomic testing offerings were discussed.
GeneDx also raised its full-year 2024 revenue guidance to between $284 and $290 million. A future partnership with Epic is anticipated to integrate genomic testing into major health systems in 2025. Despite a decrease in prior period collections, the company maintains a strong financial position with total securities and restricted cash reported at $117.4 million as of September 2024.
In terms of future expectations, GeneDx plans to enhance its offerings in the NICU setting and increase genetic testing utilization among pediatric neurologists. The company's financial discipline and targeted investments in product and market development are anticipated to support its sustainable growth and profitability.
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