GeneDx Holdings Corp. (WGS): debt financing — GeneDx Q3: revenue $53M, exome/genome up 42% YoY; cuts FY rev guidance to $187-192M; secures $75M Perceptive debt

GeneDx Holdings Corp.

2023-Q3 EPS reported -$6.31 revenue$145,148,000

Continuing ops revenue $50.4M; exome and genome test revenue $34M (+42% YoY). Adjusted gross margin from cont ops 48%.
Net loss $42.3M; adjusted net loss $21.2M, improved 70% YoY. Cash burn $42M, down 51% YoY.
FY2023 revenue guidance lowered to $187-192M (from $205-220M). Path to profitability in 2025 reiterated.
Entered $75M senior secured credit facility with Perceptive Advisors; initial $50M funded at SOFR+7.5%. Warrants for 800k shares at $3.17.
Enacted $40M annual cost savings plan including ~10% workforce reduction. Appointed Melanie Duquette as Chief Growth Officer.

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Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

GeneDx Holdings Corp. incurred term loan of up to $75.0 million with Perceptive Credit Holdings IV, LP at Term SOFR plus 7.5% maturing October 27, 2028.

Instrument: term loan
Principal: up to $75.0 million
Counterparty: Perceptive Credit Holdings IV, LP
Rate: Term SOFR plus 7.5%
Maturity: October 27, 2028
Event: incurrence

Exact text from the filing

GeneDx Holdings Corp. (the “Company”) entered into a Credit Agreement and Guaranty (the “Credit Agreement”) with Perceptive Credit Holdings IV, LP, as lender and administrative agent (“Perceptive”), which provides for a senior secured delayed draw term loan facility in an aggregate principal amount of up to $75.0 million

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

GeneDx Holdings Corp. reported the third quarter of 2023 results: revenue $53.3 million, net income $42.3 million. Guidance lowered.

Period: the third quarter of 2023
Revenue: $53.3 million
Net income: $42.3 million
Guidance: lowered
Result: reported results

Exact text from the filing

for the third quarter of 2023 narrowed to $21.2 million 2 , an improvement of 70% year-over-year and 45% sequentially. • Revenue 1 : Revenue for the third quarter of 2023 was $53.3 million, compared to $83.2 million in the third quarter of 2022. • Gross Margin 1 : Gross margin for the third quarter of 2023 was 47%. Adjusted gross margin for the third quarter of

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

GeneDx Holdings Corp. entered into Credit Agreement and Guaranty with Perceptive Credit Holdings IV, LP valued at up to $75.0 million (effective 2023-10-27).

Action: entry
Agreement: credit facility
Counterparty: Perceptive Credit Holdings IV, LP
Value: up to $75.0 million
Effective: 2023-10-27

Exact text from the filing

On October 27, 2023 (the "Closing Date"), GeneDx Holdings Corp. (the "Company") entered into a Credit Agreement and Guaranty (the "Credit Agreement") with Perceptive Credit Holdings IV, LP, as lender and administrative agent ("Perceptive"), which provides for a senior secured delayed draw term loan facility in an aggregate principal amount of up to $75.0 million

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GeneDx Holdings Corp. filing history →

Source: SEC EDGAR

accession 0001818331-23-000066

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