23andMe said Wednesday after the close of the market that its fiscal 2022 second quarter revenues increased nearly 7 percent to $55.2 million from $51.8 in the same period a year earlier, primarily due to higher sales of its Personal Genome Service kit and subscriptions to its 23andMe+ service.
The three months ended Sept. 30 represent the genetic testing firm's first full quarter since it went public in June through a merger with a special purpose acquisition company.
The firm's Q2 net loss narrowed to $16.5 million, or $.04 per share, from $36.2 million, or $.38 per share a year earlier. The firm used approximately 406.9 million weighted-average shares to calculate per-share loss in the recently completed quarter compared to about 95 million weighted-average shares a year ago.
23andMe's R&D expenses for the quarter rose 16 percent to $44.5 million from $38.2 million a year earlier. Its SG&A costs rose 32 percent to $29.9 million from $22.6 million.
The company ended the quarter with $701.1 million in cash and $1.4 million in restricted cash.
For full-year 2022, the company is still projecting revenues of $250 million to $260 million, with a net loss of $210 million to $225 million. 23andMe said that it will offer updated guidance with its Q3 results to reflect the recent $400 million acquisition of telehealth platform developer Lemonaid Health.