GeneDx : Q1 2024 Earnings Presentation

One test. Big picture.

Brighter futures.

GeneDx (Nasdaq: WGS)​

April 29, 2024

Disclaimer

This presentation contains forward-looking statements under the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are

statements that do not relate to historical facts and events and such statements and opinions pertaining to the future that, for example, contain wording such as "may," "might," "will," "could," "would," "should," "expect," "intend," "plan," "objecti ve," "anticipate," "believe," "estimate," "predict," "potential," "conti nue," "ongoing," or the negati ve

of these terms, or other comparable termi nology intended to identify statements about the future. Forward-looking statements contained i n this presentation may include, but are not limited to, statements about: our future performance and our market opportunity, and our expectations regarding full year 2024 revenue, adjusted gross margin profile and cash burn and our expectation of turni ng profitable in 2025. We cannot assure that the forward-looking statements i n this presentation will prove to be accurate. Furthermore, if our forward-looking statements prove to be i naccurate, the inaccuracy may be material. These statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, levels of activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements.

The forward-looking statements and opinions contained in this presentation are based on our management's beliefs and assumptions and are based upon information currently available to our management as of the date of this presentation and, while we believe such i nformation forms a reasonable basis for such statements, such information may be limited or i ncomplete, and our statements should not be read to indicate that we have conducted an exhausti ve inquiry i nto, or review of, all potentially available relevant i nformation. Many factors could cause actual future events to differ materially from the forward-looking statements i n this presentation, including but not limited to: (i) the ability to implement business plans, goals and forecasts, and identify and realize additional opportunities, (ii) the risk of downturns and a changing regulatory landscape in the highly competitive healthcare industry, and (iii) the size and growth of the market in which we operate. The information, opinions and forward- looking statements contained in this announcement speak only as of its date and are subject to change without notice.

This presentation contains estimates, projections and other information concerning our industry, our business, and the markets for our products and services. Information that is based on estimates, forecasts, projections, market research or similar methodologies is inherently subject to uncertainties, and actual events or circumstances may differ materially from events and circumstances that are assumed in this information. Unless otherwise expressly stated, we obtained this industry, business, market and other data from our own internal estimates and research as well as from reports, research surveys, studies and similar data prepared by market research firms and other third parties, industry, medical and general publications, government data and similar sources. While we believe our internal company research as to such matters is reliable and the market definitions are appropriate, neither such research nor these definitions have been verified by any independent source.

We discuss these and other risks and uncertainties in greater detail in the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our periodic reports and other filings we make with the SEC from time to time. Given these uncertainties, you should not place undue reliance on the forward-looking statements. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. Except as required by law, we undertake no obligation to update publicly any forward-looking statements for any reason after the date of this presentation to conform these statements to actual results or to changes in our expectations. We file reports, proxy statements, and other information with the SEC. Such reports, proxy statements, and other information concerning us are available www.sec.gov. Requests for copies of such documents should be directed to our Investor Relations department at GeneDx Holdings Corp. 333 Ludlow Street, North Tower, Stamford, Connecticut, 06902. Our telephone number is 800-298-6470.

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WGS 1Q 2024 Results

First quarter 2024 revenue from continuing operations1 of $61.5M with 96% year-over- year revenue growth for exome and genome test revenue

First quarter 2024 adjusted gross margins2 for continuing operations of 61%

Eight consecutive quarter of cash burn decline: first quarter 2024 was $17M Ending March 31, 2024 cash, cash equivalents, marketable securities and restricted cash position of $113.9 million

Reiterating the path to profitability in 2025

1 Results from continuing operations include exclude the results of the exited Legacy Sema4 diagnostic testing business. Total companyresults include GeneDx's continuing operations

	and the financial impacts of exited Legacy Sema4 business activities.
3	2 Adjusted gross margin is a non-GAAP financial measure. A reconciliation of GAAP and non-GAAP results is provided in the Company's earnings release dated April 29, 2024.

Updating 2024 Guidance

Drive full year 2024 revenues between $235 to $245 million (previously $220-230 million)

Expand full year 2024 adjusted gross margin profile to at least 60% (previously at least 50%)

Use $70 to $80 million of net cash for full year 2024 (previously $75-80 million)

Turn profitable in 2025 (no change)

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Revenue - strong growth driven by high value whole exome and genome

91%

$61.5M

Increase in 1Q24 exome/genome test result volume year-over-year; +6% sequentially

First quarter 2024 revenue from continuing operations1

Revenue1	Q1 2024
Revenue from continuing operations	$61.5M
Growth year-over-year	51%
Growth sequentially	6%
Exome and genome test revenue	$44.0M
Growth year-over-year	96%
Growth sequentially	12%

	1 Total companyrevenues were $62.4M for the first quarter 2024. Results from continuing operations exclude the results of the exited Legacy Sema4 diagnostic testing business. Total
5	companyresults include GeneDx's continuing operations and the financial impacts of exited Legacy Sema4 business activities.

Gross profit - expansion driven by mix shift, cost per test reductions

Exome/genome can be the best test for patients. They are also best for our business.

30% Exome/genome test result volume

Adjusted gross margins1 for continuing

61% operations in 1Q24, up from 56% in

Q4 2023 and 34% in Q1 2023

27%

22% 23%

16%

12%

30%

Adj. Gross Profit		QoQ
for continuing	1Q24	YoY
Sequential
operations
Adj. Gross Profit1	$37.4M	+15%	+169%
Adj. Gross Margin %1	61%	+489bps	+2,671bps

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1 Adjusted gross profit and adjusted gross margin is a non-GAAP financial measure. A reconciliation of GAAP and non-GAAP results is provided in the Company's earnings release dated April 29, 2024.

Cash - Balance sheet bolstered to execute growth strategy

1

$114M1	Cash, cash equivalents, marketable securities and
restricted cash on hand March 31, 2024

$17M2

Net use of cash for the total company in Q1

71%

Improvement in total company net

cash burn rate year-over-year; improved 48% sequentially

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Consecutive quarters of cash burn reduction since acquiring GeneDx

1 An additional $25Min debt capacity is contingentlyavailable to use under the five -year senior secured credit facility with Perceptive Advisors entered into on October 27, 2023. The agreement provides access of up to $75 million, consisting of an initial tranche of $50 million, which has been drawn, and a subsequent tranche of $25 million is available - at the Company's option, subject to certain timelines and other defined criteria.

7 2 First quarter 2024 net cash burn included approximately$6 million to fund the company's annual 401K employer match, approxim ately$2.9 million in one-time payments to pay down previouslyreserved Legacy Sema4 refund requests and $800 thousand in severance payments related to our previouslyannounced cost reduction initiative.

For illustrative purposes, not formal guidance

Our path to profitability and beyond

What we need for profitability and beyond		How we will achieve those goals

1	OPEX reduction
plan

2	Exome and
genome growth

											Additional
	4Q23		OPEX		Exome and		Additional		Profitability
					3
					opportunities
	annualized		reduction		genome		margin		in 2025
	net loss				growth		expansion
		1	2	3

• On October 30, 2023, we enacted a plan to remove approximately $40M in annual operating expense including no less than $20M through headcount reductions which have already been completed
• Revenue growth through 2025 expected to be driven by whole exome/genome testing, which operates at >60% gross margins
• Assuming no change in the current margin profile, increasing exome/genome's annual gross profit by $65M requires us to maintain growth rates in 2024 and 2025 at nearly half of what was achieved in 2023
• As exome/WGS takes more share of test mix from low/negative margin legacy panels, gross margin will rise
• Beyond break-even, we see significant additional upside in -
• • Further reducing exome/WGS COGS as we benefit from scale and certain in-flight AI/automation initiatives
  • Improving collection rates across the portfolio as payor coverage expands and we increase internal performance regarding collection/reimbursement performance
  • Acceleration of our biopharma/data business
  • Untapped long-term opportunities providing WGS newborn screening, interpretation as a service, and others

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Statements regarding our path to profitability constitute forward-looking statements and are subject to numerous risks and assumptions. See slide 2 for more information. You should not rely upon forward-looking statements as predictions of future events

One test. Big picture. Brighter futures.

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Appendix

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