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$23andMe (ME.US)$
Q1 Fiscal 2025 Financial Results
Total revenue for FY25 Q1 was $40 million, compared to $61 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, 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 growth in our membership services.
Revenue from consumer services, which includes PGS, telehealth and membership services, represented approximately 97% of total revenue for FY25 Q1. Research services revenue accounted for approximately 3% of total revenue for FY25 Q1.
Operating expenses for FY25 Q1 were $92 million, compared to $140 million for the same period in the prior year. The decrease in operating expenses for the quarter was driven by lower personnel-related expenses following workforce reductions in prior quarters and lower Therapeutics-related R&D spend as we opted for a royalty on several GSK partnered programs, resulting in a significant reduction of GSK collaboration expenses this quarter. There was also a reduction of $22 million from a non-cash stock based compensation expense taken in the prior year quarter as a result of the departure of a former Lemonaid officer.
Net loss for FY25 Q1 was $69 million, compared to a net loss of $105 million for the same period in the prior year.
Adjusted EBITDA (as defined below) for FY25 Q1 was a loss of $35 million, compared to a loss of $50 million for the same period in the prior year. The improvement in adjusted EBITDA was primarily due to lower R&D and personnel-related expenses, partially offset by lower research services gross profit. Please refer to the tables below for a reconciliation of U.S. GAAP to Non-U.S. GAAP financial measures.
Balance Sheet
23andMe ended June 30, 2024 with cash and cash equivalents of $170 million, compared to $216 million as of March 31, 2024.
Q1 Fiscal 2025 Financial Results
Total revenue for FY25 Q1 was $40 million, compared to $61 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, 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 growth in our membership services.
Revenue from consumer services, which includes PGS, telehealth and membership services, represented approximately 97% of total revenue for FY25 Q1. Research services revenue accounted for approximately 3% of total revenue for FY25 Q1.
Operating expenses for FY25 Q1 were $92 million, compared to $140 million for the same period in the prior year. The decrease in operating expenses for the quarter was driven by lower personnel-related expenses following workforce reductions in prior quarters and lower Therapeutics-related R&D spend as we opted for a royalty on several GSK partnered programs, resulting in a significant reduction of GSK collaboration expenses this quarter. There was also a reduction of $22 million from a non-cash stock based compensation expense taken in the prior year quarter as a result of the departure of a former Lemonaid officer.
Net loss for FY25 Q1 was $69 million, compared to a net loss of $105 million for the same period in the prior year.
Adjusted EBITDA (as defined below) for FY25 Q1 was a loss of $35 million, compared to a loss of $50 million for the same period in the prior year. The improvement in adjusted EBITDA was primarily due to lower R&D and personnel-related expenses, partially offset by lower research services gross profit. Please refer to the tables below for a reconciliation of U.S. GAAP to Non-U.S. GAAP financial measures.
Balance Sheet
23andMe ended June 30, 2024 with cash and cash equivalents of $170 million, compared to $216 million as of March 31, 2024.
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