23andMe Holding Co. ($ME) Q4 2023 Earnings Call Summary

23andMe Holding Co. ($ME) Q4 2023 Earnings Call Summary

Posted: 1 week, 1 day ago // May 26, 2023 5:22 a.m. UTC

Here is a summary of 23andMe Holding Co.'s Q4 2023 earnings call, which took place on May 25:

- 23andMe's customer base grew to over 14 million genotype customers, with a 11% YoY growth.

- Revenue for 23andMe+ subscription membership grew by 51% YoY, with increased subscription prices.

- The company added three new health reports for 23andMe+ members, and launched 11 new health works exclusive to 23andMe+ members.

- The company is focused on integrating Lemonaid telehealth and pharmacy services with genetic services, with a focus on addressing unmet medical needs in men's and women's health and mental health.

- The company's therapeutics business reported promising early clinical data from first-in-human Phase 1/2a study of its wholly-owned antibody, with a promising portfolio of owned and collaborative programs with GSK.

- The company hired a new Chief Corporate Development Officer to secure new partnerships.

- The company's focus is on margin expansion rather than volume growth, aiming for cash flow positivity in its consumer business in FY2024.

- The company is investing in drug development, potentially increasing the deficit per quarter.

- The plan is to integrate Lemonaid services into the 23andMe app and create a holistic experience for customers to access genome information, care, and pharmacy services.

- The combination of services is a huge market opportunity for 23andMe to engage customers holistically in proactive preventative care.

This is an AI generated summary. There may be inaccuracies.

Relevant tickers: ME