GeneDx Holdings Corp.

Good day and thank you for standing by. Welcome to the GeneDx second quarter 2024 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during this session, you'll need to press star, one, one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star, one, one again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to Sabrina Dunbar, Investor Relations. Please go ahead.

Thank you, Operator, and thank you to everyone for joining us today. On the call, we have Catherine Stuland, President and Chief Executive Officer, and Kevin Feely, Chief Financial Officer. Earlier today, GNDX released financial results for the second quarter and to June 30th, 2024. Before we begin, please take note of our cautionary statement. We may make forward-looking statements on today's call, including about our business plans, guidance, and outlook. Forward-looking statements inherently involve risks and uncertainties and only reflect our view as of today, July 30th, and we are under no obligation to update. When discussing our results, we refer to non-GAAP measures, which exclude certain items from reported results. Please refer to our second quarter 2024 earnings release and slides available at ir.gendx.com for definitions and reconciliations of non-GAAP measures and additional information regarding our results, including a discussion of factors that could cause actual results to materially differ from forward-looking statements. And with that, I will turn the call over to Catherine.

Thanks, Sabrina, and thank you all for joining us. The second quarter proved to be another strong quarter by all measures. We delivered nearly $69 million in revenues, expanded gross margins to 62%, and achieved our ninth consecutive quarter of cash burn reduction. We've been relentlessly focused on these three metrics, and that focus continues to pay off. Given the strength in the first half of the year, I'm happy to say that we're raising our revenue guidance for the year to $255 to $265 million. and we're even closer to our goal of becoming profitable. This is an important milestone for us as a company because of the massive opportunity in front of us to serve an ever-growing number of families and to positively impact the future of healthcare. Today, GeneDx is primarily focused on pediatric patients and the providers that care for these patients, including medical geneticists, genetic counselors, pediatric neurologists, developmental pediatricians, and neonatologists. We have now sequenced more than 665,000 exomes and genomes and have performed more than a million genetic tests, working tirelessly to curate one of the largest and most diverse databases of disease-associated genomic variants. This industry-leading dataset, combined with our proprietary bioinformatics and variant identification and interpretation capabilities, coalesce to create the most advanced diagnostic exome and genome sequencing options available. And those tests continue to become recommended as first-line tests and the standard of care, resulting in better health outcomes and cost benefits for both patients and healthcare systems. So to track our success, one of the key metrics we focus on is test mix. This quarter, exome and genome tests accounted for over 74% of our total revenue, reflecting our successful transition towards a more streamlined and impactful product mix. The upshot of strong commercial execution has been amplified by our team's operational and technological excellence. These teams continue to put additional wind in our sails by reducing costs and shortening turnaround times by identifying opportunities for improved efficiency, scaling our lab with support from AI and machine learning technologies, and improving our billing workflows in service of better patient provider and payer experiences. In the third quarter of last year, I shared that we had adopted a mindset of discipline and focus on near-term highest impact business drivers, and that we must earn our right to invest in longer-term strategies as the point of profitability approached. It's the right time to lean in and invest in our future, starting with a focus on whole genome sequencing. This quarter, we announced a partnership with Epic to integrate with health system workflows and improve provider and patient journeys via Epic's electronic connections. And today, we share more information about investments in our products as we translate our leadership in exome to pave the way for a genome future. We unveiled a series of enhancements to our genome product to reduce turnaround times, expand accepted sample types, and increase diagnostic yield. We will remain absolutely disciplined as we approach future investments and focus on commercial viability for the dollars we invest. We're also making progress on key policies across the United States that ensure there's expanding access to exome and genome testing nationwide. We're pleased by the adoption of additional biomarker legislation in the second quarter and know the direct impact these laws will have on patients and families. As a company headquartered in Connecticut, we were proud to see rapid whole genome sequencing passed into law here, effective July 1st. Today, 14 states cover rapid genome sequencing. with North Carolina announcing added coverage in just the last few days. We also see certain commercial payers taking steps in the right direction, as shown through our partnership with UnitedHealthcare to offer whole genome sequencing to their patients across the country. We believe that equitable access to testing is fundamental and are thrilled to see bipartisan support among policymakers throughout the country. In addition to the supremely important work being done by state Medicaid programs and commercial payers, we've taken our own steps to drive progress forward. In the second quarter, we launched a patient access program for epilepsy patients in partnership with biopharmaceutical leaders to open up access to exome testing while helping eligible patients enroll in clinical trials and other therapeutic opportunities. Our proprietary genomics data set was built by patients across America. thus offering one of the most representative and diverse looks at genomic data available. As we think about differentiation, we appreciate the steps we've taken historically to prioritize equitability and remove barriers to cost on our journey to servicing patients and providers of every circumstance. But we're not done yet. There are millions of patients and families in the US and globally that can benefit from the actionability of a genetic diagnosis. A diagnosis can immediately change clinical management, unlock clinical trial opportunities, qualify patients for the financial support they desperately need, connect families to communities unified around their child's diagnosis by way of patient advocacy groups, and much more. We recognize the privilege that a market-leading position offers us, and we are continuing to invest in accelerators for our business while balancing growth and scale with financial discipline and strength. With that, I'll pass it over to Kevin to go through our results.