SMFR - Sema4 rises after name change higher FY22 revenue guidance

• Sema4 Holdings ( NASDAQ: SMFR ) rose ~7% after the company said it has its changed name and ticker symbol and issued higher Y/Y 2022 revenue guidance.
• SMFR changed its name to GeneDx Holdings, with the ticker symbol of WGS.
• The class A shares will begin trading on Nasdaq under the new name and ticker symbol on Jan. 10.
• The company said the new ticker symbol is in recognition of its role in pioneering whole genome sequencing.
• Additionally, the company expects to generate 2022 pro-forma revenue of between $170M and 173M, an ~37%-40% increase Y/Y.
• The company anticipates to produce 2022 pro-forma test result volume of more than 180,000, an ~23% increase Y/Y.
• Also, 2022 pro-forma adjusted gross margin is expected to be between 38% and 41%, up 34% Y/Y.
• The continuing operations are expected to generate revenues of between $205M and $220M in FY23, vs. consensus of $220.84M.
• The company also said it will expand gross margin profile in 2023 and beyond, use net $95M-110M of cash for continuing operations, cash burn is expected to be in the range of $130M to $145M and turn profitable in 2025.
• The company is set to report its full financial results and other metrics in early March.
• SMFR shares were trading ~7% higher pre-market.
• Source: Press Release

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