23andMe Holding Co. (Nasdaq: ME), a leading human genetics and
biopharmaceutical company, reported its financial results for the
second quarter of fiscal year 2024 (FY24), which ended September
30, 2023.
Recent Highlights
Consumer
- Increased kit and subscription pricing, seeing better than
expected results, helping improve margin profile and highlighting
increasing value of product to consumers.
- Launched 23andMe+ Total Health - 23andMe’s most advanced
prevention-based health membership. It includes clinical grade
exome sequencing, biannual blood biomarker testing and access to
clinicians with unique training in genetics. Members of Total
Health will also receive all the reports and features offered in
our existing 23andMe+ Premium Membership.
- Continued to improve the value of our 23andMe+ Premium
subscription - Launched two new digital health features.
HealthTracksTM is a new behavior change digital health tool
integrating lifestyle and genetics into a single model for the
first time. Health Action PlanTM draws on personalized genetic
reports, health history survey data, as well as blood and biomarker
data to provide tailored, bite-sized health recommendations for
subscribers to take action.
- Launched new FDA-authorized pharmacogenetics report on
Simvastatin, a commonly prescribed cholesterol-lowering drug in the
statin class.
- Received FDA clearance to report 41 additional genetic variants
in the BRCA1 and BRCA2 genes.
Therapeutics
- Presented updated data for 23ME-00610 at the Society for
Immunotherapy of Cancer (SITC) conference on November 3. 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.
Research
- Announced a new, non-exclusive data
license with GSK plc (LSE/NYSE: GSK) which extends the previous
collaboration and enables GSK to conduct drug target discovery and
other research using the 23andMe database, the world’s largest
recontactable resource of genetic and phenotypic information from
consented participants. Under an amendment to the collaboration
agreement, 23andMe will receive a $20 million upfront payment for a
one year, non-exclusive data license. The license will also include
access to certain services such as further analyses of the 23andMe
data not provided in the core data release.
- New historical DNA analysis by researchers at 23andMe, Harvard
University, and the Smithsonian Institution was featured on the
cover of Science Magazine. The study revealed more about the
enslaved and freed African Americans who labored at a Maryland iron
furnace just after the founding of the United States. It leveraged
23andMe’s large research database to find connections between these
people and more than 40,000 of their living relatives.
“The Company recently hit multiple meaningful milestones with
the launch of our HealthTracks tool for our 23andMe+ subscribers,
the addition of multiple new health-focused reports and the recent
launch of Total Health. We are executing on our vision of helping
our customers improve their health in a personalized and actionable
way,” said Anne Wojcicki, Co-Founder & CEO of 23andMe. “In
Therapeutics, we recently presented encouraging Phase 1 data for
23ME-00610 at SITC, and are excited to be moving into the early
efficacy portion of the development cycle. We continued to make
progress on improving our margin profile and cash runway, and to
position the business to thrive over both the medium and long
term.”
Financial ResultsTotal revenue for FY24 Q2 was
$50 million, compared to $76 million for the same period in the
prior year, representing a decrease of 34%. The decrease was
primarily driven by lower Research Services revenue as the GSK
collaboration exclusive discovery term concluded in July 2023,
providing one month of collaboration revenue in the quarter while
the prior year period included a full quarter of collaboration
revenue, as well as lower revenue from non-recurring payments from
other partners in the same period in the prior year. The decrease
was also attributable to lower Consumer Services revenue as we
focused on driving improved margins through higher average selling
prices and marketing efficiency, reducing advertising spend and
price discounting, resulting in lower volumes of personal genome
service (PGS) kit sales and telehealth orders. This was partially
offset by growth in our subscription services revenue.
Revenue from Consumer Services, which includes PGS, telehealth
and subscription services, represented approximately 97% of total
revenue for the period. Research Services revenue accounted for
approximately 3% of total revenue.
Operating expenses for FY24 Q2 were $101 million, compared to
$106 million for the same period in the prior year. The improvement
in operating expenses was primarily due to reductions in marketing
advertising spend aimed to boost margin and advertising efficiency
as noted previously. The improvement also reflects lower
personnel-related expenses following the reductions in force in the
prior and current fiscal quarter along with the disposition of
Lemonaid Health Limited in the UK in August 2023, partially offset
by continued investment in Therapeutics portfolio advancement and
one-time expenses related to the workforce reduction and UK
disposition.
Net loss for FY24 Q2 was $75 million, compared to a net loss of
$66 million for the same period in the prior year.
Adjusted EBITDA (as defined below) for FY24 Q2 was a loss of $45
million, compared to a loss of $30 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 and
increasing Therapeutics expenses, partially offset by 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.
Balance Sheet23andMe ended September 30, 2023
with cash and cash equivalents of $256 million, compared to $387
million as of March 31, 2023.
FY2024 Financial GuidanceThe Company is
partially adjusting its full year guidance following Q2 FY2024
results. Revenue guidance for FY2024, which will end on March 31,
2024, is adjusted to be in the range of $240 million to $250
million, with net loss reaffirmed to be in the range of $345
million to $325 million. Full year Adjusted EBITDA deficit is
reaffirmed to be in the range of $180 to $160 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 reduction 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, 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 to realign resources with
the revamped structure and took the royalty option on three
programs initiated together with GSK to reduce cash burn.
We expect these decisions to yield meaningful economic benefit
in future periods as we continue building on the personalized,
comprehensive health insights provided by services within the
Consumer segment, like the newly launched Total Health membership,
and continue to expand upon and realize the value of the database’s
insights through licensing and other deals, like the recently
announced extension of the GSK collaboration.
Conference Call Webcast Information23andMe will
host a conference call at 4:30 p.m. Eastern Time today, November 8,
2023, to discuss the financial results for Q2 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.Additional InformationThis
press release shall not constitute an offer to sell or a
solicitation of an offer to buy any of the securities, nor shall
there be any sale of these securities, in any state or jurisdiction
in which such an offer, solicitation or sale would be unlawful
prior to registration or qualification under the securities laws of
any such state or jurisdiction.
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, 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, and transaction-related costs 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.
ContactsInvestor Relations Contact:
investors@23andMe.comMedia Contact: 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 EndedSeptember 30, |
|
|
Six Months EndedSeptember 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Revenue |
|
$ |
49,999 |
|
|
$ |
75,659 |
|
|
$ |
110,863 |
|
|
$ |
140,172 |
|
Cost of revenue |
|
|
28,270 |
|
|
|
37,386 |
|
|
|
58,453 |
|
|
|
76,409 |
|
Gross profit |
|
|
21,729 |
|
|
|
38,273 |
|
|
|
52,410 |
|
|
|
63,763 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
54,588 |
|
|
|
52,598 |
|
|
|
116,917 |
|
|
|
104,607 |
|
Sales and marketing |
|
|
18,328 |
|
|
|
24,835 |
|
|
|
40,986 |
|
|
|
58,269 |
|
General and administrative |
|
|
25,290 |
|
|
|
28,881 |
|
|
|
76,030 |
|
|
|
58,524 |
|
Restructuring and other charges |
|
|
2,654 |
|
|
|
— |
|
|
|
6,871 |
|
|
|
— |
|
Total operating expenses |
|
|
100,860 |
|
|
|
106,314 |
|
|
|
240,804 |
|
|
|
221,400 |
|
Loss from operations |
|
|
(79,131 |
) |
|
|
(68,041 |
) |
|
|
(188,394 |
) |
|
|
(157,637 |
) |
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
Interest income, net |
|
|
3,752 |
|
|
|
1,392 |
|
|
|
8,059 |
|
|
|
1,637 |
|
Other income (expense), net |
|
|
145 |
|
|
|
(687 |
) |
|
|
477 |
|
|
|
(1,122 |
) |
Loss before income taxes |
|
|
(75,234 |
) |
|
|
(67,336 |
) |
|
|
(179,858 |
) |
|
|
(157,122 |
) |
Provision for (benefit from) income taxes |
|
|
36 |
|
|
|
(1,271 |
) |
|
|
36 |
|
|
|
(1,525 |
) |
Net loss |
|
|
(75,270 |
) |
|
|
(66,065 |
) |
|
|
(179,894 |
) |
|
|
(155,597 |
) |
Other comprehensive income,
net of tax |
|
|
954 |
|
|
|
829 |
|
|
|
620 |
|
|
|
1,453 |
|
Total comprehensive loss |
|
$ |
(74,316 |
) |
|
$ |
(65,236 |
) |
|
$ |
(179,274 |
) |
|
$ |
(154,144 |
) |
Net loss per share of Class A
and Class B common stock attributable to common stockholders: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
$ |
(0.16 |
) |
|
$ |
(0.15 |
) |
|
$ |
(0.38 |
) |
|
$ |
(0.35 |
) |
Weighted-average shares used
to compute net loss per share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
|
474,858,266 |
|
|
|
449,899,537 |
|
|
|
468,592,009 |
|
|
|
448,211,708 |
|
|
|
|
|
|
|
|
23andMe Holding Co.Condensed Consolidated
Balance Sheets(In thousands, except share and per
share amounts) |
|
|
|
|
|
|
|
|
|
September 30, |
|
|
March 31, |
|
|
|
2023 |
|
|
2023 |
|
|
|
(Unaudited) |
|
|
|
|
ASSETS |
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
256,386 |
|
|
$ |
386,849 |
|
Restricted cash |
|
|
1,399 |
|
|
|
1,399 |
|
Accounts receivable, net |
|
|
1,501 |
|
|
|
1,897 |
|
Inventories |
|
|
14,979 |
|
|
|
10,247 |
|
Deferred cost of revenue |
|
|
5,782 |
|
|
|
5,376 |
|
Prepaid expenses and other current assets |
|
|
17,948 |
|
|
|
19,224 |
|
Total current assets |
|
|
297,995 |
|
|
|
424,992 |
|
Property
and equipment, net |
|
|
32,805 |
|
|
|
38,608 |
|
Operating lease right-of-use assets |
|
|
52,549 |
|
|
|
56,078 |
|
Restricted cash, noncurrent |
|
|
6,974 |
|
|
|
6,974 |
|
Internal-use software, net |
|
|
18,971 |
|
|
|
15,661 |
|
Intangible assets, net |
|
|
37,835 |
|
|
|
45,520 |
|
Goodwill |
|
|
351,744 |
|
|
|
351,744 |
|
Other
assets |
|
|
2,357 |
|
|
|
3,021 |
|
Total assets |
|
$ |
801,230 |
|
|
$ |
942,598 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
Accounts payable |
|
$ |
8,546 |
|
|
$ |
12,924 |
|
Accrued expenses and other current liabilities |
|
|
44,686 |
|
|
|
66,430 |
|
Deferred revenue |
|
|
40,283 |
|
|
|
62,521 |
|
Operating lease liabilities |
|
|
8,086 |
|
|
|
7,541 |
|
Total current liabilities |
|
|
101,601 |
|
|
|
149,416 |
|
Operating lease liabilities, noncurrent |
|
|
72,963 |
|
|
|
77,763 |
|
Other
liabilities |
|
|
1,415 |
|
|
|
1,480 |
|
Total liabilities |
|
|
175,979 |
|
|
|
228,659 |
|
Stockholders' equity |
|
|
|
|
|
|
Preferred stock - par value $0.0001, 10,000,000 shares authorized
as of September 30, 2023 and March 31, 2023; zero shares
issued and outstanding as of September 30, 2023 and March 31,
2023 |
|
|
— |
|
|
|
— |
|
Common stock, par value $0.0001 - Class A shares, 1,140,000,000
shares authorized, 311,339,539 and 293,020,474 shares issued and
outstanding as of September 30, 2023 and March 31, 2023,
respectively; Class B shares, 350,000,000 shares authorized,
167,491,460 and 168,179,488 shares issued and outstanding as of
September 30, 2023 and March 31, 2023, respectively |
|
|
48 |
|
|
|
46 |
|
Additional paid-in capital |
|
|
2,311,481 |
|
|
|
2,220,897 |
|
Accumulated other comprehensive loss |
|
|
— |
|
|
|
(620 |
) |
Accumulated deficit |
|
|
(1,686,278 |
) |
|
|
(1,506,384 |
) |
Total stockholders’ equity |
|
|
625,251 |
|
|
|
713,939 |
|
Total liabilities and stockholders’ equity |
|
$ |
801,230 |
|
|
$ |
942,598 |
|
|
|
|
|
23andMe Holding Co.Condensed Consolidated
Statements of Cash Flows(In
thousands)(Unaudited) |
|
|
|
|
|
|
Six Months EndedSeptember 30, |
|
|
|
2023 |
|
|
2022 |
|
Cash flows from operating activities: |
|
|
|
|
|
|
Net loss |
|
$ |
(179,894 |
) |
|
$ |
(155,597 |
) |
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
|
|
|
|
Depreciation and amortization |
|
|
13,714 |
|
|
|
16,747 |
|
Amortization and impairment of internal-use software |
|
|
2,514 |
|
|
|
2,078 |
|
Stock-based compensation expense |
|
|
74,840 |
|
|
|
59,430 |
|
Loss (gain) on disposal of property and equipment |
|
|
(5 |
) |
|
|
4 |
|
Loss on disposition of Lemonaid Health Limited |
|
|
2,026 |
|
|
|
— |
|
Other operating activities |
|
|
(504 |
) |
|
|
— |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
Accounts receivable, net |
|
|
396 |
|
|
|
(49,502 |
) |
Inventories |
|
|
(4,733 |
) |
|
|
(3,017 |
) |
Deferred cost of revenue |
|
|
(406 |
) |
|
|
914 |
|
Prepaid expenses and other current assets |
|
|
(2,433 |
) |
|
|
4,899 |
|
Operating right-of-use assets |
|
|
3,529 |
|
|
|
3,689 |
|
Other assets |
|
|
664 |
|
|
|
(834 |
) |
Accounts payable |
|
|
(3,951 |
) |
|
|
(26,968 |
) |
Accrued expenses and other current liabilities |
|
|
(5,674 |
) |
|
|
(10,367 |
) |
Deferred revenue |
|
|
(22,237 |
) |
|
|
18,984 |
|
Operating lease liabilities |
|
|
(4,255 |
) |
|
|
(4,426 |
) |
Other liabilities |
|
|
(65 |
) |
|
|
(2,008 |
) |
Net cash
used in operating activities |
|
|
(126,474 |
) |
|
|
(145,974 |
) |
Cash flows from investing activities: |
|
|
|
|
|
|
Purchases of property and equipment |
|
|
(715 |
) |
|
|
(1,945 |
) |
Proceeds from sale of property and equipment |
|
|
5 |
|
|
|
2 |
|
Capitalized internal-use software costs |
|
|
(4,758 |
) |
|
|
(3,008 |
) |
Net cash used in investing activities |
|
|
(5,468 |
) |
|
|
(4,951 |
) |
Cash flows from financing activities: |
|
|
|
|
|
|
Proceeds from exercise of stock options |
|
|
473 |
|
|
|
3,944 |
|
Proceeds from issuance of common stock under employee stock
purchase plan |
|
|
1,411 |
|
|
|
3,238 |
|
Payments of deferred offering costs |
|
|
(263 |
) |
|
|
— |
|
Payments for taxes related to net share settlement of equity
awards |
|
|
(142 |
) |
|
|
— |
|
Net cash provided by financing activities |
|
|
1,479 |
|
|
|
7,182 |
|
Effect of exchange rates on cash and cash equivalents |
|
|
— |
|
|
|
1,452 |
|
Net decrease in cash, cash equivalents and restricted
cash |
|
|
(130,463 |
) |
|
|
(142,291 |
) |
Cash,
cash equivalents and restricted cash—beginning of period |
|
|
395,222 |
|
|
|
561,755 |
|
Cash, cash equivalents and restricted cash—end of
period |
|
$ |
264,759 |
|
|
$ |
419,464 |
|
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 |
|
$ |
256,386 |
|
|
$ |
410,891 |
|
Restricted cash, current |
|
|
1,399 |
|
|
|
1,599 |
|
Restricted cash, noncurrent |
|
|
6,974 |
|
|
|
6,974 |
|
Total
cash, cash equivalents and restricted cash |
|
$ |
264,759 |
|
|
$ |
419,464 |
|
|
|
|
|
|
|
|
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 EndedSeptember 30, |
|
|
Six Months EndedSeptember 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Segment Revenue: (1) |
|
|
|
|
|
|
|
|
|
|
|
|
Consumer and Research Services |
|
$ |
49,999 |
|
|
$ |
75,659 |
|
|
$ |
110,863 |
|
|
$ |
140,172 |
|
Total revenue |
|
$ |
49,999 |
|
|
$ |
75,659 |
|
|
$ |
110,863 |
|
|
$ |
140,172 |
|
Segment Adjusted EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
Consumer
and Research Services Adjusted EBITDA |
|
$ |
(6,673 |
) |
|
$ |
2,324 |
|
|
$ |
(12,275 |
) |
|
$ |
(14,673 |
) |
Therapeutics Adjusted EBITDA |
|
|
(26,224 |
) |
|
|
(18,663 |
) |
|
|
(57,363 |
) |
|
|
(37,128 |
) |
Unallocated Corporate (2) |
|
|
(12,156 |
) |
|
|
(13,316 |
) |
|
|
(25,215 |
) |
|
|
(27,568 |
) |
Total Adjusted EBITDA |
|
$ |
(45,053 |
) |
|
$ |
(29,655 |
) |
|
$ |
(94,853 |
) |
|
$ |
(79,369 |
) |
Reconciliation of net loss to Adjusted
EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss |
|
$ |
(75,270 |
) |
|
$ |
(66,065 |
) |
|
$ |
(179,894 |
) |
|
$ |
(155,597 |
) |
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest income, net |
|
|
(3,752 |
) |
|
|
(1,392 |
) |
|
|
(8,059 |
) |
|
|
(1,637 |
) |
Other (income) expense, net |
|
|
(145 |
) |
|
|
687 |
|
|
|
(477 |
) |
|
|
1,122 |
|
Provision for (benefit from) income taxes |
|
|
36 |
|
|
|
(1,271 |
) |
|
|
36 |
|
|
|
(1,525 |
) |
Depreciation and amortization |
|
|
4,474 |
|
|
|
5,152 |
|
|
|
8,951 |
|
|
|
10,256 |
|
Amortization of acquired intangible assets |
|
|
3,638 |
|
|
|
4,267 |
|
|
|
7,277 |
|
|
|
8,582 |
|
Stock-based compensation expense |
|
|
23,741 |
|
|
|
28,967 |
|
|
|
74,840 |
|
|
|
59,430 |
|
Loss on disposition of Lemonaid Health Limited and
transaction-related costs |
|
|
2,127 |
|
|
|
— |
|
|
|
2,375 |
|
|
|
— |
|
Litigation settlement cost |
|
|
98 |
|
|
|
— |
|
|
|
98 |
|
|
|
— |
|
Total Adjusted EBITDA |
|
$ |
(45,053 |
) |
|
$ |
(29,655 |
) |
|
$ |
(94,853 |
) |
|
$ |
(79,369 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) There was no
Therapeutics revenue for the three or six months ended September
30, 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,
2024 |
|
|
|
as of November 8, 2023 |
|
|
|
Low |
|
|
High |
|
Reconciliation of estimated net loss to adjusted
EBITDA: |
|
|
|
|
|
|
GAAP Net Loss outlook |
|
$ |
(345,000 |
) |
|
$ |
(325,000 |
) |
Adjustments: |
|
|
|
|
|
|
Estimated interest (income) expense, net |
|
|
(12,174 |
) |
|
|
(12,174 |
) |
Estimated other (income) expenses, net |
|
|
(441 |
) |
|
|
(441 |
) |
Estimated depreciation and amortization |
|
|
18,369 |
|
|
|
18,369 |
|
Estimated amortization of acquired intangible assets |
|
|
11,449 |
|
|
|
11,449 |
|
Estimated stock-based compensation expense |
|
|
145,324 |
|
|
|
145,324 |
|
Estimated loss on disposition of Lemonaid Health Limited and
transaction-related costs |
|
|
2,375 |
|
|
|
2,375 |
|
Estimated litigation settlement cost |
|
|
98 |
|
|
|
98 |
|
Non-GAAP adjusted EBITDA outlook |
|
$ |
(180,000 |
) |
|
$ |
(160,000 |
) |
23andMe (NASDAQ:ME)
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De May 2024 a Jun 2024
23andMe (NASDAQ:ME)
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De Jun 2023 a Jun 2024