TakeoverPE & activists

WGSGeneDx Holdings Corp.

Services-Health Services · $2.1B market cap

0.4×

Less likely than average to be taken private

Top 38% of the Russell 3000 for a buyout by a private-equity firm, holdco or insiders. How it works

Takeover signals

What an activist or buyer would see: cheap, overpaid, diluted or under pressure.

3of 15 firedHow well they predict deals →
12 other checks
  • 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
  • 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
  • Recurring revenueNo
    3 of 10
    10-K business scored 7+ of 10 for recurring revenue
  • AI-rollup shapedNo
    2 of 10
    10-K business scored 5+ of 10 as an AI-rollup target
  • Net insider sellingNo
    $85M net
    Net sales over $10M in 12 months

Deal filings

FiledFormAcquirerPricePremium
Mar 31, 2022DEFM14ASema4 Holdings Corp.$80000000.0080%
Mar 15, 2022PREM14A—$4.8610.83%
Jul 2, 2021DEFM14AMount Sinai Genomics, Inc. d b a Sema4$10.000%
May 6, 2021PREM14AMount Sinai Genomics, Inc. d b a Sema4$10.00100%

Key numbers

Revenue
$428MFY2021: $212MFY2022: $235MFY2023: $203MFY2024: $305MFY2025: $428M
40% YoY
Operating margin
-3.1%FY2021: -210.3%FY2022: -284.5%FY2023: -89.2%FY2024: -7.6%FY2025: -3.1%
60% YoY
EBITDA
−$3MFY2021: −$424MFY2022: −$618MFY2023: −$161MFY2024: −$15MFY2025: −$3M
77% YoY
Net debt / EBITDA
—
$40M net debt

Financials

MetricFY2021FY2022FY2023FY2024FY2025YoYTrend
Revenue$212M$235M$203M$305M$428M 40% FY2021: $212MFY2022: $235MFY2023: $203MFY2024: $305MFY2025: $428M
Operating income−$446M−$668M−$181M−$23M−$13M 44% FY2021: −$446MFY2022: −$668MFY2023: −$181MFY2024: −$23MFY2025: −$13M
Net income−$245M−$549M−$176M−$52M−$21M 60% FY2021: −$245MFY2022: −$549MFY2023: −$176MFY2024: −$52MFY2025: −$21M
Operating cash flow−$190M−$319M−$180M−$28M$33M 217% FY2021: −$190MFY2022: −$319MFY2023: −$180MFY2024: −$28MFY2025: $33M
Capex$9M$7M$5M$5M$19M 246% FY2021: $9MFY2022: $7MFY2023: $5MFY2024: $5MFY2025: $19M
Stock-based comp$219M$42M−$326K$9M$32M 252% FY2021: $219MFY2022: $42MFY2023: −$326KFY2024: $9MFY2025: $32M

13D filers

FiledFilerFormStakeIntent
May 22, 2026CMLS Holdings LLCSCHEDULE 13D/A45.7%Active
May 15, 2026CMLS Holdings LLCSCHEDULE 13D/A1.8%Passive
May 11, 2026CMLS Holdings LLCSCHEDULE 13D/A1.8%Passive
Aug 26, 2025CMLS Holdings LLCSCHEDULE 13D/A1.9%Passive
May 7, 2025CMLS Holdings LLCSCHEDULE 13D/A1.9%Passive
Feb 21, 2025ICAHN SCHOOL OF MEDICINE AT MOUNT SINAISCHEDULE 13D/A4.9%Passive
Feb 18, 2025ICAHN SCHOOL OF MEDICINE AT MOUNT SINAISCHEDULE 13D/A6.1%Passive
Nov 19, 2024ICAHN SCHOOL OF MEDICINE AT MOUNT SINAISC 13D/A9.9%Passive
Nov 4, 2024ICAHN SCHOOL OF MEDICINE AT MOUNT SINAISC 13D/A10.4%Passive
May 31, 2024CMLS Holdings LLCSC 13D/A2.1%Passive

Insider trading

+$85Mnet buying by insiders, open market, last 12 months
Bought $107M · 34 tradesSold $21M · 105 trades

Pay vs performance

YearCEO total compComp actually paidTSR (indexed)Peer TSR
FY2025$14M$43M1494139
FY2024$4M$52M883104
FY2023$4M$546K32105