23andMe Holding Co. (Nasdaq: ME), a leading human genetics and
biopharmaceutical company, reported its financial results for the
third quarter of fiscal year 2024 (FY24), which ended December 31,
2023.
Key Results
- Reported total revenue of $44.7 million in the third quarter of
fiscal 2024, compared to $66.9 million in the third quarter of
fiscal 2023, a decrease of approximately 33% due to lower research
revenue after the conclusion of the GSK collaboration exclusivity
term in July 2023 and lower PGS kit volumes.
- Announced a non-exclusive data license with GSK plc (LSE/NYSE:
GSK) for novel drug target discovery and other research. Under an
amendment to the previous collaboration agreement, 23andMe received
a $20 million upfront payment for a one year, non-exclusive data
license. This agreement marks the 6th year of GSK’s collaboration
with 23andMe, highlighting the growing value of the 23andMe
database - the world’s largest recontactable resource of genetic
and phenotypic information from consenting participants.
- Introduced 23andMe+ Total Health, the Company’s most advanced
prevention-based health membership which provides clinical grade
exome sequencing, biannual blood testing, and unprecedented access
to genetics-based clinical care.
- Continued to improve the value of our 23andMe+ Premium
membership with the launch of HealthTracksSM and Health Action
Plan, adding a groundbreaking combination of lifestyle and genetic
risk to inform optimal lifestyle changes over time.
- Expanded its BRCA1/BRCA2 (Selected Variants) Genetic Health
risk report, adding 41 additional variants, many of which are
common in people of African American, Hispanic/Latina, and Asian
descent.
- Recently announced FDA acceptance of the IND filing for
23ME-01473, a dual-mechanism natural killer (NK) cell activator
intended to treat cancer. The Company expects to initiate a Phase 1
dose escalation study in participants with advanced solid tumors in
the first half of 2024.
- Recently announced the further expansion of the ongoing
23ME-00610 Phase 1/2a study to include an additional 30 patients
with advanced neuroendocrine and ovarian cancers. The ongoing study
has been enrolling the Phase 2a portion of the Phase 1/2a clinical
trial evaluating the anti-CD200R1 monoclonal antibody since
February 2023.
- Presented updated data for 23ME-00610 at the Society for
Immunotherapy of Cancer (SITC) conference on November 3, 2023. The
presented Phase 1 data shows compelling pharmacokinetics,
tolerability and evidence of immune activation due to the
inhibition of the CD200R1 pathway. Phase 2a enrollment is ongoing
with initial efficacy and cohort data expected in 2024.
“The Company had a very productive third quarter, with
meaningful strategic progress across all three business lines,”
said Anne Wojcicki, Co-Founder & CEO of 23andMe. “In
Therapeutics, we presented encouraging Phase 1 data for 23ME-00610
at SITC, and are excited to move our novel 23ME-01473 program, a
ULBP-6-targeting antibody, into the clinic. We introduced 23andMe
Total Health™, added meaningful functionality to our 23andMe+
Premium membership offering and signed our first non-exclusive data
deal with GSK. We continue to focus on positioning the business to
create maximum value and look forward to a strong finish to the
year.”
Financial ResultsTotal revenue for FY24 Q3 was
$45 million, compared to $67 million for the same period in the
prior year, representing a decrease of 33%. 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 non-recurring payments from
other research partners as well as growth in our membership
services revenue.Revenue from consumer services, which includes
PGS, telehealth and membership services, represented approximately
96% of total revenue for the period. Research services revenue
accounted for approximately 4% of total revenue.
Operating expenses for FY24 Q3 were $301 million, compared to
$128 million for the same period in the prior year. The increase in
operating expenses was primarily due to a $199 million non-cash
goodwill impairment charge taken in the quarter. The foregoing
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, a
non-cash impairment charge for certain intangible assets in the
prior year and lower R&D spend due to significant
Investigational New Drug (“IND”)-enabling activity in the prior
year quarter.
Net loss for FY24 Q3 was $278 million, compared to a net loss of
$92 million for the same period in the prior year.
Adjusted EBITDA (as defined below) for FY24 Q3 was a loss of $48
million, compared to a loss of $43 million for the same period in
the prior year. The increase in adjusted EBITDA deficit was
primarily due to lower research services gross profit as the GSK
collaboration exclusive discovery term concluded in July 2023,
partially offset by lower IND-enabling activity, as noted above.
Please refer to the tables below for a reconciliation of U.S. GAAP
to Non-U.S. GAAP financial measures.
Balance Sheet23andMe ended December 31, 2023
with cash and cash equivalents of $242 million, compared to $387
million as of March 31, 2023.
FY2024 Financial GuidanceThe Company is
adjusting its full year guidance following Q3 FY2024 results.
Revenue guidance for FY2024, which will end on March 31, 2024, is
expected to be in the range of $215 million to $220 million, with
net loss adjusted to be in the range of $525 million to $520
million. Full year Adjusted EBITDA deficit is adjusted to be in the
range of $185 to $180 million for fiscal year 2024.
Within the existing lines of the PGS and telehealth Consumer
businesses, the Company is prioritizing margin expansion and
progressing toward cash flow profitability. These efforts include
enhancements to existing services like the recently announced
HealthTracks and Health Action Plan tools within 23andMe+ Premium,
development of new services like the newly launched Total Health
membership, and the reorganization of the Consumer & Research
Services segment to streamline its expense profile, like the
workforce reductions earlier in the year and the more recent
disposition of the UK subsidiary in August.
Similarly within Therapeutics, with the end of the exclusive
discovery term under the GSK collaboration in July 2023, the
Company decided to narrow its discovery efforts to inflammation and
immunology and development efforts in immuno-oncology to focus on
areas that best align with its core strengths. The Company
completed a workforce reduction in August 2023 to realign resources
with the revamped structure and took the royalty option on three
programs initiated together with GSK to reduce cash burn.
Conference Call Webcast Information23andMe will
host a conference call at 4:30 p.m. Eastern Time today, February 7,
2024, to discuss the financial results for Q3 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 23andMe23andMe is a genetics-led consumer
healthcare and therapeutics company empowering a healthier future.
For more information, please visit investors.23andme.com.
Forward-Looking StatementsThis 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, 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 MeasuresTo 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.
ContactsInvestors: Ian Cooney,
ianc@23andMe.com;
investors@23andMe.comMedia: 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 December 31, |
|
Nine Months Ended December 31, |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Revenue |
$ |
44,747 |
|
|
$ |
66,940 |
|
|
$ |
155,610 |
|
|
$ |
207,112 |
|
Cost of revenue |
|
24,811 |
|
|
|
36,189 |
|
|
|
83,265 |
|
|
|
112,598 |
|
Gross profit |
|
19,936 |
|
|
|
30,751 |
|
|
|
72,345 |
|
|
|
94,514 |
|
Operating expenses: |
|
|
|
|
|
|
|
Research and development |
|
41,720 |
|
|
|
57,270 |
|
|
|
158,637 |
|
|
|
161,877 |
|
Sales and marketing |
|
27,683 |
|
|
|
39,879 |
|
|
|
68,669 |
|
|
|
98,148 |
|
General and administrative |
|
31,446 |
|
|
|
30,702 |
|
|
|
107,476 |
|
|
|
89,226 |
|
Restructuring and other charges |
|
1,497 |
|
|
|
— |
|
|
|
8,368 |
|
|
|
— |
|
Goodwill impairment |
|
198,800 |
|
|
|
— |
|
|
|
198,800 |
|
|
|
— |
|
Total operating expenses |
|
301,146 |
|
|
|
127,851 |
|
|
|
541,950 |
|
|
|
349,251 |
|
Loss from operations |
|
(281,210 |
) |
|
|
(97,100 |
) |
|
|
(469,605 |
) |
|
|
(254,737 |
) |
Other income (expense): |
|
|
|
|
|
|
|
Interest income, net |
|
3,230 |
|
|
|
3,671 |
|
|
|
11,289 |
|
|
|
5,307 |
|
Other income (expense), net |
|
23 |
|
|
|
855 |
|
|
|
501 |
|
|
|
(267 |
) |
Loss before income taxes |
|
(277,957 |
) |
|
|
(92,574 |
) |
|
|
(457,815 |
) |
|
|
(249,697 |
) |
Provision for (benefit from)
income taxes |
|
19 |
|
|
|
(613 |
) |
|
|
55 |
|
|
|
(2,139 |
) |
Net loss |
|
(277,976 |
) |
|
|
(91,961 |
) |
|
|
(457,870 |
) |
|
|
(247,558 |
) |
Other comprehensive income
(loss), net of tax |
|
— |
|
|
|
(1,943 |
) |
|
|
620 |
|
|
|
(490 |
) |
Total comprehensive loss |
$ |
(277,976 |
) |
|
$ |
(93,904 |
) |
|
$ |
(457,250 |
) |
|
$ |
(248,048 |
) |
Net loss per share of Class A
and Class B common stock attributable to common stockholders: |
|
|
|
|
|
|
|
Basic and diluted |
$ |
(0.58 |
) |
|
$ |
(0.20 |
) |
|
$ |
(0.97 |
) |
|
$ |
(0.55 |
) |
Weighted-average shares used
to compute net loss per share: |
|
|
|
|
|
|
|
Basic and diluted |
|
480,809,546 |
|
|
|
453,407,202 |
|
|
|
472,683,220 |
|
|
|
449,949,829 |
|
|
23andMe Holding Co.Condensed Consolidated
Balance Sheets(In thousands, except share and per
share amounts) |
|
|
December 31, 2023 |
|
March 31, 2023 |
|
(Unaudited) |
|
|
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
242,418 |
|
|
$ |
386,849 |
|
Restricted cash |
|
1,399 |
|
|
|
1,399 |
|
Accounts receivable, net |
|
18,154 |
|
|
|
1,897 |
|
Inventories |
|
15,666 |
|
|
|
10,247 |
|
Deferred cost of revenue |
|
12,222 |
|
|
|
5,376 |
|
Prepaid expenses and other current assets |
|
20,100 |
|
|
|
19,224 |
|
Total current assets |
|
309,959 |
|
|
|
424,992 |
|
Property and equipment,
net |
|
30,270 |
|
|
|
38,608 |
|
Operating lease right-of-use
assets |
|
50,738 |
|
|
|
56,078 |
|
Restricted cash,
noncurrent |
|
6,974 |
|
|
|
6,974 |
|
Internal-use software,
net |
|
19,827 |
|
|
|
15,661 |
|
Intangible assets, net |
|
35,234 |
|
|
|
45,520 |
|
Goodwill |
|
152,944 |
|
|
|
351,744 |
|
Other assets |
|
2,265 |
|
|
|
3,021 |
|
Total assets |
$ |
608,211 |
|
|
$ |
942,598 |
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
13,166 |
|
|
$ |
12,924 |
|
Accrued expenses and other current liabilities |
|
42,124 |
|
|
|
66,430 |
|
Deferred revenue |
|
80,468 |
|
|
|
62,521 |
|
Operating lease liabilities |
|
8,381 |
|
|
|
7,541 |
|
Total current liabilities |
|
144,139 |
|
|
|
149,416 |
|
Deferred revenue,
noncurrent |
|
15,000 |
|
|
|
— |
|
Operating lease liabilities,
noncurrent |
|
70,441 |
|
|
|
77,763 |
|
Other liabilities |
|
1,443 |
|
|
|
1,480 |
|
Total liabilities |
|
231,023 |
|
|
|
228,659 |
|
Stockholders’
equity |
|
|
|
Common stock, par value $0.0001 - Class A shares, 1,140,000,000
shares authorized, 315,073,368 and 293,020,474 shares issued and
outstanding as of December 31, 2023 and March 31, 2023,
respectively; Class B shares, 350,000,000 shares authorized,
167,480,278 and 168,179,488 shares issued and outstanding as of
December 31, 2023 and March 31, 2023, respectively |
|
48 |
|
|
|
46 |
|
Additional paid-in capital |
|
2,341,394 |
|
|
|
2,220,897 |
|
Accumulated other comprehensive loss |
|
— |
|
|
|
(620 |
) |
Accumulated deficit |
|
(1,964,254 |
) |
|
|
(1,506,384 |
) |
Total stockholders’ equity |
|
377,188 |
|
|
|
713,939 |
|
Total liabilities and stockholders’ equity |
$ |
608,211 |
|
|
$ |
942,598 |
|
23andMe Holding Co.Condensed Consolidated
Statements of Cash Flows(In
thousands)(Unaudited) |
|
|
|
Nine Months Ended December 31, |
|
|
2023 |
|
|
|
2022 |
|
Cash flows from
operating activities: |
|
|
|
Net loss |
$ |
(457,870 |
) |
|
$ |
(247,558 |
) |
Adjustments to reconcile net
loss to net cash used in operating activities: |
|
|
|
Depreciation and amortization |
|
19,171 |
|
|
|
24,918 |
|
Amortization and impairment of internal-use software |
|
4,374 |
|
|
|
3,214 |
|
Stock-based compensation expense |
|
101,198 |
|
|
|
93,768 |
|
(Gain) loss on disposal of property and equipment |
|
(5 |
) |
|
|
— |
|
Loss on disposition of Lemonaid Health Limited |
|
2,026 |
|
|
|
— |
|
Impairment of long-lived assets |
|
— |
|
|
|
10,126 |
|
Goodwill impairment |
|
198,800 |
|
|
|
— |
|
Other operating activities |
|
(504 |
) |
|
|
(1 |
) |
Changes in operating assets and liabilities: |
|
|
|
Accounts receivable, net |
|
(16,257 |
) |
|
|
(23,428 |
) |
Inventories |
|
(5,420 |
) |
|
|
(1,172 |
) |
Deferred cost of revenue |
|
(6,846 |
) |
|
|
(6,636 |
) |
Prepaid expenses and other current assets |
|
(4,490 |
) |
|
|
3,772 |
|
Operating lease right-of-use assets |
|
5,341 |
|
|
|
5,570 |
|
Other assets |
|
755 |
|
|
|
(711 |
) |
Accounts payable |
|
669 |
|
|
|
(23,305 |
) |
Accrued expenses and other current liabilities |
|
(5,906 |
) |
|
|
4,265 |
|
Deferred revenue |
|
32,948 |
|
|
|
45,996 |
|
Operating lease liabilities |
|
(6,483 |
) |
|
|
(6,708 |
) |
Other liabilities |
|
(36 |
) |
|
|
(2,539 |
) |
Net cash used in operating
activities |
|
(138,535 |
) |
|
|
(120,429 |
) |
Cash flows from
investing activities: |
|
|
|
Purchases of property and equipment |
|
(850 |
) |
|
|
(2,854 |
) |
Proceeds from sale of property and equipment |
|
6 |
|
|
|
— |
|
Capitalized internal-use software costs |
|
(6,636 |
) |
|
|
(5,163 |
) |
Net cash used in investing
activities |
|
(7,480 |
) |
|
|
(8,017 |
) |
Cash flows from
financing activities: |
|
|
|
Proceeds from exercise of stock options |
|
687 |
|
|
|
3,933 |
|
Proceeds from issuance of common stock under employee stock
purchase plan |
|
1,411 |
|
|
|
3,238 |
|
Payments of deferred offering costs |
|
(356 |
) |
|
|
— |
|
Payments for taxes related to net share settlement of equity
awards |
|
(158 |
) |
|
|
— |
|
Net cash provided by financing
activities |
|
1,584 |
|
|
|
7,171 |
|
Effect of exchange rates on
cash and cash equivalents |
|
— |
|
|
|
694 |
|
Net decrease in cash,
cash equivalents and restricted cash |
|
(144,431 |
) |
|
|
(120,581 |
) |
Cash, cash equivalents and
restricted cash—beginning of period |
|
395,222 |
|
|
|
561,755 |
|
Cash, cash equivalents
and restricted cash—end of period |
$ |
250,791 |
|
|
$ |
441,174 |
|
Reconciliation of
cash, cash equivalents, and restricted cash within the condensed
consolidated balance sheets to the amounts shown in the condensed
consolidated statements of cash flows above: |
|
|
|
Cash and cash equivalents |
$ |
242,418 |
|
|
$ |
432,801 |
|
Restricted cash, current |
|
1,399 |
|
|
|
1,399 |
|
Restricted cash, noncurrent |
|
6,974 |
|
|
|
6,974 |
|
Total cash, cash equivalents
and restricted cash |
$ |
250,791 |
|
|
$ |
441,174 |
|
|
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 December 31, |
|
Nine Months Ended December 31, |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Segment
Revenue: (1) |
|
|
|
|
|
|
|
Consumer and Research Services |
$ |
44,747 |
|
|
$ |
66,940 |
|
|
$ |
155,610 |
|
|
$ |
207,112 |
|
Total revenue |
$ |
44,747 |
|
|
$ |
66,940 |
|
|
$ |
155,610 |
|
|
$ |
207,112 |
|
Segment Adjusted
EBITDA: |
|
|
|
|
|
|
|
Consumer and Research Services Adjusted EBITDA |
$ |
(20,620 |
) |
|
$ |
(8,313 |
) |
|
$ |
(32,895 |
) |
|
$ |
(22,986 |
) |
Therapeutics Adjusted EBITDA |
|
(16,528 |
) |
|
|
(21,471 |
) |
|
|
(73,890 |
) |
|
|
(58,599 |
) |
Unallocated Corporate (2) |
|
(10,587 |
) |
|
|
(13,488 |
) |
|
|
(35,803 |
) |
|
|
(41,057 |
) |
Total Adjusted EBITDA |
$ |
(47,735 |
) |
|
$ |
(43,272 |
) |
|
$ |
(142,588 |
) |
|
$ |
(122,642 |
) |
Reconciliation of net
loss to Adjusted EBITDA: |
|
|
|
|
|
|
|
Net loss |
$ |
(277,976 |
) |
|
$ |
(91,961 |
) |
|
$ |
(457,870 |
) |
|
$ |
(247,558 |
) |
Adjustments: |
|
|
|
|
|
|
|
Interest income, net |
|
(3,230 |
) |
|
|
(3,671 |
) |
|
|
(11,289 |
) |
|
|
(5,307 |
) |
Other (income) expense, net |
|
(23 |
) |
|
|
(855 |
) |
|
|
(501 |
) |
|
|
267 |
|
Provision for (benefit from) income taxes |
|
19 |
|
|
|
(613 |
) |
|
|
55 |
|
|
|
(2,139 |
) |
Depreciation and amortization |
|
4,921 |
|
|
|
5,257 |
|
|
|
13,873 |
|
|
|
15,512 |
|
Amortization of acquired intangible assets |
|
2,397 |
|
|
|
4,265 |
|
|
|
9,673 |
|
|
|
12,847 |
|
Impairment of acquired intangible assets |
|
— |
|
|
|
9,968 |
|
|
|
— |
|
|
|
9,968 |
|
Stock-based compensation expense |
|
26,357 |
|
|
|
34,338 |
|
|
|
101,198 |
|
|
|
93,768 |
|
Loss on disposition of Lemonaid Health Limited and
transaction-related costs |
|
— |
|
|
|
— |
|
|
|
2,375 |
|
|
|
— |
|
Litigation settlement cost |
|
— |
|
|
|
— |
|
|
|
98 |
|
|
|
— |
|
Goodwill impairment |
|
198,800 |
|
|
|
— |
|
|
|
198,800 |
|
|
|
— |
|
Cyber security incident expenses, net of probable insurance
recoveries |
|
1,000 |
|
|
|
— |
|
|
|
1,000 |
|
|
|
— |
|
Total Adjusted EBITDA |
$ |
(47,735 |
) |
|
$ |
(43,272 |
) |
|
$ |
(142,588 |
) |
|
$ |
(122,642 |
) |
(1) |
|
There was no Therapeutics revenue for the three and nine months
ended December 31, 2023 and 2022. |
(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. |
|
23andMe Holding Co.Reconciliation of GAAP
Net Loss Outlook to Non-GAAP Adjusted EBITDA
Outlook(in
thousands)(Unaudited) |
|
|
Outlook for the Year EndingMarch 31,
2024as of February 7, 2024 |
|
Low |
|
High |
Reconciliation of
estimated net loss to adjusted EBITDA: |
|
|
|
GAAP net loss outlook |
$ |
(525,000 |
) |
|
$ |
(520,000 |
) |
Adjustments: |
|
|
|
Estimated interest (income) expense, net |
|
(13,455 |
) |
|
|
(13,455 |
) |
Estimated other (income) expense, net |
|
(446 |
) |
|
|
(446 |
) |
Estimated depreciation and amortization |
|
17,685 |
|
|
|
17,685 |
|
Estimated amortization of acquired intangible assets |
|
11,449 |
|
|
|
11,449 |
|
Estimated stock-based compensation expense |
|
122,494 |
|
|
|
122,494 |
|
Estimated loss on disposition of Lemonaid Health Limited and
transaction-related costs |
|
2,375 |
|
|
|
2,375 |
|
Estimated litigation settlement cost |
|
98 |
|
|
|
98 |
|
Estimated goodwill impairment costs |
|
198,800 |
|
|
|
198,800 |
|
Estimated cybersecurity incident recovery costs |
|
1,000 |
|
|
|
1,000 |
|
Non-GAAP adjusted EBITDA
outlook |
$ |
(185,000 |
) |
|
$ |
(180,000 |
) |
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