IBD 50 Stock GeneDx Hammered Despite Earnings Beat-And-Raise
ALLISON GATLINUpdated
Shares of GeneDx (WGS) were hammered on Wednesday after the company reported adjusted earnings of 28 per share on $87.1 million in first-quarter sales.
Analysts polled by FactSet expected the diagnostics company to earn 6 cents per share on $79.5 million in sales. In the year-earlier period, GeneDx lost 33 cents a share and had $62.4 million in sales.
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On a strict, as-reported basis GeneDx lost 23 cents a share, but that narrowed from a 78-cent per-share loss in the year-earlier period and beat expectations. by 4 cents a share.
GeneDx raised its guidance for the year and now expects $360 million to $375 million in sales. The Street projected earnings of 87 cents a share and $358.9 million in sales.
In premarket trades, GeneDx stock crashed 26.8% to 85.63. Shares broke out of a consolidation, topping a buy point at 115.60, on Monday before falling below their entry. GeneDx stock returned to the buy zone on Tuesday.
GeneDx ranks 27th on the IBD 50 list of elite growth stocks. Shares also land on the IBD Tech Leaders list.
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