23andMe Reports 27% Drop in Total Revenue for Fiscal 2024, with Net Loss Widening Compared to Previous Year
23andMe Holding Co. has reported its financial results for the fiscal year ending March 31, 2025. The company disclosed a net loss from continuing operations, which is a key measure of profitability reported to their interim CEO. The 23andMe+ Premium membership base saw a slight increase, reaching approximately 564,000 members as of March 31, 2025, up from 562,000 members a year prior. However, by May 31, 2025, the membership base had decreased to approximately 527,000 members. The company has expressed concern that a significant number of Personalized Genetic Service (PGS) members may cancel their memberships due to various factors, potentially impacting their business negatively. The company also acknowledged substantial doubt about its ability to continue as a going concern. A significant update to its operations is the closure of substantially all operations in its Therapeutics segment, which now meets the criteria for presentation as a discontinued operation. The company is currently focused on managing its financial condition and operations efficiently.
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