# GeneDx Holdings Corp. (WGS)

> Source: Nexqual · https://nexqual.com/WGS · data as of 2026-10-23 20:00 UTC · cite as "Nexqual, GeneDx Holdings Corp. (WGS), nexqual.com/WGS" · informational, not investment advice.

**Price:** USD 56.15 (-16.37% on the day) · last close of Oct 23, 2026; US market closed, not a live price. Prev close 67.14 · day 55–67.4 · 52w 32.21–170.87 · market cap $1.67B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $454M, net income -$106M (-23.4% margin), free cash flow -$75.8M (SEC filings).
- Insider open-market sales, last ~7 months: 12 Form 4 filings, $3.2M; 12 not under a Rule 10b5-1 plan ($3.2M); 0 by opportunistic insiders, 12 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 4 Form 4 filings, $93.1M; 0 by opportunistic insiders, 0 by routine insiders.
- Total return with dividends: 1Y -56.4% vs S&P 500 +13.4%; 5Y -78.9% vs S&P 500 +76.9%.
- Next earnings: 2026-11-09, EPS estimate USD 0.07, revenue estimate $123M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $212M | $235M | $203M | $305M | $428M | $454M |
| Gross profit | -$16.6M | -$26.8M | $90.0M | $194M | $298M | — |
| Operating income | -$446M | -$668M | -$181M | -$23.2M | -$13.1M | -$92.4M |
| Net income | -$245M | -$549M | -$176M | -$52.3M | -$21.0M | -$106M |
| EPS (diluted) | -$74.91 | -$53.63 | -$7.23 | -$1.94 | -$0.73 | — |
| Free cash flow | -$200M | -$326M | -$185M | -$34.0M | $14.3M | -$75.8M |
| Gross margin | -7.8% | -11.4% | 44.4% | 63.6% | 69.7% | — |
| Operating margin | -210.3% | -284.5% | -89.2% | -7.6% | -3.1% | -20.3% |
| Net margin | -115.6% | -233.9% | -86.8% | -17.1% | -4.9% | -23.4% |
| Revenue growth | +18.3% | +10.6% | -13.7% | +50.8% | +40.0% | — |
| Cash + short-term investments | $401M | $124M | $130M | $141M | $171M | — |
| Total debt | $11.0M | $11.0M | $56.3M | $55.8M | $54.5M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 3.7x · EV/Sales 3.6x · P/B 6.9x · FCF yield -4.53% · Earnings yield -6.35% · Net cash $32.5M · EV $1.64B

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 12 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-16 | Stueland Katherine | CHIEF EXECUTIVE OFFICER | 10,501 | $1.0M | 8.3% | No | Routine (sold in Mar & Jun & Sep & Dec each year 2023–2025) |
| 2026-09-16 | Feeley Kevin | CHIEF FINANCIAL OFFICER | 3,728 | $364K | 7.7% | No | Routine (sold in Mar & Jun & Sep & Dec each year 2023–2025) |
| 2026-09-09 | Stueland Katherine | CHIEF EXECUTIVE OFFICER | 3,692 | $311K | 3.3% | No | Routine (sold in Mar & Jun & Sep & Dec each year 2023–2025) |
| 2026-09-09 | Feeley Kevin | CHIEF FINANCIAL OFFICER | 1,285 | $108K | 3% | No | Routine (sold in Mar & Jun & Sep & Dec each year 2023–2025) |
| 2026-09-01 | Feeley Kevin | CHIEF FINANCIAL OFFICER | 372 | $31K | 0.9% | No | Routine (sold in Mar & Jun & Sep & Dec each year 2023–2025) |
| 2026-06-16 | Feeley Kevin | CHIEF FINANCIAL OFFICER | 3,729 | $227K | 8.5% | No | Routine (sold in Mar & Jun & Sep & Dec each year 2023–2025) |
| 2026-06-16 | Stueland Katherine | CHIEF EXECUTIVE OFFICER | 10,501 | $638K | 9.1% | No | Routine (sold in Mar & Jun & Sep & Dec each year 2023–2025) |
| 2026-06-09 | Feeley Kevin | CHIEF FINANCIAL OFFICER | 1,266 | $68K | 3.4% | No | Routine (sold in Mar & Jun & Sep & Dec each year 2023–2025) |
| 2026-06-09 | Stueland Katherine | CHIEF EXECUTIVE OFFICER | 3,639 | $196K | 3.6% | No | Routine (sold in Mar & Jun & Sep & Dec each year 2023–2025) |
| 2026-06-01 | Feeley Kevin | CHIEF FINANCIAL OFFICER | 369 | $19K | 1% | No | Routine (sold in Mar & Jun & Sep & Dec each year 2023–2025) |
| 2026-04-29 | Stueland Katherine | CHIEF EXECUTIVE OFFICER | 2,172 | $142K | 2.3% | No | Routine (sold in Mar & Jun & Sep & Dec each year 2023–2025; this trade is outside those months) |
| 2026-04-29 | Feeley Kevin | CHIEF FINANCIAL OFFICER | 392 | $26K | 1.1% | No | Routine (sold in Mar & Jun & Sep & Dec each year 2023–2025; this trade is outside those months) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
4 purchases, $93.1M. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-06-04…2026-06-05 | Casdin Capital, Llc | Director | 200,000 | $11.1M | 55.55 | Too little history (no open-market trades in 2023) |
| 2026-05-18…2026-05-20 | Casdin Capital, Llc | Director | 500,000 | $21.5M | 42.92 | Too little history (no open-market trades in 2023) |
| 2026-05-13…2026-05-15 | Meister Keith A. | Director | 351,273 | $13.8M | 39.19 | Too little history (no open-market trades in 2024) |
| 2026-05-07…2026-05-11 | Meister Keith A. | Director | 1,205,147 | $46.8M | 38.84 | Too little history (no open-market trades in 2024) |

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-01 | Guggenheim | Target raised | Buy | $74 → $83 |
| 2026-08-04 | Canaccord Genuity | Target raised | Buy | $75 → $90 |
| 2026-08-04 | BTIG | Reiterated | Buy | $90 |
| 2026-06-29 | Guggenheim | Target raised | Buy | $70 → $74 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-24) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -56.4% | -78.9% |
| S&P 500 (SPY) | +13.4% | +76.9% |
| Per year | -56.5% | -26.8% |
| Volatility (annualized) | 99.3% | 113.9% |
| Max drawdown | -79.4% (Nov 2025→May 2026) | -99.5% (Nov 2021→Nov 2023) |

## Peers (Diagnostics & Research)
PSNL (Personalis, Inc.) USD 15.85 +0.19% · NEO (NeoGenomics, Inc.) USD 16.59 +1.22% · FRNM (Freenome, Inc.) USD 12.77 -2.52% · OPK (Opko Health, Inc.) USD 1.63 +0.00% · CSTL (Castle Biosciences, Inc.) USD 33.08 -0.33% · CDNA (CareDx, Inc.) USD 69.21 +0.07%

## More
Full page: https://nexqual.com/WGS · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in WGS's own 10-K filed 2026-02-23 (https://www.sec.gov/Archives/edgar/data/1818331/000181833126000015/wgs-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | ILLUMINA, INC. (ILMN) | "In addition, there are a large number of new entrants into the market for genetic information ranging from informatics and analysis pipeline developers to focused, integrated providers of genetic tools and services for h…" |
| Supplier | Life Technologies | "We rely on a limited number of suppliers, including Illumina, Inc., Life Technologies Corporation, Twist Biosciences Corporation, Path-Tec LLC and Agilent Technologies. for certain laboratory reagents, as well as sequenc…" |
| Supplier | Twist Biosciences | "We rely on a limited number of suppliers, including Illumina, Inc., Life Technologies Corporation, Twist Biosciences Corporation, Path-Tec LLC and Agilent Technologies. for certain laboratory reagents, as well as sequenc…" |
| Supplier | Path-Tec | "We rely on a limited number of suppliers, including Illumina, Inc., Life Technologies Corporation, Twist Biosciences Corporation, Path-Tec LLC and Agilent Technologies. for certain laboratory reagents, as well as sequenc…" |
| Partner | Fabric Genomics | "In tandem with these testing markets, we see potential upside as we put a growth strategy behind our data and biopharma partnerships business, expand internationally with Fabric Genomics, and unlock precision medicine op…" |
| Partner | Casdin Partners Master Fund | "Entities affiliated with Casdin Partners Master Fund, L.P. ("Casdin Partners"), and Corvex Management, L.P. ("Corvex Management") are some of our significant stockholders, which owned approximately 11%, and 12%, respecti…" |
| Partner | Corvex Management | "Entities affiliated with Casdin Partners Master Fund, L.P. ("Casdin Partners"), and Corvex Management, L.P. ("Corvex Management") are some of our significant stockholders, which owned approximately 11%, and 12%, respecti…" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Diagnostic Test | $111.9M | 97.8% | +11.8% |
| — Patients with third-party insurance (part of Diagnostic Test) | $94.7M | 82.8% | +16.8% |
| — Institutional customers (part of Diagnostic Test) | $16.1M | 14.1% | -13.6% |
| — Self-pay patients (part of Diagnostic Test) | $1.0M | 0.9% | +207.4% |
| Other revenue | $2.6M | 2.2% | -1.5% |
| Total revenue | $114.4M | 100% | — |

## Customer concentration

Period ended 2026-06-30: 31%, 25% of revenue from unnamed direct customers (10-Q, filed 2026-08-03).

## Company outlook (8-K filed 2026-08-03)

- "GeneDx has reaffirmed its full year 2026 guidance and has provided guidance for the third quarter of 2026."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.07 | $0.10 | -28.9% | $122.9M | 7 |
| Next quarter (ends 2026-12-31) | $0.32 | $0.32 | +0.0% | $142.6M | 7 |
| Current fiscal year (ends 2026-12-31) | $0.13 | $-0.06 | -306.2% | $481.8M | 7 |
| Next fiscal year (ends 2027-12-31) | $1.20 | $1.10 | +8.6% | $599.0M | 7 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-13 (includes earnings 2026-11-09): ±32.3%; last 8 reports averaged ±24%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 6 | 172.9% | ±19.2% |
| 2026-11-06 | 13 | 187.9% | ±28.6% |
| 2026-11-13 | 20 | 174.9% | ±32.3% |
| 2026-11-20 | 27 | 152.8% | ±32.5% |
| 2026-11-27 | 34 | 146.0% | ±34.6% |
| 2026-12-04 | 41 | 135.1% | ±35.1% |
| 2026-12-18 | 55 | 125.7% | ±38.3% |
| 2027-01-15 | 83 | 108.9% | ±40.4% |