23 and Me releases Q2 earnings, beats earning estimates

23 and me
A logo sign outside of the headquarters of 23andMe in Mountain View, California on January 24, 2016. Photo by Kristoffer Tripplaar *** Please Use Credit from Credit Field ***

23 and Me (ME) released their second-quarter earnings for the fiscal year 2021-22.  The company beat estimates this quarter.

  • Revenue: $55 million (7% increase yoy) 
  • EPS: -$0.04
  • Net loss: $17 million vs $36 million (last year)
Highlights 
  • Completed the acquisition of Lemonaid Health, Inc (“Lemonaid Health”), an on-demand platform for accessing medical care and pharmacy services online
  • Expanded customer database to 11.9 million genotyped customers
  • Launched three new reports for customers subscribed to 23andMe+, a membership service that offers insights and features to give members even more actionable information to live healthier lives.
  • Reported on key genetic research findings in Q2, including findings regarding COVID-19 vaccines reactions, health implications of e-cigarette use and genes associated with longer reproductive lifespan in women
  • Added a new ancestry analysis, which offers additional insights into some customers’ indigenous genetic ancestry from North America.
  • Added a new board member: Sandra R. Hernández, President and CEO of the California Health Care Foundation
CEOs Statement 

“With the addition of telemedicine and pharmacy services to our Personal Genome Service products and services, we significantly advance our efforts to provide consumers with convenient access to personalized, proactive and genetically-based health services,” said Anne Wojcicki, CEO and Co-Founder of 23andMe. “We are also pleased with the progress of our therapeutics pipeline. Our partner, GSK, expects to report clinical data from the CD96 program in 2022. In addition, we expect to start a clinical trial with our wholly owned P006 program by the end of fiscal year 2022.”

Analysts Estimates 

Analysts had estimated the EPS to be -$0.11 while the revenue was expected at $55.71 million. The company’s stock price had skyrocketed in October by a significant 27.9%. 

Company Profile 

23andMe is a consumer genetics and research company. It was founded in 2006, with a mission to help people access, understand, and benefit from the human genome.  

23andMe pioneered direct access to genetic information as the only company with multiple FDA clearances for genetic health reports.  

Earnings History 

The company 23 and me went public this year. The first quarter for the company ending in June had given a revenue of $59.4 million while the revenue growth was 23.27%. 

Earnings Forecast 

For the third quarter, the analysts have estimated the EPS to stand at -$0.13 while the revenue is expected to come at $54.3 million. 

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