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GeneDx Reports First Quarter 2024 Financial Results and Business Highlights

GeneDx Holdings Corp.
GeneDx Holdings Corp.

Reported first quarter 2024 revenue from continuing operations1 of $61.5M with 96% year-over-year growth of exome and genome test revenue

Expanded first quarter 2024 adjusted gross margins2 from continuing operations to 61%

Narrowed first quarter 2024 adjusted net loss2 to $8.5M and delivered 71% year-over-year cash burn reduction

Raised guidance to deliver between $235M and $245M in FY 2024 revenue and reiterate path to profitability in 2025

GeneDx to host conference call today at 4:30 p.m. ET

STAMFORD, Conn., April 29, 2024 (GLOBE NEWSWIRE) -- GeneDx Holdings Corp. (Nasdaq: WGS), a leader in delivering improved health outcomes through genomic insights, today reported its financial results for the first quarter of 2024.

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“Our strong first quarter results reflect our continued dedication to our three key organizational focuses: growing exome and genome revenue, increasing our average reimbursement rates while expanding access to testing, and meaningfully reducing our cash burn,” said Katherine Stueland, Chief Executive Officer of GeneDx. “Our team’s successful execution in the first quarter gives us the confidence to raise full year 2024 revenue guidance to between $235-$245 million and reiterate our expectation to reach profitability in 2025.”

First Quarter 2024 Financial Results (Unaudited)1,2

Revenues

  • Revenues from continuing operations grew to $61.5 million, an increase of 51% year-over-year and 6% sequentially.

    • Total company revenues were $62.4 million.

  • Exome and genome test revenue grew to $44.0 million, an increase of 96% year-over-year and 12% sequentially.

Exome and genome volume

  • Exome and genome test results volume grew to 16,592, an increase of 91% year-over-year and 6% sequentially.

  • Exome and genome represented 30% of all test results, up from 16% in the first quarter of 2023 and up from 27% in the fourth quarter of 2023.

Gross margin

  • Adjusted gross margin from continuing operations expanded to 61%, up from 34% in the first quarter of 2023 and up from 56% in the fourth quarter of 2023.

    • Total company gross margin was 60%.

  • Exome and genome adjusted gross margin operated in excess of 65%.

Operating expenses

  • Adjusted total operating expenses reduced to $45.4 million, a decrease of 26% year-over-year and 6% sequentially.

    • Total GAAP operating expenses were $50.1 million.

Net loss

  • Adjusted net loss narrowed to $8.5 million, an improvement of 83% year-over-year and 52% sequentially.

    • GAAP net loss was $20.2 million.

Cash burn and cash position

  • Total net use of cash was $17.2 million in the first quarter of 2024, an improvement of 71% year-over-year and 48% sequentially.

  • Cash, cash equivalents, marketable securities and restricted cash was $113.9 million as of March 31, 2024.

  1. Revenue and gross margin results from continuing operations, which we believe are representative of our ongoing business strategy exclude any revenue and cost of goods sold of the exited Legacy Sema4 diagnostic testing business for the current and all comparative periods. Total company results include GeneDx’s continuing operations and the financial impacts of exited Legacy Sema4 business activities for the current and all comparative periods.

  2. Adjusted gross margin, adjusted total operating expenses and adjusted net loss are non-GAAP financial measures. See appendix for a reconciliation of GAAP to Non-GAAP figures presented.

Updated GeneDx Full Year 2024 Guidance

GeneDx has updated its full year 2024 guidance. Management expects GeneDx to:

  • Drive full year 2024 revenues between $235 and $245 million (previous guidance was $220 to $230 million);

  • Expand full year 2024 adjusted gross margin profile to at least 60% (previous guidance was at least 50%);

  • Use $70 to $80 million of net cash for full year 2024 (previous guidance was $75 to $80 million);

  • Turn profitable in 2025 (no change).

First Quarter 2024 Business Highlights

Driving sustainable growth and market leadership

  • Reached new milestone of sequencing 600k clinical exomes and genomes since inception, with over half sequenced since July 2021 and 100k sequenced since the fall. This continued acceleration of exome and genome sequencing and interpretation further solidifies GeneDx’s industry leadership, enhances the robustness of its proprietary dataset, and enables more definitive diagnoses for more patients.

  • Presented new data at the American College of Medical Genetics and Genomics Annual Meeting further demonstrating the clinical superiority of exome compared to chromosomal microarray (“CMA”), supporting our efforts to eliminate the need for CMA to be ordered when exome is ordered first.

  • State Medicaid programs continue to expand coverage of rapid genetic testing in the neonatal intensive care unit (“NICU”), bringing total states covering rapid whole genome in the acute care setting to 11, including new coverage announced in:

    • Georgia (January 2024)

    • South Dakota (March 2024)

  • New York added outpatient whole exome sequencing (“WES”) coverage to their Medicaid plan, effective April 1, 2024, bringing total states covering WES to 28.

  • Grew biopharma partner programs to 21, predominantly with biotech companies who are relying on us to find patients with a specific variant for clinical trial purposes.

  • Launched a strategic partnership with Komodo Health, a premier healthcare technology company for the pharmaceutical industry, enabling improved access to genetic insights that can help inform drug pipelines and accelerate clinical trial enrollment for biopharma partners.

Webcast and Conference Call Details

GeneDx will host a conference call today, April 29, 2024, at 4:30 p.m. Eastern Time. Investors interested in listening to the conference call are required to register online. A live and archived webcast of the event will be available on the “Events” section of the GeneDx investor relations website at https://ir.genedx.com/.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of the federal securities laws, including statements regarding our future performance and our market opportunity, including our expected full year 2024 reported revenue guidance, our expectations regarding our adjusted gross margin profile in 2024, our use of net cash in 2024 and our turning profitable in 2025. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) our ability to implement business plans, goals and forecasts, and identify and realize additional opportunities, (ii) the risk of downturns and a changing regulatory landscape in the highly competitive healthcare industry, (iii) the size and growth of the market in which we operate, (iv) our ability to pursue our new strategic direction, and (vi) our ability to enhance our artificial intelligence tools that we use in our clinical interpretation platform. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 23, 2024 and other documents filed by us from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. We do not give any assurance that we will achieve our expectations.

About GeneDx

At GeneDx (Nasdaq: WGS), we believe that everyone deserves personalized, targeted medical care—and that it all begins with a genetic diagnosis. Fueled by one of the world’s largest rare disease data sets, our industry-leading exome and genome tests translate complex genomic data into clinical answers that unlock personalized health plans, accelerate drug discovery, and improve health system efficiencies. It all starts with a single test. For more information, please visit genedx.com and connect with us on LinkedIn, X, Facebook, and Instagram.

Investor Relations Contact:
Investors@GeneDx.com

Media Contact:
Press@GeneDx.com

Volume and revenue in the table below include the combination of the Legacy GeneDx diagnostic business with the data and information business of Legacy Sema4.

Volume & Revenue

 

1Q24

 

4Q23

 

3Q23

 

2Q23

 

1Q23

Volumes

 

 

 

 

 

 

 

 

 

Whole exome, whole genome

 

16,592

 

 

 

15,663

 

 

 

13,216

 

 

 

11,855

 

 

 

8,705

 

Hereditary cancer

 

6,868

 

 

 

8,240

 

 

 

8,556

 

 

 

7,142

 

 

 

7,120

 

Other panels

 

31,763

 

 

 

33,692

 

 

 

35,861

 

 

 

35,931

 

 

 

36,953

 

Total

 

55,223

 

 

 

57,595

 

 

 

57,633

 

 

 

54,928

 

 

 

52,778

 

 

 

 

 

 

 

 

 

 

 

Revenue ($ millions)

 

 

 

 

 

 

 

 

 

Whole exome, whole genome

$

44.0

 

 

$

39.2

 

 

$

34.0

 

 

$

28.7

 

 

$

22.4

 

Hereditary cancer

 

5.5

 

 

 

5.5

 

 

 

4.5

 

 

 

3.8

 

 

 

4.3

 

Other panels

 

10.7

 

 

 

11.2

 

 

 

10.6

 

 

 

10.6

 

 

 

12.7

 

Data information

 

1.3

 

 

 

2.2

 

 

 

1.3

 

 

 

2.1

 

 

 

1.3

 

Total

$

61.5

 

 

$

58.1

 

 

$

50.4

 

 

$

45.2

 

 

$

40.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unaudited Select Financial Information (in thousands)

 

Three months ended March 31, 2024

 

Three months ended December 31, 2023

 

GeneDx

 

Legacy Sema4

 

Total

 

GeneDx

 

Legacy Sema4

 

Total

Revenue

$

61,461

 

 

$

961

 

 

$

62,422

 

 

$

58,107

 

 

$

(689

)

 

$

57,418

 

Adjusted cost of services

 

24,099

 

 

 

 

 

 

24,099

 

 

 

25,626

 

 

 

 

 

 

25,626

 

Adjusted gross profit (loss)

$

37,362

 

 

$

961

 

 

$

38,323

 

 

$

32,481

 

 

$

(689

)

 

$

31,792

 

Adjusted gross margin %

 

60.8

%

 

 

(100.0

)%

 

 

61.4

%

 

 

55.9

%

 

 

100.0

%

 

 

55.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

Three months ended March 31, 2023

 

GeneDx

 

Legacy Sema4

 

Total

Revenue

$

40,693

 

 

$

2,446

 

 

$

43,139

 

Adjusted cost of services

 

26,826

 

 

 

2,080

 

 

 

28,906

 

Adjusted gross profit (loss)

$

13,867

 

 

$

366

 

 

$

14,233

 

Adjusted gross margin %

 

34.1

%

 

 

15.0

%

 

 

33.0

%

 

 

 

 

 

 

 

 

 

 

 

 


 

Three months ended March 31, 2024

 

Reported

 

Depreciation and amortization

 

Stock-based compensation expense

 

Restructuring costs

 

Change in FV of financial liabilities

 

Charges related to business exit

 

Other

 

Adjusted

Diagnostic test revenue

$

61,104

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

61,104

 

Other revenue

 

1,318

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,318

 

Total revenue

 

62,422

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

62,422

 

Cost of services

 

25,011

 

 

 

(816

)

 

 

(48

)

 

 

(48

)

 

 

 

 

 

 

 

 

 

 

 

24,099

 

Gross profit (loss)

 

37,411

 

 

 

816

 

 

 

48

 

 

 

48

 

 

 

 

 

 

 

 

 

 

 

 

38,323

 

Gross margin

 

59.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

61.4

%

Research and development

 

11,567

 

 

 

(196

)

 

 

187

 

 

 

(103

)

 

 

 

 

 

 

 

 

 

 

 

11,455

 

Selling and marketing

 

16,085

 

 

 

(1,225

)

 

 

20

 

 

 

(400

)

 

 

 

 

 

 

 

 

 

 

 

14,480

 

General and administrative

 

22,445

 

 

 

(3,011

)

 

 

292

 

 

 

(292

)

 

 

 

 

 

 

 

 

 

 

 

19,434

 

Impairment loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other, net

 

974

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

974

 

Loss from operations

 

(13,660

)

 

 

5,248

 

 

 

(451

)

 

 

843

 

 

 

 

 

 

 

 

 

 

 

 

(8,020

)

Interest income (expense), net

 

(597

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(597

)

Other income (expense), net

 

(6,064

)

 

 

 

 

 

 

 

 

 

 

 

6,101

 

 

 

 

 

 

 

 

 

37

 

Income tax benefit

 

82

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

82

 

Net loss

$

(20,239

)

 

$

5,248

 

 

$

(451

)

 

$

843

 

 

$

6,101

 

 

$

 

 

$

 

 

$

(8,498

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

Three months ended March 31, 2023

 

Reported

 

Depreciation and amortization

 

Stock-based compensation expense

 

Restructuring costs

 

Change in FV of financial liabilities

 

Charges related to business exit

 

Other

 

Adjusted

Diagnostic test revenue

$

41,850

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

 

 

 

$

41,850

 

Other revenue

 

1,289

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,289

 

Total revenue

 

43,139

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

43,139

 

Cost of services

 

27,903

 

 

 

(589

)

 

 

1,666

 

 

 

(74

)

 

 

 

 

 

 

 

 

 

 

 

28,906

 

Gross profit (loss)

 

15,236

 

 

 

589

 

 

 

(1,666

)

 

 

74

 

 

 

 

 

 

 

 

 

 

 

 

14,233

 

Gross margin

 

35.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

33.0

%

Research and development

 

14,592

 

 

 

(852

)

 

 

(943

)

 

 

(91

)

 

 

 

 

 

 

 

 

 

 

 

12,706

 

Selling and marketing

 

13,452

 

 

 

(1,227

)

 

 

(63

)

 

 

(142

)

 

 

 

 

 

 

 

 

 

 

 

12,020

 

General and administrative

 

43,689

 

 

 

(5,968

)

 

 

(708

)

 

 

(395

)

 

 

 

 

 

 

 

 

 

 

 

36,618

 

Impairment loss

 

2,120

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,120

)

 

 

 

 

 

 

Other, net

 

1,747

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,747

 

Loss from operations

 

(60,364

)

 

 

8,636

 

 

 

48

 

 

 

702

 

 

 

 

 

 

2,120

 

 

 

 

 

 

(48,858

)

Interest income (expense), net

 

(35

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(35

)

Other income (expense), net

 

(737

)

 

 

 

 

 

 

 

 

 

 

 

3,453

 

 

 

 

 

 

(2,750

)

 

 

(34

)

Income tax benefit

 

147

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

147

 

Net loss

$

(60,989

)

 

$

8,636

 

 

$

48

 

 

$

702

 

 

$

3,453

 

 

$

2,120

 

 

$

(2,750

)

 

$

(48,780

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

Three months ended December 31, 2023

 

Reported

 

Depreciation and amortization

 

Stock-based compensation expense

 

Restructuring costs

 

Change in FV of financial liabilities

 

Charges related to business exit

 

Other

 

Adjusted

Diagnostic test revenue

$

55,214

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

55,214

 

Other revenue

 

2,204

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,204

 

Total revenue

 

57,418

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

57,418

 

Cost of services

 

26,664

 

 

 

(915

)

 

 

(123

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

25,626

 

Gross profit (loss)

 

30,754

 

 

 

915

 

 

 

123

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

31,792

 

Gross margin

 

53.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

55.4

%

Research and development

 

12,248

 

 

 

(919

)

 

 

2,320

 

 

 

(1,300

)

 

 

 

 

 

 

 

 

 

 

 

12,349

 

Selling and marketing

 

15,559

 

 

 

(1,225

)

 

 

1,071

 

 

 

(487

)

 

 

 

 

 

 

 

 

 

 

 

14,918

 

General and administrative

 

26,626

 

 

 

(3,035

)

 

 

(2,356

)

 

 

(197

)

 

 

 

 

 

 

 

 

 

 

 

21,038

 

Impairment loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other, net

 

1,964

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,277

)

 

 

 

 

 

687

 

Loss from operations

 

(25,643

)

 

 

6,094

 

 

 

(912

)

 

 

1,984

 

 

 

 

 

 

1,277

 

 

 

 

 

 

(17,200

)

Interest income (expense), net

 

(978

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(978

)

Other income (expense), net

 

437

 

 

 

 

 

 

 

 

 

 

 

 

(485

)

 

 

 

 

 

48

 

 

 

 

Income tax benefit

 

411

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

411

 

Net loss

$

(25,773

)

 

$

6,094

 

 

$

(912

)

 

$

1,984

 

 

$

(485

)

 

$

1,277

 

 

$

48

 

 

$

(17,767

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


GeneDx Holdings Corp.
Condensed Consolidated Balance Sheets
(in thousands, except share and per share amounts)

 

 

March 31, 2024 (Unaudited)

 

December 31, 2023

Assets:

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

83,673

 

 

$

99,681

 

Marketable securities

 

29,239

 

 

 

30,467

 

Accounts receivable

 

28,151

 

 

 

32,371

 

Due from related parties

 

772

 

 

 

445

 

Inventory, net

 

11,615

 

 

 

8,777

 

Prepaid expenses and other current assets

 

9,974

 

 

 

10,598

 

Total current assets

 

163,424

 

 

 

182,339

 

Operating lease right-of-use assets

 

26,304

 

 

 

26,900

 

Property and equipment, net

 

31,301

 

 

 

32,479

 

Intangible assets, net

 

169,119

 

 

 

172,625

 

Other assets (1)

 

4,380

 

 

 

4,413

 

Total assets

$

394,528

 

 

$

418,756

 

Liabilities and Stockholders’ Equity:

 

 

 

Current liabilities:

 

 

 

Accounts payable and accrued expenses

$

32,410

 

 

$

37,456

 

Due to related parties

 

1,041

 

 

 

1,379

 

Short-term lease liabilities

 

4,043

 

 

 

3,647

 

Other current liabilities

 

13,240

 

 

 

16,336

 

Total current liabilities

 

50,734

 

 

 

58,818

 

Long-term debt, net of current portion

 

52,293

 

 

 

52,688

 

Long-term lease liabilities

 

62,030

 

 

 

62,938

 

Other liabilities

 

20,836

 

 

 

14,735

 

Deferred taxes

 

1,418

 

 

 

1,560

 

Total liabilities

 

187,311

 

 

 

190,739

 

Stockholders’ Equity:

 

 

 

Preferred stock

 

 

 

 

 

Class A common stock

 

2

 

 

 

2

 

Additional paid-in capital

 

1,527,351

 

 

 

1,527,778

 

Accumulated deficit

 

(1,320,427

)

 

 

(1,300,188

)

Accumulated other comprehensive income

 

291

 

 

 

425

 

Total stockholders’ equity

 

207,217

 

 

 

228,017

 

Total liabilities and stockholders’ equity

$

394,528

 

 

$

418,756

 


(1)

Other assets includes $987 thousand of restricted cash as of both March 31, 2024 and December 31, 2023.

 

 


GeneDx Holdings Corp.
Condensed Consolidated Statements of Operations (Unaudited)
(in thousands, except share and per share amounts)

 

 

Three months ended March 31,

 

2024

 

2023

Revenue

 

 

 

Diagnostic test revenue

$

61,104

 

 

$

41,850

 

Other revenue

 

1,318

 

 

 

1,289

 

Total revenue

 

62,422

 

 

 

43,139

 

Cost of services

 

25,011

 

 

 

27,903

 

Gross profit

 

37,411

 

 

 

15,236

 

Research and development

 

11,567

 

 

 

14,592

 

Selling and marketing

 

16,085

 

 

 

13,452

 

General and administrative

 

22,445

 

 

 

43,689

 

Impairment loss

 

 

 

 

2,120

 

Other operating expenses, net

 

974

 

 

 

1,747

 

Loss from operations

 

(13,660

)

 

 

(60,364

)

 

 

 

 

Non-operating income (expenses), net

 

 

 

Change in fair value of warrants and earn-out contingent liabilities

 

(6,101

)

 

 

(3,453

)

Interest expense, net

 

(597

)

 

 

(35

)

Other income, net

 

37

 

 

 

2,716

 

Total non-operating loss, net

 

(6,661

)

 

 

(772

)

Loss before income taxes

$

(20,321

)

 

$

(61,136

)

Income tax benefit

 

82

 

 

 

147

 

Net loss

$

(20,239

)

 

$

(60,989

)

 

 

 

 

Weighted average shares outstanding of Class A common stock

 

26,062,170

 

 

 

20,061,945

 

Basic and diluted net loss per share, Class A common stock

$

(0.78

)

 

$

(3.04

)

 

 

 

 

 

 

 

 


GeneDx Holdings Corp.
Condensed Consolidated Statements of Cash Flows (Unaudited)
(in thousands)

 

 

Three months ended March 31,

 

2024

 

2023

Operating activities

 

 

 

Net loss

$

(20,239

)

 

$

(60,989

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

Depreciation and amortization expense

 

5,248

 

 

 

8,636

 

Stock-based compensation expense

 

(451

)

 

 

48

 

Change in fair value of warrants and contingent liabilities

 

6,101

 

 

 

3,453

 

Deferred tax benefit

 

(82

)

 

 

(147

)

Provision for excess and obsolete inventory

 

40

 

 

 

 

Change in third party payor reserves

 

(193

)

 

 

(1,070

)

Gain on debt forgiveness

 

 

 

 

(2,750

)

Impairment loss

 

 

 

 

2,120

 

Other

 

846

 

 

 

274

 

Change in operating assets and liabilities:

 

 

 

Accounts receivable

 

4,220

 

 

 

9,723

 

Inventory

 

(2,877

)

 

 

1,331

 

Accounts payable and accrued expenses

 

(4,733

)

 

 

(13,400

)

Other assets and liabilities

 

(4,293

)

 

 

(2,789

)

Net cash used in operating activities

 

(16,413

)

 

 

(55,560

)

Investing activities

 

 

 

Purchases of property and equipment

 

(443

)

 

 

 

Purchases of marketable securities

 

(5,167

)

 

 

 

Proceeds from sales of marketable securities

 

598

 

 

 

 

Proceeds from maturities of marketable securities

 

5,855

 

 

 

 

Development of internal-use software assets

 

 

 

 

(462

)

Net cash provided by (used in) investing activities

 

843

 

 

 

(462

)

Financing activities

 

 

 

Proceeds from offerings, net of issuance costs

 

 

 

 

135,439

 

Exercise of stock options

 

24

 

 

 

266

 

Long-term debt principal payments

 

 

 

 

(2,000

)

Finance lease payoff and principal payments

 

(462

)

 

 

(1,047

)

Net cash (used in) provided by financing activities

 

(438

)

 

 

132,658

 

Net (decrease) increase in cash, cash equivalents and restricted cash

 

(16,008

)

 

 

76,636

 

Cash, cash equivalents and restricted cash, at beginning of period

 

100,668

 

 

 

138,303

 

Cash, cash equivalents and restricted cash, at end of period (1)

$

84,660

 

 

$

214,939

 

 

 

 

 

Supplemental disclosures of cash flow information

 

 

 

Cash paid for interest

$

2,019

 

 

$

583

 

Cash paid for taxes

$

300

 

 

$

104

 

Purchases of property and equipment in accounts payable and accrued expenses

$

36

 

 

$

1,073

 

Software development costs in accounts payable and accrued expenses

$

 

 

$

157

 


(1)

Cash, cash equivalents and restricted cash at March 31, 2024 excludes marketable securities of $29.2 million.