NEW YORK – 23andMe said Thursday after the close of the market that its fiscal 2022 third quarter revenues increased nearly 3 percent to $56.9 million from $55.5 million a year earlier. The genetic testing firm attributed the gain to two months of revenue from the $400 million acquisition of telehealth platform developer Lemonaid Health in November, as well as from higher subscription revenues.
The firm's Q3 net loss more than doubled to $89.4 million, or $.21 per share, from $44.6 million, or $.46 per share, a year earlier. The firm used approximately 426.6 million weighted-average shares to calculate per-share loss in the recently completed quarter compared to about 97 million weighted-average shares a year ago.
23andMe's R&D expenses for the three months ended Dec. 31, 2021, rose 21 percent to $50.3 million from $41.7 million a year earlier. Its SG&A costs increased 155 percent to $73.7 million from $28.9 million.
Sunnyvale, California-based 23andMe ended the quarter with $586.2 million in cash and $1.6 million in restricted cash.
For full-year 2022, the company is projecting revenues of $268 million to $278 million, with a net loss of $205 million to $220 million. This represents a slightly rosier forecast from earlier guidance of $250 million to $260 million in revenues and a net loss of $210 million to $225 million, thanks to the Lemonaid Health acquisition.
On a conference call Thursday, 23andMe therapeutics chief Kenneth Hillan said that the firm has now amassed a database of 12.2 million genotypes. During Q3, the company introduced new genetic risk reports for myopia and severe acne through its 23andMe+ subscription service.
On the same call, CEO Anne Wojcicki highlighted Lemonaid as a growth area. "I see us rolling out genetics-based primary care" through the Lemonaid technology platform and pharmacy, she said. 23andMe executives said they will provide more details in a forthcoming filing with the US Securities and Exchange Commission.
The company went public last June through a merger with a special purpose acquisition company. 23andMe shares were at $4.79 in the first half hour of Nasdaq trading Friday, down about 4 percent from the previous day's close.