23andMe Holding Co. (Nasdaq: ME), a leading human genetics and
biopharmaceutical company, reported its financial results for the
fourth quarter and full year of fiscal year 2024 (FY24), which
ended March 31, 2024.
Key Results and Recent
Developments
- On March 28, 2024 the Board of
Directors of 23andMe formed a Special Committee comprised of
independent directors to review strategic alternatives that may be
available to 23andMe to maximize shareholder value. On April 18,
2024 the Company announced it has been made aware that Anne
Wojcicki, Chief Executive Officer, Co-Founder, and Chair of the
Board of Directors of 23andMe, is considering making a proposal to
acquire all of the outstanding shares of 23andMe that she does not
currently own.
- Reported total revenue of $64.0
million in the fourth quarter of fiscal 2024, compared to $92.4
million in the fourth quarter of fiscal 2023, a decrease of
approximately 31% due to lower research revenue after the
conclusion of the GSK collaboration exclusivity term in July 2023
and lower PGS kit volumes and telehealth orders. Full year 2024
revenues were $219.6 million compared to $299.5 million for full
year 2023.
- Launched new 23andMe+ Premium
ancestry feature called Historical Matches, connecting customers to
one or more of 335 historical individuals, weaving ancestral
connections into the story of human history and migration.
- Announced availability of three new
genetic reports for 23andMe+ members on breast, colorectal and
prostate cancer. The reports are based on statistical models known
as polygenic risk scores (PRS), developed by 23andMe through its
proprietary research database. These PRS reports calculate the
potential likelihood of an individual developing one of these
cancers, based on thousands of genetic variants associated with the
disease.
- Announced dosing of the first
patient for Phase 1 clinical trial for 23ME-01473, a dual-mechanism
natural killer (NK) cell activator, targeting ULBP6, intended to
treat cancer. The Company expects to continue to enroll patients
throughout fiscal year 2025 and announce results of the study later
in calendar year 2025.
- Presented posters for 23ME-00610
and 23ME-01473 therapeutics programs at the American Association
for Cancer Research (AACR) annual meeting and completed enrollment
of the 23ME-00610 phase 1/2a clinical trial in April 2024.
- Will be presenting posters at ASCO
on the neuroendocrine cohort (June 1) and ovarian cohort (June 3)
for 23ME-00610, the first data presentations from the Phase 2a
expansion cohorts.
- On May 9, 2024 the Company received
a notification letter from Nasdaq notifying the Company that it had
been granted an additional 180 days, or until November 4, 2024, to
regain compliance with the minimum bid price requirement for
continued listing on The Nasdaq Capital Market.
“The Company had a productive fourth quarter and
solid end to the year, continuing to add value for members of
23andMe+ and advancing our clinical stage assets,” said Anne
Wojcicki, Co-Founder & CEO of 23andMe. “We continue to work to
build value for customers and shareholders and are looking forward
to a transformative FY2025.”
Q4 Fiscal 2024 Financial
Results Total revenue for FY24 Q4 was $64 million,
compared to $92 million for the same period in the prior year,
representing a decrease of 31%. The decrease was primarily driven
by lower research services revenue as the GSK collaboration
exclusive discovery term concluded in July 2023, as well as lower
consumer services revenue driven mainly by lower PGS kit sales
volume and telehealth orders. These decreases were partially offset
by higher revenue from growth in our membership services. Revenue
from consumer services, which includes PGS, telehealth and
membership services, represented approximately 99% of total revenue
for FY24 Q4. Research services revenue accounted for approximately
1% of total revenue for FY24 Q4.
Operating expenses for FY24 Q4 were $239
million, compared to $109 million for the same period in the prior
year. The increase in operating expenses was primarily due to a
$153 million non-cash goodwill impairment charge taken in the
quarter, reflecting the remaining balance of the consumer and
research services segment’s goodwill acquired as part of the
acquisition of Lemonaid Health Limited. The increase was partially
offset by lower personnel-related expenses following workforce
reductions in prior quarters along with the disposition of Lemonaid
Health Limited in the UK in August 2023 and lower R&D spend due
to a significant reduction in GSK collaboration programs.
Net loss for FY24 Q4 was $209 million, compared
to a net loss of $64 million for the same period in the prior
year.
Adjusted EBITDA (as defined below) for FY24 Q4
was a loss of $33 million, compared to a loss of $39 million for
the same period in the prior year. The decrease in adjusted EBITDA
loss was primarily due to lower personnel-related and R&D
expenses, partially offset by lower research services gross profit
as the GSK collaboration exclusive discovery term concluded in July
2023, as noted above. Please refer to the tables below for a
reconciliation of U.S. GAAP to Non-U.S. GAAP financial
measures.
Full Year Fiscal 2024 Financial
Results Total revenue for FY24 was $220 million, compared
to $299 million for the prior year, representing a decrease of 27%.
The decrease was primarily driven by lower consumer services
revenue resulting mainly from lower PGS kit sales volume and
telehealth orders, as well as lower research services revenue as a
result of the conclusion of the GSK collaboration exclusive
discovery term concluded in July 2023. These decreases were
partially offset by higher revenue from growth in our membership
services revenue.
Revenue from consumer services, which includes
PGS, telehealth and membership services, represented approximately
92% of total revenue for FY24. Research services revenue accounted
for approximately 8% of total revenue for FY24.
Operating expenses for FY24 were $781 million,
compared to $459 million for the prior year. The increase in
operating expenses was primarily due to $352 million in non-cash
goodwill impairment charges taken in the last two quarters, as
discussed above. The increase was partially offset by lower
personnel-related expenses following workforce reductions in the
year along with the disposition of Lemonaid Health Limited in the
UK in August 2023 and reductions in marketing advertising spend
aimed to boost margin and marketing efficiency.
Net loss for FY24 was $667 million, compared to
a net loss of $312 million for the prior year.
Adjusted EBITDA for FY24 was a loss of $176
million, compared to a loss of $161 million for the prior year. The
increase in Adjusted EBITDA loss was primarily due to lower
Research Services gross profit as the GSK collaboration exclusive
discovery term concluded in July 2023, lower consumer services
revenue driven mainly by lower PGS kit sales volume and telehealth
orders and increasing Therapeutics expenses, partially offset by
lower personnel-related expenses and reductions in marketing
advertising spend, as noted above. Please refer to the tables below
for a reconciliation of U.S. GAAP to Non-U.S. GAAP financial
measures.
Please note the full year fiscal 2024 results
are preliminary. The Company is still completing its assessment of
its impairment review of goodwill and long-lived assets, and its
impairment expense is undergoing further evaluation. This could
result in an adjustment to the impairment recorded in the Company’s
operating expenses and impact on its net loss. Please note that any
adjustment would be a non-cash item and reflected in the Company’s
Annual Report on Form 10-K for the year ended March 31, 2024.
Balance Sheet 23andMe ended
March 31, 2024 with cash and cash equivalents of $216 million,
compared to $387 million as of March 31, 2023.
FY2025 Financial Guidance In
light of the Special Committee review of strategic alternatives,
the Company is not providing guidance at this time.
Conference Call Webcast
Information 23andMe will host a conference call at 4:30
p.m. Eastern Time today, May 23, 2024, to discuss the financial
results for Q4 and FY2024 and report on business progress. The
webcast can be accessed at
https://investors.23andme.com/news-events/events-presentations. A
webcast replay will be available at the same address.
About 23andMe 23andMe is a
genetics-led consumer healthcare and therapeutics company
empowering a healthier future. For more information, please visit
investors.23andme.com.
Forward-Looking Statements This
press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended,
including, without limitation, statements regarding the future
performance of 23andMe’s businesses in consumer genetics and
therapeutics and the growth and potential of its proprietary
research platform. All statements, other than statements of
historical fact, included or incorporated in this press release,
including statements regarding 23andMe’s strategy, review of
strategic alternatives and associated proposed transactions
financial position, financial projections, funding for continued
operations, cash reserves, projected costs, plans, potential future
collaborations, database growth and objectives of management, are
forward-looking statements. The words "believes," "anticipates,"
"estimates," "plans," "expects," "intends," "may," "could,"
"should," "potential," "likely," "projects," "predicts,"
"continue," "will," "schedule," and "would" or, in each case, their
negative or other variations or comparable terminology, are
intended to identify forward-looking statements, although not all
forward-looking statements contain these identifying words. These
forward-looking statements are predictions based on 23andMe’s
current expectations and projections about future events and
various assumptions. 23andMe cannot guarantee that it will actually
achieve the plans, intentions, or expectations disclosed in its
forward-looking statements and you should not place undue reliance
on 23andMe’s forward-looking statements. These forward-looking
statements involve a number of risks, uncertainties (many of which
are beyond the control of 23andMe), or other assumptions that may
cause actual results or performance to differ materially from those
expressed or implied by these forward-looking statements. The
forward-looking statements contained herein are also subject
generally to other risks and uncertainties that are described from
time to time in the Company’s filings with the Securities and
Exchange Commission, including under Item 1A, "Risk Factors" in the
Company’s most recent Annual Report on Form 10-K, as filed with the
Securities and Exchange Commission, and as revised and updated by
our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
The statements made herein are made as of the date of this press
release and, except as may be required by law, 23andMe undertakes
no obligation to update them, whether as a result of new
information, developments, or otherwise.
Use of Non-GAAP Financial
Measures To supplement the 23andMe’s unaudited condensed
consolidated statements of operations and unaudited condensed
consolidated balance sheets, which are prepared in conformity with
generally accepted accounting principles in the United States of
America (GAAP), this press release also includes references to
Adjusted EBITDA, a non-GAAP financial measure that is defined as
net income (loss) before net interest income (expense), net other
income (expense), income tax expenses (benefit), depreciation and
amortization, impairment charges, stock-based compensation expense,
and other items that are considered unusual or not representative
of underlying trends of our business, including but not limited to:
changes in fair value of warrant liabilities, litigation
settlements, gains or losses on dispositions of subsidiaries,
transaction-related costs, and cyber security incident expenses,
net of probable insurance recoveries, if applicable for the periods
presented. 23andMe has provided a reconciliation of net loss, the
most directly comparable GAAP financial measure, to Adjusted EBITDA
at the end of this press release.
Adjusted EBITDA is a key measure used by
23andMe’s management and the board of directors to understand and
evaluate operating performance and trends, to prepare and approve
23andMe’s annual budget and to develop short- and long-term
operating plans. 23andMe provides Adjusted EBITDA because 23andMe
believes it is frequently used by analysts, investors and other
interested parties to evaluate companies in its industry and it
facilitates comparisons on a consistent basis across reporting
periods. Further, 23andMe believes it is helpful in highlighting
trends in its operating results because it excludes items that are
not indicative of 23andMe’s core operating performance. In
particular, 23andMe believes that the exclusion of the items
eliminated in calculating Adjusted EBITDA provides useful measures
for period-to-period comparisons of 23andMe’s business.
Accordingly, 23andMe believes that Adjusted EBITDA provides useful
information in understanding and evaluating operating results in
the same manner as 23andMe’s management and board of directors.
In evaluating Adjusted EBITDA, you should be
aware that in the future 23andMe will incur expenses similar to the
adjustments in this presentation. 23andMe’s presentation of
Adjusted EBITDA should not be construed as an inference that future
results will be unaffected by these expenses or any unusual or
non-recurring items. Adjusted EBITDA should not be considered in
isolation of, or as an alternative to, measures prepared in
accordance with GAAP. Other companies, including companies in the
same industry, may calculate similarly-titled non-GAAP financial
measures differently or may use other measures to evaluate their
performance, all of which could reduce the usefulness of Adjusted
EBITDA as a tool for comparison. There are a number of limitations
related to the use of these non-GAAP financial measures rather than
net loss, which is the most directly comparable financial measure
calculated in accordance with GAAP. Some of the limitations of
Adjusted EBITDA include (i) Adjusted EBITDA does not properly
reflect capital commitments to be paid in the future, and (ii)
although depreciation and amortization are non-cash charges, the
underlying assets may need to be replaced and Adjusted EBITDA does
not reflect these capital expenditures. When evaluating 23andMe’s
performance, you should consider Adjusted EBITDA alongside other
financial performance measures, including net loss and other GAAP
results. Adjusted EBITDA is our best proxy for cash burn.
Contacts Investors: Ian Cooney,
ianc@23andMe.com; investors@23andMe.com Media:
press@23andMe.com
23andMe
Holding Co. |
Condensed
Consolidated Statements of Operations and Comprehensive
Loss |
(In
thousands, except share and per share data) |
(Unaudited) |
|
|
Three Months
Ended March 31, |
|
Twelve Months Ended March 31, |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Revenue: |
|
|
|
|
|
|
|
Service |
$ |
57,719 |
|
|
$ |
80,778 |
|
|
$ |
191,816 |
|
|
$ |
265,840 |
|
Product |
|
6,309 |
|
|
|
11,599 |
|
|
|
27,822 |
|
|
|
33,649 |
|
Total
revenue |
|
64,028 |
|
|
|
92,377 |
|
|
|
219,638 |
|
|
|
299,489 |
|
Cost of
revenue: |
|
|
|
|
|
|
|
Service |
|
33,965 |
|
|
|
48,835 |
|
|
|
108,116 |
|
|
|
150,595 |
|
Product |
|
3,032 |
|
|
|
3,560 |
|
|
|
12,145 |
|
|
|
14,398 |
|
Total cost
of revenue |
|
36,997 |
|
|
|
52,395 |
|
|
|
120,261 |
|
|
|
164,993 |
|
Gross
profit |
|
27,031 |
|
|
|
39,982 |
|
|
|
99,377 |
|
|
|
134,496 |
|
Operating
expenses: |
|
|
|
|
|
|
|
Research and development |
|
46,724 |
|
|
|
60,719 |
|
|
|
205,361 |
|
|
|
222,596 |
|
Sales and marketing |
|
16,931 |
|
|
|
21,779 |
|
|
|
85,600 |
|
|
|
119,927 |
|
General and administrative |
|
22,296 |
|
|
|
26,758 |
|
|
|
129,772 |
|
|
|
115,984 |
|
Restructuring and other charges |
|
— |
|
|
|
— |
|
|
|
8,368 |
|
|
|
— |
|
Goodwill impairment |
|
152,944 |
|
|
|
— |
|
|
|
351,744 |
|
|
|
— |
|
Total
operating expenses |
|
238,895 |
|
|
|
109,256 |
|
|
|
780,845 |
|
|
|
458,507 |
|
Loss from
operations |
|
(211,864 |
) |
|
|
(69,274 |
) |
|
|
(681,468 |
) |
|
|
(324,011 |
) |
Other income
(expense): |
|
|
|
|
|
|
|
Interest income, net |
|
3,042 |
|
|
|
4,369 |
|
|
|
14,331 |
|
|
|
9,676 |
|
Other income (expense), net |
|
5 |
|
|
|
174 |
|
|
|
506 |
|
|
|
(93 |
) |
Loss before
income taxes |
|
(208,817 |
) |
|
|
(64,731 |
) |
|
|
(666,631 |
) |
|
|
(314,428 |
) |
Provision for (benefit from) income taxes |
|
18 |
|
|
|
(633 |
) |
|
|
73 |
|
|
|
(2,772 |
) |
Net
loss |
|
(208,835 |
) |
|
|
(64,098 |
) |
|
|
(666,704 |
) |
|
|
(311,656 |
) |
Other
comprehensive income (loss), net of tax |
|
— |
|
|
|
(309 |
) |
|
|
620 |
|
|
|
(799 |
) |
Total
comprehensive loss |
$ |
(208,835 |
) |
|
$ |
(64,407 |
) |
|
$ |
(666,084 |
) |
|
$ |
(312,455 |
) |
Net loss per
share of Class A and Class B common stock attributable to common
stockholders: |
|
|
|
|
|
|
|
Basic and diluted |
$ |
(0.43 |
) |
|
$ |
(0.14 |
) |
|
$ |
(1.40 |
) |
|
$ |
(0.69 |
) |
Weighted-average shares used to compute net loss per share: |
|
|
|
|
|
|
|
Basic and diluted |
|
485,951,909 |
|
|
|
456,254,405 |
|
|
|
475,982,265 |
|
|
|
451,504,377 |
|
|
23andMe Holding Co.Condensed Consolidated
Balance Sheets(In thousands, except share and per
share amounts) |
|
|
March 31,2024 |
|
March 31,2023 |
|
(Unaudited) |
|
|
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
216,488 |
|
|
$ |
386,849 |
|
Restricted cash |
|
1,399 |
|
|
|
1,399 |
|
Accounts receivable, net |
|
3,324 |
|
|
|
1,897 |
|
Inventories |
|
12,465 |
|
|
|
10,247 |
|
Deferred cost of revenue |
|
4,792 |
|
|
|
5,376 |
|
Prepaid expenses and other current assets |
|
16,841 |
|
|
|
19,224 |
|
Total current assets |
|
255,309 |
|
|
|
424,992 |
|
Property and equipment, net |
|
28,351 |
|
|
|
38,608 |
|
Operating lease right-of-use assets, net |
|
48,894 |
|
|
|
56,078 |
|
Restricted cash, noncurrent |
|
6,974 |
|
|
|
6,974 |
|
Internal-use software, net |
|
20,516 |
|
|
|
15,661 |
|
Intangible assets, net |
|
33,255 |
|
|
|
45,520 |
|
Goodwill |
|
— |
|
|
|
351,744 |
|
Other assets |
|
1,868 |
|
|
|
3,021 |
|
Total assets |
$ |
395,167 |
|
|
$ |
942,598 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
11,571 |
|
|
$ |
12,924 |
|
Accrued expenses and other current liabilities |
|
42,263 |
|
|
|
66,430 |
|
Deferred revenue |
|
64,827 |
|
|
|
62,521 |
|
Operating lease liabilities |
|
8,670 |
|
|
|
7,541 |
|
Total current liabilities |
|
127,331 |
|
|
|
149,416 |
|
Deferred revenue, noncurrent |
|
10,000 |
|
|
|
— |
|
Operating lease liabilities, noncurrent |
|
67,845 |
|
|
|
77,763 |
|
Other liabilities |
|
1,471 |
|
|
|
1,480 |
|
Total liabilities |
|
206,647 |
|
|
|
228,659 |
|
Stockholders’ equity |
|
|
|
Preferred stock - par value $0.0001, 10,000,000 shares authorized
as of March 31, 2024 and 2023; zero shares issued and outstanding
as of March 31, 2024 and 2023 |
|
— |
|
|
|
— |
|
Common stock, par value $0.0001 - Class A shares, 1,140,000,000
shares authorized, 323,394,807 and 293,020,474 shares issued and
outstanding as of March 31, 2024 and 2023, respectively; Class B
shares, 350,000,000 shares authorized, 166,724,586 and 168,179,488
shares issued and outstanding as of March 31, 2024 and 2023,
respectively |
|
49 |
|
|
|
46 |
|
Additional paid-in capital |
|
2,361,559 |
|
|
|
2,220,897 |
|
Accumulated other comprehensive income (loss) |
|
— |
|
|
|
(620 |
) |
Accumulated deficit |
|
(2,173,088 |
) |
|
|
(1,506,384 |
) |
Total stockholders’ equity |
|
188,520 |
|
|
|
713,939 |
|
Total liabilities and stockholders’ equity |
$ |
395,167 |
|
|
$ |
942,598 |
|
23andMe
Holding Co. |
Condensed
Consolidated Statements of Cash Flows |
(In
thousands) |
(Unaudited) |
|
|
Twelve
Months Ended March 31, |
|
2024 |
|
2023 |
Cash
flows from operating activities: |
|
|
|
Net loss |
$ |
(666,704 |
) |
|
$ |
(311,656 |
) |
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
|
Depreciation and amortization |
|
23,227 |
|
|
|
32,071 |
|
Amortization and impairment of internal-use software |
|
6,255 |
|
|
|
4,427 |
|
Stock-based compensation expense |
|
120,209 |
|
|
|
116,017 |
|
Impairment of long-lived assets |
|
— |
|
|
|
10,126 |
|
Goodwill impairment |
|
351,744 |
|
|
|
— |
|
Loss on disposition of Lemonaid Health Limited |
|
2,026 |
|
|
|
— |
|
Other operating activities |
|
(529 |
) |
|
|
77 |
|
Changes in operating assets and liabilities: |
|
|
|
Accounts receivable, net |
|
(1,427 |
) |
|
|
1,483 |
|
Inventories |
|
(2,218 |
) |
|
|
542 |
|
Deferred cost of revenue |
|
584 |
|
|
|
2,325 |
|
Prepaid expenses and other current assets |
|
(1,231 |
) |
|
|
6,653 |
|
Operating lease right-of-use assets |
|
7,185 |
|
|
|
7,393 |
|
Other assets |
|
1,152 |
|
|
|
(429 |
) |
Accounts payable |
|
(996 |
) |
|
|
(24,573 |
) |
Accrued expenses and other current liabilities |
|
(7,104 |
) |
|
|
2,671 |
|
Deferred revenue |
|
12,307 |
|
|
|
(418 |
) |
Operating lease liabilities |
|
(8,790 |
) |
|
|
(8,934 |
) |
Other liabilities |
|
(9 |
) |
|
|
(3,165 |
) |
Net cash used in operating activities |
|
(164,319 |
) |
|
|
(165,390 |
) |
Cash
flows from investing activities: |
|
|
|
Purchases of property and equipment |
|
(1,129 |
) |
|
|
(4,048 |
) |
Proceeds from sale of property and equipment |
|
30 |
|
|
|
5 |
|
Capitalized internal-use software costs |
|
(8,527 |
) |
|
|
(7,262 |
) |
Net cash used in investing activities |
|
(9,626 |
) |
|
|
(11,305 |
) |
Cash
flows from financing activities: |
|
|
|
Proceeds from exercise of stock options |
|
909 |
|
|
|
4,203 |
|
Proceeds from issuance of common stock under employee stock
purchase plan |
|
3,262 |
|
|
|
6,464 |
|
Payments for taxes related to net share settlement of equity
awards |
|
(230 |
) |
|
|
(197 |
) |
Payments of deferred offering costs |
|
(357 |
) |
|
|
(693 |
) |
Net cash provided by financing activities |
|
3,584 |
|
|
|
9,777 |
|
Effect of exchange rates on cash and cash equivalents |
|
— |
|
|
|
385 |
|
Net
(decrease) increase in cash, cash equivalents and restricted
cash |
|
(170,361 |
) |
|
|
(166,533 |
) |
Cash, cash
equivalents and restricted cash — beginning of period |
|
395,222 |
|
|
|
561,755 |
|
Cash, cash
equivalents and restricted cash — end of period |
$ |
224,861 |
|
|
$ |
395,222 |
|
Supplemental disclosures of non-cash investing and
financing activities: |
|
|
|
Purchases of property and equipment included in accounts payable
and accrued expenses |
$ |
97 |
|
|
$ |
473 |
|
Stock-based compensation capitalized for internal-use software
costs |
$ |
3,606 |
|
|
$ |
3,191 |
|
Deferred offering costs during the period included in accounts
payable and accrued expenses |
$ |
1 |
|
|
$ |
45 |
|
Reconciliation of cash, cash equivalents, and restricted
cash within the consolidated balance sheets to the amounts shown in
the consolidated statements of cash flows above: |
|
|
|
Cash and cash equivalents |
$ |
216,488 |
|
|
$ |
386,849 |
|
Restricted cash, current |
|
1,399 |
|
|
|
1,399 |
|
Restricted cash, noncurrent |
|
6,974 |
|
|
|
6,974 |
|
Total cash,
cash equivalents and restricted cash |
$ |
224,861 |
|
|
$ |
395,222 |
|
|
23andMe
Holding Co. |
Total
Company and Segment Information and Reconciliation of Non-GAAP
Financial Measures |
(In
thousands) |
(Unaudited) |
|
The Company’s revenue
and Adjusted EBITDA by segment and for the total Company is as
follows: |
|
|
Three Months Ended March 31, |
|
Twelve Months Ended March 31, |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Segment Revenue: (1) |
|
|
|
|
|
|
|
Consumer and Research Services |
$ |
64,028 |
|
|
$ |
92,377 |
|
|
$ |
219,638 |
|
|
$ |
299,489 |
|
Total revenue |
$ |
64,028 |
|
|
$ |
92,377 |
|
|
$ |
219,638 |
|
|
$ |
299,489 |
|
Segment Adjusted EBITDA: |
|
|
|
|
|
|
|
Consumer and
Research Services Adjusted EBITDA |
$ |
(3,874 |
) |
|
$ |
4,989 |
|
|
$ |
(36,769 |
) |
|
$ |
(17,997 |
) |
Therapeutics
Adjusted EBITDA |
|
(17,135 |
) |
|
|
(29,904 |
) |
|
|
(91,025 |
) |
|
|
(88,503 |
) |
Unallocated
Corporate (2) |
|
(12,199 |
) |
|
|
(13,744 |
) |
|
|
(48,002 |
) |
|
|
(54,801 |
) |
Total Adjusted EBITDA |
$ |
(33,208 |
) |
|
$ |
(38,659 |
) |
|
$ |
(175,796 |
) |
|
$ |
(161,301 |
) |
Reconciliation of net loss to Adjusted
EBITDA: |
|
|
|
|
|
|
|
Net
loss |
$ |
(208,835 |
) |
|
$ |
(64,098 |
) |
|
$ |
(666,704 |
) |
|
$ |
(311,656 |
) |
Adjustments |
|
|
|
|
|
|
|
Interest income, net |
|
(3,042 |
) |
|
|
(4,369 |
) |
|
|
(14,331 |
) |
|
|
(9,676 |
) |
Other (income) expense, net |
|
(5 |
) |
|
|
(174 |
) |
|
|
(506 |
) |
|
|
93 |
|
Provision for (benefit from) income taxes |
|
18 |
|
|
|
(633 |
) |
|
|
73 |
|
|
|
(2,772 |
) |
Depreciation and amortization |
|
4,160 |
|
|
|
4,727 |
|
|
|
18,033 |
|
|
|
20,239 |
|
Amortization of acquired intangible assets |
|
1,775 |
|
|
|
3,639 |
|
|
|
11,448 |
|
|
|
16,486 |
|
Impairment of acquired intangible assets |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
9,968 |
|
Stock-based compensation expense |
|
19,011 |
|
|
|
22,249 |
|
|
|
120,209 |
|
|
|
116,017 |
|
Litigation settlement cost |
|
— |
|
|
|
— |
|
|
|
98 |
|
|
|
— |
|
Loss on disposition of Lemonaid Health Limited and
transaction-related costs |
|
— |
|
|
|
— |
|
|
|
2,375 |
|
|
|
— |
|
Goodwill impairment |
|
152,944 |
|
|
|
— |
|
|
|
351,744 |
|
|
|
— |
|
Cybersecurity incident expenses, net of probable insurance
recoveries |
|
765 |
|
|
|
— |
|
|
|
1,765 |
|
|
|
— |
|
Total Adjusted EBITDA |
$ |
(33,209 |
) |
|
$ |
(38,659 |
) |
|
$ |
(175,796 |
) |
|
$ |
(161,301 |
) |
(1) |
|
There was no Therapeutics revenue for the three and twelve months
ended March 31, 2024 and 2023. |
(2) |
|
Certain department expenses such as Finance, Legal, Regulatory and
Supplier Quality, Corporate Communications, Corporate Development,
and CEO Office are not reported as part of the reporting segments
as reviewed by the CODM. These amounts are included in Unallocated
Corporate. |
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