Earnings call transcript Q4 2023

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Operator

Hello, and welcome to 23andMe's Fiscal Year 2023 Fourth Quarter and Full Year Financial Results Conference Call.

As a reminder, this call is being recorded. At this time, all participants are in a listen-only mode. After the prepared remarks, there will a question-and-answer session.

I would now like to turn the call over to Maeve Conneighton, Investor Relations at Argo Partners to lead off the call. you. Thank ahead. go Please

Maeve Conneighton

you. Thank

year. begin, a to I today go we after on and everyone our will event. today's also the be time encourage the press within investors.XXandme.com available full quarter find the earlier website results to replay release of financial webcast for Before our for to A limited we reporting hours issued XX

our limited facts are to, statements. release, call applies that call. outlook regarding during matters We including, to the certain but press is not are These on encourage note for not Please predictions review us. which that this section historical management's forward-looking or available this in future based statements to that are Forward-Looking to entitled now you information made periods solely statements Statements

which may to Also, our numerous and the please refer discussion our website SEC impact factors future website our of be on a for SEC's that found can filings, performance.

non-GAAP on may measures. our be release. We GAAP also earnings Important found U.S. of discuss our these and to information certain in reconciliations measures use

call Officer, Anne for on Accounting today's Chief Kenneth and Officer Chief Selsavage, our are and us us Wojcicki, Interim Financial Executive our Officer; our Hillan, and will Joining join Co-Founder; Therapeutics Chief Joe Q&A.

to like the now turn Anne. to I'd call over

Anne Wojcicki

fiscal understand made starting and past genome. access, the progress Thank you, customers' review XXandMe year Since areas a in year Today, the focused consumer businesses. helping XXXX. I'm had those this with productive our Company, numerous Maeve. from our to has XXandMe benefit therapeutics accomplishments for we the quarter excited and both on and been human

largest towards data over engaged significant platform our genotype of information phenotypic overall million of a customers. with mission. the us has paired points genetic This year, enabled progress This contributed XX% world's customers, of create XX to year-over-year, grew billions base crowdsourced growth customer to representing our we by

for bringing treatments reports needs. genetic and the insights, common with targets of medical discover people identification accelerate prediction to develop drug Our of impactful new risk helps new and us goal novel health unique platform unmet conditions the with

Looking at our business. consumer

increase Over we've subscription the past revenue membership. a for XXandMe+ in seen our year, significant

Now members, increased grown the XX% prices. we provide for month, benefits additional To XXX,XXX this year-over-year. account with members, subscribers subscription have over we

continue also of We kit. customers opt they purchase at the base point XXandMe+ to to members who increase become percentage the in their right

likelihood XXandMe+ identifying individual's We cancer. as we've past hyperactivity direct-to-consumer first diagnosed and our continue in value, This to preeclampsia services higher model. XXandMe+ new genetic only and to introduce added for customer FDA being drive quarter, increase the risk reports hereditary deficit insight-driven prostate members, subscription with including the an cleared reports of for three attention disorder well engagement report ADHD, health by health and or margin as

health reports benefits enhancing impact over With an that past subscription the exclusive including of all over for offer our reports launched conditions health now of our to on mental XX fiscal customers, and can were millions members. focus We service, we XXandMe+ common on have new the on depression. XX anxiety works year

premium focus lives. healthier live that Looking insights more continue give information to even on to delivering ahead, members we and actionable features

genetics. XXandMe consumers we and the customers find, incredible our our and higher that health prioritize health continued for improve as health understand to continue to recognize see report and In sales ASP growth kit We've from to consumers opposed mix ancestry service. the risks continuing XXX-plus provides. X/X more results to their leading discovering margins how been and the value value to we service Services, refine offer, come ancestry-only The and of trend in our ancestry as over understanding their of of the from

services. reality. genetic Lemonaid and of focused with experience the as our remain the care successful we primary the continue ongoing continued integration transforming journey about We traditional our on and of We're telehealth Consumer excited particular medical services integration pharmacy as of telehealth a health care for as needs need. health services, personalized demand services well making unmet continues area including a mental high and men's a addressing variety women's health of

Looking the consumer I'm products, to revenue they the which and consumer increases leadership through growth reports subscriptions, of and high-value, of excited engagement and top line excellence hard and margin. ahead proud at our team work trajectory as for continued consumer execution in insight-driven delivering continue business, ultimately my drive

leadership we David Chief our Vice dedicated and Security and Product Ward, consumer our improving Officer; our margins aim value Chief Abul-Husn, this to while goal team, the Chief with growth of business consumers cash our of John of Marketing including Health, to Officer; of Daniel Officer; maximum President our the and Engineering Noura Under Baker, flow evolution leading of to business focus ultimate Chu, Vice providing Genomic revenue become President the positive. generating on

antibody, Meeting the Annual Turning AACR, Phase our tolerability acceptable study X with April, we excited malignancies. pharmacokinetics favorable saturation profile X/Xa data demonstrated were for our Research, American in XXME-XXXXX the The and XXME-XXXXX, owned to targeting or Association our safety peripheral and patients of wholly solid CDXXXRX. advanced an Cancer Phase data with reported of first CDXXXRX business. first-in-human set had at therapeutics to where in present clinical We from

grams the for PK X profile a the is selected Phase designed a of was of and characterize in at evaluate given The dose further to Xa Xa activity Phase antitumor XXME-XXXXX. Phase study. XXME-XXXXX three X/Xa expansion PD of safety Phase the XXME-XXXXX of and cohorts antitumor number the XXME-XXXXX monotherapy ongoing of X,XXX evaluation every portion weeks activity Based on intravenously data, of the in portion the tolerability,

ovarian, cohorts cancers. or or also with cancers, A will cell carcinoma, of instability include advanced carcinoma, peritoneal expansion neuroendocrine small fallopian burden mutational or and renal primary adolescents metastatic clear microsatellite tube solid enrolled. locally high The epithelial lung and cell cohort cancer resectable tumor be cell malignancies high

be diseases large-scale novel platform succeed. recontactable with treated. a have into programs more as through phenotypic human genetic Studies twice data than therapeutic our shown provides that can to both research insights access foundation likely are Having they how genetic and to and

collaborative have cardiovascular promising decide of These of portfolio GSK programs these we to a and XXandMe-owned we'll addition and to continue programs therapeutic programs partner. areas, including and to urology. a immuno-oncology, span XXME-XXXXX, or which of range In in investing with

We to business. are excited we report of the as future therapeutic the side updates progress

In our through to seeking addition advance pipeline actively to programs and clinical genetically XXandMe validated collaborations. current programs, discovery is of new our

with improve portfolio We prioritization. industry identification uniquely partner through positioned are driven also R&D genetically to productivity and target collaborators to

opportunities. as Novartis, risk In for help addition, we see announced March cardiovascular partnership impactful This been demonstrated through XXXX to awareness we patient a disease factor for little awareness in collaboration known campaigns with Lipoprotein(a), raise has and which recruitment the disease. genetic

of efforts term leading be collaborators, Our Development Officer, new target of with on following of was Chief Vice Senior in Development the expiration exclusive potential innovative at in President the Blood most Afkhami, therapies Reza for partnerships new Reza Strategy our the collaboration. recently Global sickle clinical cell GSK disease. securing Corporate treatment company a Corporate discovery summer Therapeutics, the will and biopharmaceutical our focused of stage

signed. brings Company. you therapeutic development material when licensing in Blood also in a for XXXX. Global of We over the are business He He partnership XX acquisition experience key deals and to Pfizer's the strategy played strategy and Therapeutics years corporate of across led industry. updating role late business look development, He forward

Joe, will quarter. that, our for results over let me call with turn And who review financial to the the

Joe Selsavage

Anne. Thanks,

Our a revenue business, in consumer line year-over-year guidance. XXXX growth marked year was with fiscal by our XX% our in

fiscal segment Research improving deficit Services we have for We through margin XXXX. year Consumer our adjusted also our continue & made into discipline, which to expense headway EBITDA and operating on expect

Our of the XXXX, million, representing prior periods XX%, million XX respectively, over and the and same was in revenue a months the increase ended March of respectively, X decrease X% year. an for and XX, $XX $XXX

the X-month a to the to year was decrease the revenue lower date period The quarter related but overall in change our of based cumulative in fiscal of adjustment average reduced revenue a we promotional services margins. we primarily sales higher selling GSK, drive in prices, fourth in improved research estimate year-over-year as PGS decrease revenue took kits XXXX completion contract on in as in building activities and the to lower to due

These growth year, prior its years. provides offset by fifth for which than exclusive discovery term decreases subscription a to our election GSK's and revenue in extend greater services continued were partially

revenue growth revenue subscription was to to only year. from XX-month services and higher months on primarily revenue services services revenue. compared due of five The in our year the prior telehealth average prices inclusion than increased PGS the also doubling of full benefited kits, more research selling period XX-month

the GSK respectively, consumer research and XX, which XX% represented same the revenue accounted for of XX% approximately XXXX, and revenue, for XX at XX% services those total of and periods. X composition revenue, derived total our and for primarily was from Looking of service revenue months ended March revenue, the respectively, XX% collaboration, approximately

kit ended the million lower than respectively, the revenues costs XXXX, in higher XX, Our offset The previously. which due gross fourth X% was decrease profit full higher to was business. decrease mentioned respectively, selling the increase mentioned The driven gross same million, for increase, the gross X- in XX-month quarter period March in and profit a periods $XX a prior over year. and representing XX% the $XXX year the chain in PGS XX-month the revenues primarily by and profit in more primarily PGS improvements was prices supply previously, and

driven litigation marketing between million, in quarter seasonal ended March XXXX compared XX, and periods. expenses prior were in operating X- the The comparative fourth $XXX respectively, $XXX was year million and for net fewer million fiscal the for $XXX to onetime year. settlement million differences a promotional payment period expenses the periods and XXXX, Operating windows and and in decrease timing the XX-month campaigns the by in same $XXX primarily

primarily a as due headcount noncash intangible salaries an to XX-month impairment taxes growth telehealth acquired and as asset related of increased previously the a operating related the compensation, result expenses well in expenses increase stock-based The for as charge personnel-related business. increased was inflation from to and

from $XX improvement market previously net quarter line, million. and of prior bottom months net year at March The net X ended funds. $XXX driven expenses million the $XX for interest compared same money mentioned in million was in as income to loss the XXXX, the loss mainly respectively, as periods fourth was lower Looking held cash in million, the operating and and XX, the losses increase an by in for XX well the $XXX

the in primarily to $XX fair The warrant XXXX. loss due of value discussed change favorable XX-month and increase previously, year in operating expenses million the fiscal liabilities net in of higher was

adjusted our EBITDA. Next,

deficit we $XX XXXX, release. million the adjusted to earnings compared how our the months as Total on for adjusted adjusted prior the press well the see of million. XX-month compared million. ended a details $XX year March XX, the same EBITDA EBITDA GAAP, in million For year was a three in the please period period for same deficit $XXX $XXX as define corresponding for deficit Total of for to period to deficit was prior the reconciliations EBITDA

with and quarter of $XXX XXXX. as cash to the compared million ended equivalents cash $XXX in We March million XX,

As programs out of and and capital including potential always, we use for timing conditions. given of evaluating our actively are on returns responsibly therapeutics as both businesses, of market our in consumer opting and the therapeutic based opportunity appropriate

The full our to conservative the a on guidance. financial markets. in turning uncertainties Now based approach, fiscal year general current is Company's economy recognizing and the XXXX guidance

Within the over and line cash top intended PGS initiatives Company burn expansion margin incremental the existing of of is create telehealth, minimization businesses consumer to growth. the and prioritizing

the genomic business the strategically allocation financial areas health new future For and plans the valuable expected drive to Company growth, to of focus of therapeutics, on invest appropriately. most Company's includes which services and capital and both the

Company's Company the end as XXXX. in of the these the GSK as the than revenue growth target areas of term consumer the focus of contribution does fiscal in volume shift Given higher margins not meaningful foresee rather well collaboration, to discovery from

to is in projected XXXX, will to with be for in be XXXX. range $XXX deficit to March the for range of million $XXX million in million. the $XXX EBITDA a Full XXXX, of guidance year on Revenue is year of fiscal million end adjusted the $XXX fiscal loss net which $XXX $XXX deficit XX, million deficit million, range year to projected to

following. guidance assumes the The adjusted EBIT

continue as partnerships; assets; and third, second, no advance We the initiatives, related in to from will such our no to out additional evaluation of savings therapeutic of incurred revenue from those use therapeutics other strategic partnering reduction or programs, opting our on we is cash EBITDA ATM reductions. programs program. and internal not of GSK or operating for do proxy Adjusted burn, best any our assume our or our cost out-licensing cost

And now, the back over turn Anne. I'll call to

Anne Wojcicki

Thank you, Joe.

health of health. to provided millions ready information with people foundation critical and build for is We toward where continue as access genetic to a future doctors information it genetic of the We've already personalized well. are

conducted are genetics say how over complete patient's A that diseases. important doctors found picture. and an genetics XXandMe health treat incredible prevent of XX% predict, believe survey a to many has an I part opportunity transform leverage of we with to Medscape we

to utilize genetic milestone new Developing database research need our the genome. scale. We mission access, continue the at from and will fulfillment you treat the We largest you unmet human development anticipate understand for is updated the to to forward ultimate world's medicines therapeutic accelerate benefit help another look of to and ahead on to progress. year Company's keeping

let's the questions. up open for Thank you. call And now

Operator

our And the from Instructions] first question Grosslight Citi. come line [Operator Daniel from will of

is line Your open.

Daniel Grosslight

us of you until of flavor GSK little the should assume research after structure to first de July. partnership upside that possibility we the recognizing GSK possible after there's just on ends one I'm quarter? in going those fiscal be the revenue those what the if there's ends deals? would give Is partnerships. of deals research your is guidance? bit for revenue you that to and might wondering be minimis be quick that A it I know structure can much But can or around you not disclose Or

Kenneth Hillan

Thanks, hand towards What will you. move new of Kenneth. say partnerships that, you, maybe I intend a the those make of provide Daniel. right, and can part I'll of advancing I collaboration end July sure XXXX, I you're course, take can that for of with can term tell GSK collaboration. is more as that, of as What information second on end priority the of top the opportunities, to we for although Joe It's to continue to then will the forward. are discovery we keep us and programs ongoing the part the we you the those over

of potential We've pleased interest with amount the collaboration. from that certainly have been we

Development Anne Reza very joining Officer. we're announced, about Corporate As excited us as Afkhami our Chief

to it's think timing given of good all him really partnerships. his here setting for experience in I now be up

to about there is all I Joe, I signed. updating question. you can look to ask are say on that really can forward deals revenue And So that we material partnership maybe when you

Joe Selsavage

final -- our adjusted X Daniel, the of final guidance, Thank on between on GSK July. you, Kenneth. the revenue EBITDA in and April we or end quarter revenue the included collaboration

guidance collaborations. sign in what engage to pursuing we basically partnerships adjust And actually revenue will once deal, and based continuing we're we mentioned, additional announce and -- on Kenneth As a that. then our

Daniel Grosslight

basis? expect from adjusted expecting Is comp LTM you Yes, just I $XXX 'XX. in. stock-based there, an million looking the you'll be step-up the And makes quarterly stick side, basis? on a That's could release, do spend last in it for maybe for your if then a And you're sense. positive that see therapeutic throw EBITDA and on on if And can 'XX. rate fiscal we segmentation press in I one right EBITDA around when at with 'XX million about guide, the there. then consumer really burn the $XX the but

just Street recently. been more The more focused on has think that I

So out there? if also stock-based and your could just the lay how potential curious around philosophy you and use comp you dilution that

Joe Selsavage

Okay.

know, on as that therapeutic adjusted we potentially drug that could we noted -- as K as our in So And is quarter, invest basically development. the to therapeutics increase right? per -- assets, we in its you EBITDA, continue EBITDA approximately that deficit do essentially,

couple drove From the in a of there compensation. was which changes perspective, stock-based increase stock-based a compensation this year,

sure employees stock-based out we we Company. which a that program as to in we grants want comp. new in also a public RSUs instituted is And gave being brands actually was hires grow the are First we make paid essentially, tested as company, second, refresh and as and bonus

stock-based also that increased so And our comp.

Daniel Grosslight

on side, the there? LTM And when to Okay. an expect EBITDA then do consumer you be basis on positive

Joe Selsavage

will We be don't specific flow a have date we when on positive. cash

progress we've XXXX. fiscal and towards we'll mentioned in can in year XXXX, in that goal be and XX-K are driving in fiscal we've actually that continuing we towards made you As that comments, basically, meaningful our goal that our and see year on

Operator

from Instructions] of will [Operator from question come Mah And next Steven Cowen. line the our

open. is line Your

Steven Mah

are or a then you to to and on something analyte test. taking outsource give it's Thanks a party? question. going the appreciate Lipoprotein(a). not this test, on going bit collaboration can if to a lab genomic to you more guys run Great. the that for how And blood going color a be CLIA exactly your in you third Novartis are you that be monetizing on Novartis I Question Is offering?

Anne Wojcicki

take of part can first it. I the

part -- part existing So, -- genetics. is have yes, as we not correct. We not it it's absolutely do our of of that

to actively are blood. able we're be to for looking access going we our get to how enable to So, customers

So, that as definitely we something that is this. acquisition part to are the going make came of Lemonaid of feasible that as and part as sure something

I look at like incredibly collaboration, do program Novartis I about like what good strategically, So, a think at, when aging this XXandMe customers. is

customers. XX have We plus million

We of incredible educated have way and them genetic people information millions sending about contacting an power information. of have the we individuals, of

have we is where So, awareness that now drive around in of we can and a with do the think ability And example really educate to the indications. bring Lipoprotein(a) good I other testing. people

real there's entire lot Lipoprotein(a), collaboration, early sector type think with and interest there's to think that I but drive awareness. a in the of of about it's So, I role that a of lot overall for -- lot there's that XXandMe a a

Kenneth Hillan

add, maybe that's Anne, And okay. can maybe, I if just

an things risk is think just really important factor -- I it's Lipoprotein(a) Just interesting [indiscernible]. about one of not the

potential have who to having XX predict people levels. than risk of more million with actually, those greatest at So elevated be we customers, may ability genotype the

have on would then platform And levels as of potential Lemonaid go Anne through get blood our then to the said, Health Lipoprotein(a). telehealth we to

a really telemedicine really it's of power and genetics there. the the So, platform together putting adds I lot think that

Steven Mah

the sense. have this lines, a of that Yes, the rollout Yes. finalized guys the for health the and offering? the PCP business? model lot genomic you envision you makes Do being Okay. services along Lemonaid genetic a integrated like And services for strategy same

Anne Wojcicki

we of this of We think partner to a actually like see all Novartis. XXandMe good also that example leverage the where assets a Lemonaid this I definitely -- is can and and bring

do absolutely I recruited the or we've we and partnerships have past done historically who either So a genotype specific or individuals actually that specific phenotype for done is we've this where but have, kind have the that partnerships, something academic have to think that in able now of follow-up, tests, pharmaceutical ability therapeutic able order that being to add people acquisition we lot to being Lemonaid a kinds with different of more additional testing.

So, this. look of to actually doing at more there's we I opportunity a do do -- think more and real

So again? second was what your question

Steven Mah

On strategy. Services, Health Genomic the the form

we Just some wondering details? what expect to get

Anne Wojcicki

to start and like reports before a things where more health Mental together instance, see that's going is come now, we is that big because to for you're consult. can physician us of a being need. certain get to to -- something able prioritization We've real Well, you starting are already for more have. you'll announced have a that that area

plays role in right the of kind get you sure Genetics real medication. a making

who clinicians on trained the have based you are right get pharmacy well sure can We have so your and make genomics. we we also a medication

you'll to high the see area that half be the is for on, So, rollouts a more priority of second towards us year. and focusing

Steven Mah

Okay. if Great. sneak quick one I could in. a And

from value seems comments, appreciating the like add it the offerings. your to consumer the looks Given XXandMe be

marketing do expenses? you to you sales reduce can Given expect that, and that continue

Anne Wojcicki

on sure we're that marketing and making that think is more focusing efficient. sales I

the being we focusing going really add anything and to So customer and spending, sales the and aware from definitely that? it's top-level our can what marketing to are. of then of on have very away acquisition costs Joe, you see some brand on but we efficient really be -- pulled

Joe Selsavage

in that the essentially, marketing And thing and Anne are our said, for we'll margin. add being think to drive new growing additional at if we looking invest I margins. efficient us, we spend sales And in to can other marketing continue

Anne Wojcicki

huge individual, the see with opportunity the to just there's all opportunities telemedicine, have. think recruit amount there's that huge and new to within customers, also a of pharmacy. Lemonaid, of focus us that the there, emphasize of I opportunity a new XX I genomics And customers and the to Yes. million we for And combination do

groups. segments, external. acquisition on lot a opportunities, I And between think, there's and So, those obviously, costs different those both internal there's different of

Operator

you. Thank

Now to it I'll turn further questions. for any over Maeve

Maeve Conneighton

Thank you.

in management those We say, I'm investors through through few we we Q&A to top on the use to team have that a answer. questions platform ask from now our platform the came going technologies. got questions that that for

news will you or any be first on something pertaining announced? The GSK date the least details Can question which exclusivity? at to provide post any is excitements

Kenneth Hillan

take ends Yes. news with partnership to exciting don't really discussions. It's find Kenneth, what is, is the end to ongoing say partnerships for strategic XXXX. any for very target happy that exclusivity in terms of of priority potential we're we're but the that. And I can I'm important those I to just reiterate, GSK when progress today, discovery, a have right making towards of This us period very July pleased

Afkhami joining most to really leading partnership Development securing Officer. think I we've Corporate possible, are efforts with now deals look you we the material timing Reza at forward and is great He as there XXandMe signed. and our when as productive updating Chief us collaboration those got

Maeve Conneighton

Great.

creating services Lemonaid into there services annual start app, plan integrating an question. new plan? a for the XXandMe Next to Is with those

Anne Wojcicki

take can that one. I And

Joe Selsavage

Yes. Go ahead.

Anne Wojcicki

then about XXandMe holistic that about or start to Joe, it if Joe, experience access one, hand about think into and having plan can Lemonaid their I'll a and for genome, to care app there's integrating to it pharmacy. also a Yes, think and take the they definitely the learn people you. I'll need get services

a proactive care. in is able And engage people for very preventative one sweet being big of the spots XXandMe to really holistically

preventative that personalized care. So

difficulty] I market able exciting be services those us real a to opportunity that, is to for all think, So [Technical combine

want Joe, jump to do you in?

Joe Selsavage

basically to leadership the interesting of dedicated said, and improve but Anne on team, consider just improve out growth, these features said, going intend as generating Lemonaid. but on and customers. to we add we are really and And we trying to to our margins business trying our -- based for And our products, with revenue as product to focus Sure. our value generating, bailing our of evolution on

for health. on us, unmet is our of trying exciting And reason growth and really consumer on add along Lemonaid focused we're with at excited services is and well. us XXandMe one and value too basically our needs is think as resources such areas I with integrating particularly focus and mental really will for customers to look really subscriptions services product new long-term that engagement to basically value add providing as

Maeve Conneighton

Okay.

Next plans And question business for is what your long-run is become profitable? to the outlook XXandMe? what are

Joe Selsavage

to continue foundation future personalized We realizing of genetic becomes where strides make information to a a health.

personalized team keenly scale. care is and at caters research building that on utilizing and development experience to our experience wellness health Our by focused platform and health to and accelerate disrupting the individuals a therapeutics

As fiscal therapeutics great make progress drug made development and intent flow Research the as improvement cash cycle. segment mentioned investment we progress XXXX. the in and assets XXXX to our Consumer I our basically earlier, continue to additional and fiscal & to therapeutics, we will in moving strides year positive towards to getting require to In be as

to make allocating for programs, a But our partnering out-licensing looking being appropriate we of really at and the stewards out going the we're in are sure evaluation of opting continue shareholders. really to capital good ROI at take best capital and to look to as and of

Maeve Conneighton

implement into practices? AI to with question its we're is AI currently, planning Next much, advancing so how XXandMe

Kenneth Hillan

I'm to Yes. take Kenneth. that. happy It's

at the AI enormous data of a is have we already can very we areas integral capabilities part imagine, across of XXandMe, much database we set business. that and number our what you in As do AI and an leverage with

can recent processing, customers think with about progress has And advantage made natural that we potentially AI Chat uniquely working care, language integration just talking really were genetics placed primary is chatbot-driven that patients this. then technologies, the believe of really can that you we GPT, been to XXandMe and space. transform like take of medicine, I things the imagine, and with

within research, the development we scale helping at in automating PRS also will our business ways example, process. discovery drug think, I us with and and For different functions interestingly, help it in us, our believe

this think Company. we're exciting. in way going at us we're we uniquely at optimistic services to products to Very and So, pleased this to competitive in way scale enable is of take that the advantage a deliver the

Maeve Conneighton

question. time you final And will position, you Considering in Okay. future? require capital a any dilutive financial the do the believe raise

Joe Selsavage

$XXX position strong million cash in March XXXX. a has cash of as XX, XXandMe equivalents and current with cash

EBITDA additional and advance I new projected the Our therapeutic partnerships. to number, as not of assets full $XXX And be continue revenue any all mentioned year million that basically adjusted for year million to going potential in XXXX. that deficit to is range $XXX earlier, fiscal we're assumes to does savings does our initiatives of cost include current earlier. any had from assume any from strategic nor And it in mentioned reduction that I

for proxy Our cash is best our adjusted EBITDA burn.

cash to that a be run fundraising period of our And as our lot gives upon consumer opportunistic rate reasonably going like. on relates said, well With side that to just our as ability you as and and a will give that evaluate the us of of our goals looks time on therapeutics execute sense forward. position it's And it we what a portfolio. good so options the will

Maeve Conneighton

you, everyone, us. you efforts. Thank therapeutic right. for updating to All look progress consumer the and joining We business on forward on XXandMe both

Operator

This you Thank for participating. concludes today's call. conference

great day. Everyone, now You a may have disconnect.

Maeve Conneighton

Goodbye.

23andMe Holding (ME) 25 May 232023 Q4 Earnings call transcript