Shortly after debuting on the Nasdaq, rising interest rates made it more difficult to raise funding, and sales began to fall. The company introduced a premium subscription product in 2020 that it hoped would make up for the lack of recurring revenue from its test kits, but that strategy failed to pan out. The company reported a $312 million net loss in the 2023 fiscal year, and by September 2023, 23andMe's share price slid below $1.
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