23andMe Holding Co. (ME) stock soared 8.76% in the pre-market trading session at the price of $8.57 despite no fundamental reason. The last reported news was its financial results for the first quarter of fiscal 2022. ME, the largest crowdsourced company for genetic research, is dedicated to enable people to access, experience, and benefit from the human genome.
ME First Quarter FY2022 Financial Results
On 13th August 2021, ME stock announced its financial results for the first quarter of its fiscal year 2022, which ended 30th June 2021.
Management Comments
Chief Executive Officer of 23andMe, Anne Wojcicki, remarked that they are excited to publish their first-quarter financial results. The company believes that genetic knowledge is the future of personalized medication. Their novel research program empowers the consumers to engage in their endeavors to uncover new genetic discoveries. They are working hard to accomplish their aims of helping people live healthier lives. He thanked the customers, investors, and workers for their dedication to empowering people to understand and benefit from the human genome.
Chief Financial Officer of Me stock, Steve Schoch, commented that they had started their fiscal 2022 financial year with a substantial production during the first quarter. The revenue growth increased 23% compared to the first quarter of the previous year. It indicates improved delivery of their Personal Genome Service. The company aims to generate strong growth in the Consumer & Research Services sector. ME is welcoming notable investments in developing its Therapeutics portfolio, he added.
ME Stock Financial Highlights
ME stock reported revenue of $59 million for the first quarter ended 30th June 2021. It includes 81% of customer services revenue and represents a gain of $11 million or 23%. The research services revenue represented 19% of total revenue. For the quarter ended 30th June 2021, operating expenses were $72 million. Operating expenses were $59 million for the same period of the previous year. Higher operating expenses were attributable to the rise in research and development costs.
ME stock reported a net loss of $42 million for the quarter ended 30th June 2021. For the same quarter ended 30th June 2020, the net loss was $36 million. Adjusted EBITDA loss for the Consumer & Research Services was $1 million for the quarter ended 30th June 2021. The company ended the first quarter with approximately $770 million in cash. As of 31st March 2021, the total cash and cash equivalent were $282 million.
