23andMe

23andMe is a DNA testing technology company that enables its users to access their ancestry, genealogy, and inherited traits.

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23andMe reports strong Q1 growth, focuses on profitability and partnerships

23andMe demonstrated strong growth in customer base and subscription members, with a focus on margin expansion and revenue growth. The company faces challenges in achieving profitability but has opportunities to leverage genetics for healthcare transformation and pursue partnerships. Overall, 23andMe's performance reflects a strategic focus on growth and financial discipline.

23andMe reports Q1 revenue decline, focuses on therapeutics and AI

Despite a decrease in Q1 2023 revenue, 23andMe demonstrated strength in its therapeutics business and strategic pricing initiatives. The company faces challenges with significant workforce reduction and higher operating expenses but has opportunities in advancing immuno-oncology assets and leveraging AI advancements.

23andMe reports revenue growth and strategic initiatives for future expansion

Overall, 23andMe's Q3 performance showcased growth and innovation in both consumer and therapeutic segments. While facing challenges with increased expenses and a net loss, the company's raised full-year guidance and strategic initiatives present opportunities for future expansion and profitability.

23andMe reports revenue growth and strategic healthcare integration plans

23andMe's Q4 2023 earnings call showcased strong revenue growth, new health report offerings, and advancements in therapeutics. Despite financial projections indicating a net loss and EBITDA deficit for FY 2024, the company remains focused on expanding margins and capital efficiency. Integration of telehealth services and personalized care present promising opportunities for future growth.

23andMe reports Q1 revenue decline, eyes growth in therapeutics

23andMe navigated challenges with workforce reductions and revenue decline, focusing on margin improvement and cost discipline. The company aims to capitalize on opportunities in therapeutics and consumer businesses through strategic initiatives. With a strong cash position and guidance for improvement in adjusted EBITDA deficit, 23andMe is positioning for future growth.

23andMe reports Q2 revenue of $50M, focuses on margin expansion

23andMe's Q2 2024 performance showed revenue of $50 million with a net loss of $75 million, emphasizing margin expansion.
Strengths include new subscription offerings, FDA clearances, promising therapeutics pipeline, and data security focus.
Challenges include net losses, adjusted EBITDA deficit, and updated FY 2024 guidance reflecting uncertainties.
Opportunities lie in expanding subscription services, enhancing product offerings, and leveraging collaborations for growth.

23andMe reports Q3 revenue decline, focuses on strategic growth

23andMe faced revenue decline and increased expenses, leading to a significant net loss and revised guidance for fiscal year 2024.
Despite challenges, the company showcased strengths in strategic progress, therapeutics advancements, and extended collaborations.
Opportunities lie in margin expansion, cash flow profitability, and leveraging consumer offerings and partnerships for future growth.

23andMe reports strong revenue growth and strategic shifts for growth

23andMe showcased strong performance in membership revenue growth and advancements in research and therapeutics, despite challenges in revenue and operating expenses.
The company's strategic shift towards high-value programs and partnerships with GSK position it well for long-term growth and innovation in the genetic testing and healthcare space.
While facing challenges in cost management and revenue generation, 23andMe has opportunities to optimize operations, drive growth through new programs, and address compliance issues.
Overall, 23andMe's focus on innovation, strategic collaborations, and operational efficiency sets the stage for navigating challenges and capitalizing on growth opportunities in the future.

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23andMe Holding Co. is a consumer genetics and research company, which engages in assisting people to access, understand, and benefit from the human genome. It operates through the Consumer and Research Services, and Therapeutics segments. The Consumer and Research Services segment consists of Personal Genome Service, Telehealth Business, and Research Services. The Therapeutics segment focuses on the genetic insights of genetic and phenotypic information. The company was founded by Anne E. Wojcickiin 2006 and is headquartered in Sunnyvale, CA.

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It's been nearly five years since the coronavirus broke out in the U.S., but digital health companies are still reeling from the aftermath. According to a CNBC analysis of 39 public digital health companies, around two-thirds have lost value this year, while the Nasdaq is up 32%.

Digital health companies got pummeled by Wall Street in 2024 as industry adapts to post-Covid slowdown

SUNNYVALE, Calif. and SAN DIEGO, Nov. 20, 2024 (GLOBE NEWSWIRE) -- 23andMe Holding Co. (Nasdaq: ME), a leading human genetics and preventive health company, and Mirador Therapeutics, a next-generation precision medicine company focused on developing first-in-class or best-in-class therapeutics for immunology and inflammation (I&I)-related diseases, today announced a strategic research collaboration. Under the agreement, Mirador will leverage a targeted set of aggregated, de-identified genetic and phenotypic data from the 23andMe research database and its proprietary Mirador360™ development engine to enable target validation and precision medicine.

23andMe and Mirador Therapeutics Enter Into Strategic Research Collaboration to Advance Mirador's Precision Medicines for Immunology & Inflammation

23andMe Holding Co. (NASDAQ:ME ) Q2 2025 Earnings Conference Call November 12, 2024 4:30 PM ET Company Participants Katie Watson - Vice President, Communications Anne Wojcicki - Chief Executive Officer & Co-Founder Joe Selsavage - Chief Financial Officer & Chief Accounting Officer Conference Call Participants Operator Good day, and thank you for standing by. Welcome to the 23andMe Fiscal Year 2025 Second Quarter Earnings Call.

23andMe Holding Co. (ME) Q2 2025 Earnings Call Transcript

23andMe announced on Monday it would cut 40% of its workforce, representing more than 200 employees, as part of a restructuring at the company. The genetic testing company is also discontinuing its therapeutics business and winding down its clinical trials; it expects these changes to save $35 million annually.

23andMe cuts 40% of staff in restructuring

DNA-testing company 23andMe (Nasdaq: ME), once an industry leader that attracted millions of customers, including rapper Snoop Dogg and investor Warren Buffett, has announced significant cuts to its operations, with plans to lay off 200 employees, or roughly 40% of its workforce. The company also said it will discontinue development of its therapeutic programs.

What's happening with 23andMe? Mass layoffs and restructuring are the latest blow for the embattled DNA testing company

23andMe on Tuesday reported that second-quarter revenue fell to $44.1 million from $50 million a year earlier. The embattled genetic testing company said Monday that it's cutting about 200 jobs, or about 40% of its workforce, and discontinuing its therapeutics programs.

23andMe reports sales decline day after announcing plans to cut 40% of workforce

Company says it will cut about 200 employees as value plummets in aftermath of huge data breach

Genetic testing firm 23andMe cuts 40% of its workforce amid financial struggles

Stock had gained late Monday on news it would cut 40% of its workforce as part of a restructuring.

23andMe's stock turns lower after company posts its latest quarterly loss

Genetic testing firm 23andMe announced plans to cut 40% of its workforce, or around 200 jobs, as part of a cost-saving effort aimed at stabilising the company. It will also halt work on its therapy development projects, exploring options to license or sell them.

23andMe to cut 40% of its workforce as it looks to stablise the business

The genetics company is closing a unit that was once seen as core to its future.

23andMe Lays Off 40% of Staff, Shuts Drug Development Business

DNA-testing company 23andMe Holding Co. will slash its workforce by about 40% and discontinue its therapeutics program as part of a restructuring effort to cut costs, the company said Monday.

23andMe to slash 40% of its workforce, end therapeutics program to cut costs

Genetic testing firm 23andMe said on Monday it is reducing its overall headcount by over 200 employees or about 40% of the workforce, as part of a restructuring program.

23andMe cuts 40% of its workforce

Reduces workforce by roughly 40%; expects annualized cost savings of more than $35 million Discontinues development of therapeutics division and commences strategic alternatives process for all in-house therapeutic programs SUNNYVALE, Calif., Nov. 11, 2024 (GLOBE NEWSWIRE) -- 23andMe Holding Co. (Nasdaq: ME) (the “Company” or “23andMe”), a leading human genetics and preventive health company, today announced a business restructuring to streamline operations and reduce costs.

23andMe Announces Business Restructuring to Streamline Operations, Reduce Costs and Position Company for the Future

SUNNYVALE, Calif., Nov. 07, 2024 (GLOBE NEWSWIRE) -- An earlier release under the same headline should have noted 23andMe Holding Co. (Nasdaq: ME) (23andMe) will report financial results for the second quarter of fiscal year 2025 (FY2025) prior to the market opening on Tuesday, November 12, 2024 (the prior release incorrectly stated the results would be reported after the market closes). The Company will webcast a conference call at 8:00 a.m. Eastern Time on that date to discuss the quarter's results and report on business progress.

CORRECTION - 23andMe to Report Q2 FY2025 Financial Results

SUNNYVALE, Calif., Nov. 07, 2024 (GLOBE NEWSWIRE) -- 23andMe Holding Co. (Nasdaq: ME) (23andMe), a leading human genetics and biopharmaceutical company, announced today that it will report financial results for the second quarter of fiscal year 2025 (FY2025) after the market closes on Tuesday, November 12, 2024. The Company will webcast a conference call at 4:30 p.m. Eastern Time on that date to discuss the quarter's results and report on business progress.

23andMe to Report Q2 FY2025 Financial Results

SUNNYVALE, Calif., Oct. 30, 2024 (GLOBE NEWSWIRE) -- 23andMe Holding Co. (Nasdaq: ME) (the “Company” or “23andMe”), a leading human genetics and preventive health company, today announced that the Company has regained compliance with the minimum closing bid price requirement under Nasdaq Listing Rule 5550(a)(2) and the majority independent board and various board committee requirements under Nasdaq Listing Rule 5605. Accordingly, the Company's Class A common stock will continue to be listed on The Nasdaq Capital Market and trade under the symbol “ME”.

23andMe Regains Compliance With Nasdaq Listing Requirements

23andMe said it appointed three new independent directors to its board on Monday. All seven of 23andMe's previous directors resigned in September over its "strategic direction.

23andMe appoints new board members as it works to stem the company's slide

23andMe appointed three new independent directors to its board, the company said Tuesday. The announcement comes about a month after all seven of 23andMe's previous independent directors abruptly resigned.

23andMe appoints three new board members following abrupt resignations

SUNNYVALE, Calif., Oct. 29, 2024 (GLOBE NEWSWIRE) -- 23andMe Holding Co. (Nasdaq: ME) (the “Company” or “23andMe”), a leading human genetics and preventive health company, today announced the appointments of Andre Fernandez, Jim Frankola, and Mark Jensen, three accomplished and experienced executives, as independent members of the Company's Board of Directors (the “Board”), effective on October 28, 2024. Each of Mr. Fernandez, Mr. Frankola, and Mr. Jensen have been appointed to serve as members of the Board's Audit Committee and Compensation Committee, with Mr. Fernandez serving as the Chair of the Audit Committee and Mr. Jensen serving as the Chair of the Compensation Committee. In addition, Mr. Jensen has been appointed to serve as the Board's Lead Independent Director.

23andMe Appoints Three New Independent Directors to Board

Dublin, Oct. 28, 2024 (GLOBE NEWSWIRE) -- The "DNA & RNA Banking Services Market Size, Share and Trends Analysis Report by Service, Specimen (Blood, Buccal Swabs & Hair Follicles, Others), Application, End-use 2024-2030" report has been added to ResearchAndMarkets.com's offering. The global DNA & RNA banking services market size is expected to reach USD 10.92 billion by 2030, registering a CAGR of 5.5% from 2024 to 2030.

DNA & RNA Banking Services Market Report 2024-2030, Featuring EasyDNA, DNA Genotek, 23andMe, GoodCell, ProteoGenex, Infinity Biologix, deCODE genetics, LGC Biosearch Technologies & PreventionGenetics

Once worth $6 billion, 23andMe has lost 98% of its value and is on the verge of being delisted from the Nasdaq. So what happened?

Inside the fall of 23andMe

Stock splits are typically viewed as bullish indicators that a company sees more growth is on the horizon.

Avoid This Former High-Flying Stock Split Stock at All Costs

SUNNYVALE, Calif., Oct. 16, 2024 (GLOBE NEWSWIRE) -- 23andMe Holding Co. (Nasdaq: ME) (the “Company” or “23andMe”), announced today the completion of the previously announced 1-for-20 reverse stock split of the Company's Class A and Class B common stock and confirmed that such reverse stock split became effective as of 12:01 a.m. EST on October 16, 2024 (the “Effective Time”).

23andMe Announces Completion of 1-for-20 Reverse Stock Split

SUNNYVALE, Calif., Oct. 11, 2024 (GLOBE NEWSWIRE) -- 23andMe Holding Co. (Nasdaq: ME) (the “Company” or “23andMe”), announced today that the 1-for-20 reverse stock split of the Company's Class A and Class B common stock will become effective as of 12:01 a.m. EST on October 16, 2024 (the “Effective Time”).

23andMe Announces 1-for-20 Reverse Stock Split

NEW YORK, Oct. 01, 2024 (GLOBE NEWSWIRE) -- Leading securities law firm Bleichmar Fonti & Auld LLP announces an investigation into 23andMe Holding Co. (NASDAQ:ME) regarding whether the board of directors and the co-founder and current CEO Anne Wojcicki (“Wojcicki”) of 23andMe breached their fiduciary duties in connection with Wojcicki's ongoing effort to purchase all 23andMe shares she does not already own. If you are a holder of 23andMe, you are encouraged to submit your information at: https://www.bfalaw.com/cases-investigations/23andme-holding-co.

ME INVESTOR NOTICE: Current 23andMe Holding Co. Shareholders are Notified to Contact BFA Law about Investigation into the Board of Directors (Nasdaq:ME)

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