23ANDME HOLDING Reports First Quarter Earnings Results for FY2024 Ending August 8 2023

🌥️Earnings Overview

23ANDME HOLDING ($NASDAQ:ME) reported its earnings results for the first quarter of FY2024, ending August 8 2023, on June 30 2023. Total revenue for the quarter was USD 60.9 million, a decrease of 5.7% compared to the same period in FY2023. Net income for the quarter was USD -104.6 million, a drop of 15.1 million from the same quarter in the prior year.

Share Price

The company’s stock opened at $1.7 and closed at the same price, indicating that investors were cautiously optimistic about the results. The overall impression of the company’s performance in the first quarter was positive. In addition to solid financial performance, 23ANDME HOLDING also announced a few strategic initiatives for the coming year. These include the development of new products and services, as well as expanding into new markets.

These efforts are expected to drive further growth in revenue and profitability for the company in the coming quarters. Overall, it appears that 23ANDME HOLDING is in a strong position for the future. With strong financial performance and ambitious plans for the future, investors should feel confident in the company’s prospects for continued growth and success. Live Quote…

About the Company

Income Snapshot

Below shows the total revenue, net income and net margin for 23andme Holding. More…

Cash Flow Snapshot

Below shows the cash from operations, investing and financing for 23andme Holding. More…

Balance Sheet Snapshot

Below shows the total assets, liabilities and book value per share for 23andme Holding. More…

Key Ratios Snapshot

Some of the financial key ratios for 23andme Holding are shown below. More…

Analysis

GoodWhale has conducted an analysis of 23ANDME HOLDING‘s fundamentals and determined that it is a medium risk investment. This is based on a comprehensive assessment of financial and business risks associated with the company. We identified one risk warning in the cashflow statement, but this information is only available to our registered users. To gain full access to our analysis of 23ANDME HOLDING, become a registered user of GoodWhale. More…

Peers

The company offers a range of tests, including those for ancestry, health, and wellness. Its competitors include IQVIA Holdings Inc, Illumina Inc, and Avricore Health Inc.

– IQVIA Holdings Inc ($NYSE:IQV)

In 2022, IQVIA Holdings Inc had a market capitalization of $40.44 billion and a return on equity of 21.52%. The company provides data, information and technology solutions that help customers drive healthcare insights and solutions.

– Illumina Inc ($NASDAQ:ILMN)

Illumina Inc has a market cap of 34.93B as of 2022, a Return on Equity of -29.49%. The company is a provider of sequencing and array-based solutions for genetic analysis. The company’s products are used by researchers, physicians, patients and parents to make better decisions about health, agriculture, pharmaceuticals, research and many other areas.

– Avricore Health Inc ($TSXV:AVCR)

Avricore Health Inc is a Canadian biotechnology company that develops and commercializes products for the early detection and prevention of chronic disease. The company has a market cap of 25.4 million as of 2022 and a return on equity of -46.21%. Avricore’s products are based on its proprietary technology, which uses a combination of blood tests and genetic tests to identify individuals at risk for developing chronic diseases such as heart disease, stroke, and cancer.

Summary

23ANDME HOLDING has reported their earnings results for the first quarter of FY2024, with total revenue of USD 60.9 million, a 5.7% decrease compared to the same period last year. Net income for the quarter was USD -104.6 million, a decrease of -15.1 million from the same quarter last year. This paints a gloomy outlook for investors, as the company appears to have underperformed compared to the same period last year. In order to turn this around, investors should investigate the sources of the revenue decline and explore potential areas of investment that could help boost the company’s short and long term performance.

Additionally, investors should remain alert to any news or announcements that could give insight on how 23ANDME HOLDING plans to address their current challenges.