WGS: Another Whole Genome Coverage Headline Win, But Maybe Pump The Breaks On Material 2026 Revenue Uplift

Research evidence excerpt

WGS: Another Whole Genome Coverage Headline Win, But Maybe Pump The Breaks On Material 2026 Revenue Uplift

FLASH NOTE

June 23, 2026

Subbu Nambi, Ph.D. subbu.nambi@guggenheimpartners.com WGS: Another Whole Genome Coverage Headline

617 874 7383 Win, But Maybe Pump The Breaks On Material 2026

Thomas VonDerVellen

thomas.vondervellen@guggenheimpartners.com Revenue Uplift

617 859 4657

Ricki Levitus Key Message: Effective June 14th, Carelon (ELV) updated their guidelines for Anthem

ricki.levitus@guggenheimpartners.com to include changes for WES/WGS. Both exome and genome are deemed medical 212 823 6556

necessities in outpatient under varying criteria, but the guidelines also recommend

trios. After speaking to WGS, we believe this represents a longer-term revenue tailwind

rather than an immediate material benefit to FY26, as not all commercial volume will

instantly convert to paid tests and even after some time, not all the volumes will beWGS consistently paid. However, this does represent another meaningful coverage win for

GeneDx Holdings Corp. WGS alongside recent the CA Medicaid news, and we'd expect the payor momentum to

Sector: Diagnostics & Life Sciences Tools continue encouraging the physician transition to whole genome.

Company Update

What Happened Share Price $55.42

After-hours price Effective June 14, Carelon updated their Medical Benefits Management Clinical •

Appropriateness Guideline to be adopted for Anthem. For genetic testing, this includes

CMA and whole exome/whole genome, in addition to updates for pharmacogentic testing

Market Data and genetic liquid biopsy assays for cancer and cancer surveillance.

For whole exome, the general criteria for medical necessity in outpatient requires a result 52-Week Range $32.21 - $170.87 •