Skip to main content
Home
  • Main Menu
  • Topics
    • Video
    • Provider
    • Payer
    • Pharma
    • Consumer
    • Investor

Regions

  • ANZ
  • ASIA
  • EMEA
  • Global Edition
Global Edition
Finance

23andMe posts $217M net loss during 'transitional' fiscal year

The consumer genetics company reported full-year revenue came to $272 million, an 11% increase compared with the prior year.
By Emily Olsen
May 27, 2022
12:38 pm
Share

Photo courtesy of 23andMe

23andMe reported a $217 million net loss during its fiscal year 2022, which ended March 31, compared with $184 million during the prior year. 

The consumer genetics company also posted a loss of $70 million during its fourth quarter, compared with $67 million during Q4 2021. 23andMe attributed the increase in net loss during the quarter to increased operating expenses driven by sales and marketing, including the addition of expenses for its newly acquired telehealth segment.

Meanwhile, the company pointed to those operational expenses, and to therapeutics-related research and development costs for its fiscal year net loss increase.

Total revenue for the fourth quarter was $101 million, and $272 million for the year, increases of 14% and 11% respectively, compared with the prior-year periods.

23andMe is projecting full-year revenue for fiscal year 2023 to be between $260 million and $280 million, and the full-year GAAP net loss to be in the range of $350 million to $370 million. 

"Fiscal year 2022 was a transitional year for 23andMe. It was highlighted by our public listing in June 2021, followed in November by the strategically important acquisition of Lemonaid Health, which now underpins our planned introduction of a genomic health service," CFO Steve Schoch said during an earnings call. 

THE LARGER TREND

In October, 23andMe announced it signed a definitive agreement to acquire telehealth and online prescription platform Lemonaid Health. The deal closed in November. 

The company plans to utilize the Lemonaid offering as part of its genomic health service, where customers can access their genetic information for preventive and personalized care. 

"Our efforts on the consumer side will now be focused on building a bridge between health risk awareness and health risk and disease management with our new genomic health services," CEO and cofounder Anne Wojcicki said during the call. 

"Over the next few years, we plan to concentrate on the direct-to-consumer self-pay market. Once we establish ourselves in the DTC market, then we can look into growing into other channels. This effort started with our acquisition and integration of Lemonaid Health and their telehealth and digital pharmacy services."

23andMe has also been working on using its genetic data for research and developing new drugs. Earlier this year, pharma giant GlaxoSmithKline extended their drug discovery partnership until July 2023.

ON THE RECORD

"This coming fiscal year we plan to take a more cautious overall approach to our use of cash, giving priority to the roll out of our next-generation genomic health service, and to advancing our therapeutics efforts. We believe that appropriate investments in these areas will provide our best opportunities for future growth," Schoch said in a statement.

Tags: 
23andme

More regional news

Pharmacist interacting online

Serve You Rx, Amazon Pharmacy partner for home delivery

By
Anthony Vecchione
May 02, 2025
Two people shaking hands with six others watch

DarioHealth closes up to $50M debt refinancing and more funding news

By
Jessica Hagen
May 02, 2025
Smart phone and smart watch

Oura and Google Fitbit partner with academia and others to battle opioid disorder

By
Anthony Vecchione
May 02, 2025
Share

Top Story

Smart phone and smart watch
Oura and Google Fitbit partner with academia and others to battle opioid disorder

Editor's Pick

23andMe files for bankruptcy, CEO Wojcicki resigns
Q&A: Oura appoints its first chief medical officer
First blood pressure management system integrated with DeepSeek in Hong Kong
Emirates will offer inflight telemedicine aboard 300 aircraft
Nanowear announces partnership with Dexcom
Navina raises $55M to expand AI for value-based care

More Stories

Pharmacist interacting online
Serve You Rx, Amazon Pharmacy partner for home delivery
Two people shaking hands with six others watch
DarioHealth closes up to $50M debt refinancing and more funding news
Nurse consulting with patient
Teton unveils 3D hospital digital twin using Denmark's supercomputer
Young person communicating with a cell phone
Talkspace, Bark Technologies partner to monitor children's online activities
Pharmacist giving a person an injection
Plenful scores $50M and more funding news
Person interacting with a healthcare professional via tablet
Teladoc acquires UpLift for $30M, releases first quarter results
Person in a pharmacy setting
Hims & Hers, Novo Nordisk partner to offer weight-loss drug Wegovy
Healthcare professional looking at a PC screen
Commure, HealthTap partner for expanded after-hours care
Home

More News

  • Healthcare IT News
  • Healthcare IT News Australia
  • Healthcare Finance News
  • HIMSS TV

MobiHealthNews

 

Connect

Add MobiHealthNews to your network.
HIMSS25 European Health Conference & Exhibition
HIMSS25 European Health Conference & Exhibition
Get ready for knowledge-sharing, all the latest innovations, and in-depth demos with Europe's most influential healthcare community.
10 - 12 June, 2025 | Paris
Learn More
AI in Healthcare Forum
AI in Healthcare Forum
The HIMSS AI in Healthcare Forum cuts through the hype to showcase real-world examples illustrating the transformative potential, and realistic challenges of AI application across the care continuum.
10 - 11 July 2025 | New York
Learn More

Footer Menu

  • About
  • Advertise
  • Reprints
  • Contact
  • Privacy Policy

© 2025 MobiHealthNews is a publication of HIMSS Media

X

Topics

  • Video
  • Provider
  • Payer
  • Pharma
  • Consumer
  • Investor

Career

  • Events
  • Jobs
  • Learning Center

More

  • About
  • Advertise
  • Contact
  • Privacy Policy

Regions

  • ANZ
  • ASIA
  • EMEA
  • Global Edition

MobiHealthNews:

The latest news in digital health delivered daily to your inbox.

Search form

Top Stories

Smart phone and smart watch
Oura and Google Fitbit partner with academia and others to battle opioid disorder
Three surgeons operating on a patient
Thyroid cancer AI assistant developed in Hong Kong
A doctor discussing findings with an older patient
Digital dementia support project gets $2M federal funding and more briefs