23andMe up 12% on 2023 outlook raise, quarterly beats

CharlieAJA

• 23andMe (NASDAQ:ME) is up 12% in after-hours trading after boosting its 2023 guidance and reporting fiscal 2023 Q3 results that beat on the top and bottom lines.
• Full year revenue for fiscal 2023 is now projected to be $290M-$300M ($276.54M consensus), with a net loss of $325M-$335 million.
• In Q3, 23andMe's (ME) net loss increased ~3% to ~$92M compared to the prior-year period (-$0.20 basic and diluted EPS vs -$0.21).
• Revenue of $67M was a ~18% year-over-year increase.
• 23andMe (ME) ended the quarter (Dec. 31, 2022) with cash and cash equivalents of $433M compared to $553M on March 31, 2022.
• Seeking Alpha's Quant Rating views 23andMe (ME) as a hold.