WGSGeneDx Holdings Corp.

Services-Health Services

Revenue: $428M; 40% YoY
Operating margin: -3.1%; 60% YoY
EBITDA: −$3M; 77% YoY
Market cap: $2.1B
Employees: —
Net debt / EBITDA: —; $40M net debt
AI in 10-K: 5.3; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 1 of 7

TSR below peersNo
1 of 3 years
3+ of last 5 years
High CEO pay despite TSRNo
$4M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
8% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentYes
76% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AINo
5.3 per 10K words · 83rd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$2.1B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DYes
1 filing
Active-intent 13D in 18 months
Net insider sellingNo
$85M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$212M	$235M	$203M	$305M	$428M	40%
Operating income	−$446M	−$668M	−$181M	−$23M	−$13M	44%
Net income	−$245M	−$549M	−$176M	−$52M	−$21M	60%
Operating cash flow	−$190M	−$319M	−$180M	−$28M	$33M	217%
Capex	$9M	$7M	$5M	$5M	$19M	246%
Stock-based comp	$219M	$42M	−$326K	$9M	$32M	252%

Deal filings

Filed	Form	Acquirer	Price	Premium
Mar 31, 2022	DEFM14A	Sema4 Holdings Corp.	$80000000.00	80%
Mar 15, 2022	PREM14A	—	$4.86	10.83%
Jul 2, 2021	DEFM14A	Mount Sinai Genomics, Inc. d b a Sema4	$10.00	0%
May 6, 2021	PREM14A	Mount Sinai Genomics, Inc. d b a Sema4	$10.00	100%

13D filers

Filed	Filer	Form	Stake	Intent
May 22, 2026	CMLS Holdings LLC	SCHEDULE 13D/A	45.7%	Active
May 15, 2026	CMLS Holdings LLC	SCHEDULE 13D/A	1.8%	Passive
May 11, 2026	CMLS Holdings LLC	SCHEDULE 13D/A	1.8%	Passive
Aug 26, 2025	CMLS Holdings LLC	SCHEDULE 13D/A	1.9%	Passive
May 7, 2025	CMLS Holdings LLC	SCHEDULE 13D/A	1.9%	Passive
Feb 21, 2025	ICAHN SCHOOL OF MEDICINE AT MOUNT SINAI	SCHEDULE 13D/A	4.9%	Passive
Feb 18, 2025	ICAHN SCHOOL OF MEDICINE AT MOUNT SINAI	SCHEDULE 13D/A	6.1%	Passive
Nov 19, 2024	ICAHN SCHOOL OF MEDICINE AT MOUNT SINAI	SC 13D/A	9.9%	Passive
Nov 4, 2024	ICAHN SCHOOL OF MEDICINE AT MOUNT SINAI	SC 13D/A	10.4%	Passive
May 31, 2024	CMLS Holdings LLC	SC 13D/A	2.1%	Passive

Insider trading

Open-market buys, 12 mo: $107M · 34
Open-market sells, 12 mo: $21M · 105
Net: $85M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$14M	$43M	1494	139
FY2024	$4M	$52M	883	104
FY2023	$4M	$546K	32	105