23andMe Holding Co. (NASDAQ: ME) announced a revenue increase in the first quarter of the fiscal year 2023, which concluded on June 30. The genetics specialist broadens the scope of services, but the loss remains significant.
23andMe’s sales increased 9% year on year to $65 million in the first quarter of the fiscal year. The merger of the telemedicine industry and an increase in subscription income drove revenue growth.
23andMe’s rise compensated for a fall in sales in other consumer and research services. Operating expenditures increased to $115 million in the most recent quarter, up from $72 million the previous year. The spending rise is mostly attributable to growing personnel costs, as well as sales and marketing costs from the previously purchased telemedicine firm.
At the same time, R&D spending fell marginally as the corporation switched from the prior research cost-sharing arrangement to a royalty option. The net loss was $90 million, compared to a net loss of $42 million in the previous year’s comparable period.
The FDA has granted 23andMe Holding Co. (ME) various clearances for genetic health risk reporting. It is the only firm permitted to give studies on the hereditary risk of cancer, as well as information on treatments and their susceptibility to specific people, without the involvement of physicians.
23andMe Holding Co. (ME) has also developed the world’s biggest crowdsourcing platform for genetic research, which it leverages to drive human genetics-based medication development initiatives. The company’s research platform is used to construct a portfolio of more than 50 projects. The database has grown to around 13.1 million persons in recent months.
23andMe Holding Co. (NASDAQ: ME) shares are down -43.99% year to date (YTD) and are down -6.28% or -$0.25 in the most recent trading session. The stock’s trailing 12-month performance, on the other hand, is rough -58.37% lower.
The stock is down -24.34% in the last six months and up 48.61% in the last three months. When we look at the shorter timeframe, the week performance is up 23.92% and the month performance is up 32.27%.