Genetics company 23andMe (NASDAQ: ME) hasn't exactly been a strong performer, with shares down by about 73% since it went public via a special purpose acquisition company (SPAC). And it's not hard to see why -- the market not only soured on SPACs, but on unprofitable growth stocks in general.
However, 23andMe could still have a very bright future ahead for patient investors. The company recently reported stronger results than analysts had been expecting and it has a massive pipeline of opportunities in the works. While there's a lot that needs to go right for this to be a successful long-term investment, the recent signs look positive.
23andMe is best known for its consumer genetics testing , but it also offers subscription products and telehealth services. In the most recent quarter, 23andMe reported 18% year-over-year revenue growth in its consumer business, which exceeded analysts' expectations. Plus, the company raised its full-year guidance. In all, the company generated $67 million in revenue, most of which came from the consumer services segment.
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This Genetics Stock Could Have Massive Long-Term Potential