23andMe Reports Financial Results for Q1 FY2025
Intellectia.AI Updated: 2024-08-11
23andMe Reports Financial Results for Q1 FY2025
23andMe Holding Co. (Nasdaq: ME) reported its financial results for the quarter ending June 30, 2024, showcasing various key performance metrics and strategic developments.
Key Financial Metrics
| Metric | Q1 FY2025 | Q4 FY2024 | Q1 FY2024 | YoY Change | QoQ Change | Consensus Estimates |
|---|---|---|---|---|---|---|
| Total Revenue ($M) | 40.0 | N/A | 60.5 | -34% | N/A | 52.05 |
| Earnings Per Share (EPS) | -0.20 | -0.45 | -0.33 | N/A | N/A | -0.22 |
Interpretation: In Q1 FY2025, 23andMe reported total revenue of $40.0 million, which is a 34% decrease year-over-year from $60.5 million in Q1 FY2024, and fell short of the Wall Street consensus estimate of $52.05 million. The company reported a loss per share of $0.20, outperforming the expected loss of $0.22 per share.
Segment Revenue Performance
| Segment | Q1 FY2025 Revenue ($M) | Q1 FY2024 Revenue ($M) | Year-over-Year Change | Previous Guidance |
|---|---|---|---|---|
| Consumer & Research Services | 40.0 | 60.5 | -34% | Not provided |
Interpretation: The Consumer & Research Services segment posted revenues of $40.0 million, a decline of 34% compared to $60.5 million in Q1 FY2024, driven by reductions in both PGS kit sales and research services revenue.
Comments from Company Officers
Anne Wojcicki, Chief Executive Officer of 23andMe, emphasized, “Despite the revenue decline, we are committed to our mission of helping people access, understand, and benefit from the human genome. Our focus remains on strategic investments in research and development to drive long-term growth.”
Dividends or Share Repurchase Program
Information on dividends or share repurchase programs was not provided in the earnings release.
Forward Guidance
23andMe did not provide any forward guidance for the next quarter or fiscal year in the report.
Stock Price Movement
After the earnings release, 23andMe's stock experienced a minor decline of -0.35%.
Overall, while 23andMe faced significant revenue challenges this past quarter, its improved earnings per share relative to Wall Street predictions and ongoing strategic focus were highlighted by the management team. The absence of forward guidance indicates a cautious approach in the near term.
