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Aug. 13, 2021, 7:24 a.m. EDT

Consumer genetics company 23andMe loss widens in first earnings report since going public

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By Ciara Linnane

Consumer genetics company 23andMe /zigman2/quotes/222659849/composite ME +3.72% posted its first quarterly earnings as a public company on Friday, after it merged with Richard Branson's pecial-purpose acquisition corporation, or SPAC, VG Acquisition Corp. in June. The company said it had a net loss of $42 million in its fiscal first quarter to June 20, wider than the loss of $36 million posted in the year-earlier period. Revenue came to $59 million, up 23% from $48 million a year ago. There are too few FactSet estimates to form a reliable consensus. But the company said it expanded its customer database to 11.6 million genotyped customers. The company launched a net medication insight report to help customers understand how a genetic variant may alter their body's response to certain commonly prescribed medications, including citalopram, an antidepressant, and clopidogrel, a blood thinner. It also launched a wellness report on cat and dog allergies, an eczema report, and one on other allergies, hemorrhoids, cataracts, depression and loss of sleep and smell during the pandemic. Operating costs rose to $72 million in the quarter from $59 million a year ago, mostly due to R&D costs stemming from a partnership with GlaxoSmithKline Plc /zigman2/quotes/209463850/composite GSK -0.11% which is conducting a Phase I trial of an immuno-oncology program. 23andMe is now expecting fiscal 2022 revenue of $250 million to $260 million and a net loss of $210 million to $225 million. Shares were up 2% premarket.

US : U.S.: Nasdaq
$ 2.51
+0.09 +3.72%
Volume: 1.59M
Jan. 27, 2023 4:00p
P/E Ratio
Dividend Yield
Market Cap
$1.14 billion
Rev. per Employee
$ 35.30
-0.04 -0.11%
Volume: 3.48M
Jan. 27, 2023 4:00p
P/E Ratio
Dividend Yield
Market Cap
$70.92 billion
Rev. per Employee

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