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Investor Presentation February 2025
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2Copyright © 2025 23andMe, Inc. Disclaimer Forward-Looking Statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the future performance of 23andMe’s businesses in consumer genetics and therapeutics and the growth and potential of its proprietary research platform. All statements, other than statements of historical fact, included or incorporated in this presentation, including statements regarding 23andMe’s strategy, financial position, funding for continued operations, cash reserves, projected costs, plans, and objectives of management, are forward-looking statements. The words "believes," "anticipates," "estimates," "plans," "expects," "intends," "may," "could," "should," "potential," "likely," "projects," "continue," "will," “schedule,” and "would" or, in each case, their negative or other variations or comparable terminology, are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are predictions based on 23andMe’s current expectations and projections about future events and various assumptions. 23andMe cannot guarantee that it will actually achieve the plans, intentions, or expectations disclosed in its forward-looking statements and you should not place undue reliance on 23andMe’s forward-looking statements. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the Company’s filings with the Securities and Exchange Commission, including under Item 1A, “Risk Factors” in the Company’s most recent Annual Report on Form 10-K, as filed with the Securities and Exchange Commission, and as revised and updated by our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. These forward-looking statements involve a number of risks, uncertainties (many of which are beyond the control of 23andMe), or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. Investors are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made. Except as required by law, 23andMe does not undertake any obligation to update or revise any forward-looking statements whether as a result of new information, future events, or otherwise. Use of Non-GAAP Financial Measures To supplement the 23andMe’s unaudited condensed consolidated statements of operations and unaudited condensed consolidated balance sheets, which are prepared in conformity with generally accepted accounting principles in the United States of America (“GAAP”), this presentation also includes references to Adjusted EBITDA, which is a non-GAAP financial measure that 23andMe defines as net income (loss) before net interest income (expense), net other income (expense), changes in fair value of warrant liabilities, income tax benefit, depreciation and amortization of fixed assets, amortization of internal use software, amortization of acquired intangible assets, goodwill and intangible assets impairment, non-cash stock-based compensation expense, acquisition-related costs, and expenses related to restructuring and other charges, if applicable, for the period. 23andMe has provided a reconciliation of net loss, the most directly comparable GAAP financial measure, to Adjusted EBITDA at the end of this presentation. Adjusted EBITDA is a key measure used by 23andMe’s management and the board of directors to understand and evaluate operating performance and trends, to prepare and approve 23andMe’s annual budget and to develop short- and long-term operating plans. 23andMe provides Adjusted EBITDA because 23andMe believes it is frequently used by analysts, investors and other interested parties to evaluate companies in its industry and it facilitates comparisons on a consistent basis across reporting periods. Further, 23andMe believes it is helpful in highlighting trends in its operating results because it excludes items that are not indicative of 23andMe’s core operating performance. In particular, 23andMe believes that the exclusion of the items eliminated in calculating Adjusted EBITDA provides useful measures for period-to-period comparisons of 23andMe’s business. Accordingly, 23andMe believes that Adjusted EBITDA provides useful information in understanding and evaluating operating results in the same manner as 23andMe’s management and board of directors. In evaluating Adjusted EBITDA, you should be aware that in the future 23andMe will incur expenses similar to the adjustments in this presentation. 23andMe’s presentation of Adjusted EBITDA should not be construed as an inference that future results will be unaffected by these expenses or any unusual or non-recurring items. Adjusted EBITDA should not be considered in isolation of, or as an alternative to, measures prepared in accordance with GAAP. Other companies, including companies in the same industry, may calculate similarly-titled non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of Adjusted EBITDA as a tool for comparison. There are a number of limitations related to the use of these non-GAAP financial measures rather than net loss, which is the most directly comparable financial measure calculated in accordance with GAAP. Some of the limitations of Adjusted EBITDA include (i) Adjusted EBITDA does not properly reflect capital commitments to be paid in the future, and (ii) although depreciation and amortization are non-cash charges, the underlying assets may need to be replaced and Adjusted EBITDA does not reflect these capital expenditures. When evaluating 23andMe’s performance, you should consider Adjusted EBITDA alongside other financial performance measures, including net loss and other GAAP results. Intellectual Property All rights to the trademarks, copyrights, logos and other intellectual property listed herein belong to their respective owners 23andMe’s use thereof does not imply an affiliation with, or endorsement by the owners of such trademarks, copyrights, logos and other intellectual property. Solely for convenience, trademarks and trade names referred to in this Presentation may appear with the ® or ™ symbols, but such references are not intended to indicate, in any way, that such names and logos are trademarks or registered trademarks of 23andMe. Industry and Market Data This Presentation relies on and refers to certain information and statistics based on 23andMe’s management’s estimates, and/or obtained from third party sources which it believes to be reliable. 23andMe has not independently verified the accuracy or completeness of any such third party information.
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3Copyright © 2025 23andMe, Inc. Our mission is to help people access, understand, and benefit from the human genome. 23andMe Customers from Around the World
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4Copyright © 2025 23andMe, Inc. We are building value with two business verticals based on genetics To achieve our three-part mission, we are executing across two different businesses. Personalized Health: genome, exome, lab (blood) work Telehealth & Telepharmacy (Lemonaid Health) Ancestry & DNA Relatives Recurring subscription revenue World’s largest re-contactable genetic and phenotypic data engine Data licensing Target discovery and assessment Research services for pharma Consumer Research
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5Copyright © 2025 23andMe, Inc. They power our consumer-driven healthcare flywheel Our business is powered by our dynamic health data engine, allowing us to run hundreds of billions of association tests per year to build the future of genetics-driven healthcare. Consumer Research Data Partnerships Personalized Health Services Data, Research Partnerships 15M+1 Genotyping + Sequencing Customers Data Insights Insights Insights 4.8B1 >84% of Customers Opt-In to Research Phenotypic Data Points 1 As of January 31, 2025
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6Copyright © 2025 23andMe, Inc. 15M+1 REGENERON ~2M+ MILLION VETERAN PROGRAM 1M OUR FUTURE HEALTH 800,000+ ALL OF US 540,000+ UK BIOBANK 500,000 DECODE GENETICS 500,000 FINNGEN 473,000+ Our unprecedented scale enables impactful, novel, personalized health 1. Genotyped customers as of January 31, 2025. With our growing database, we are uniquely positioned to understand human biology across areas of consumer health and data research unlike any other genetics program globally.
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Consumer Transforming Healthcare with Genetic Health Services at Scale1
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A recent study1 showed that 1 in 25 people have a medically actionable genetic variant2 that is associated with reduced lifespan. 1.https://www.nejm.org/doi/pdf/10.1056/NEJMoa2300792 2.https://www.ncbi.nlm.nih.gov/clinvar/docs/acmg/
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9Copyright © 2025 23andMe, Inc. Genetics plays a role in 8 of the 10 leading causes of death in the US1 1. Heart disease 2. Cancer 3. Accidents (unintentional injuries) 4. COVID-19 5. Stroke (cerebrovascular diseases) 6. Chronic lower respiratory diseases 7. Alzheimer’s disease 8. Diabetes 9. Nephritis, nephrotic syndrome, and nephrosis 10. Chronic liver disease and cirrhosis = Addressed by 23andMe genetic report 1. https://www.cdc.gov/nchs/data/databriefs/db492-tables.pdf#4
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10Copyright © 2025 23andMe, Inc. Risk prediction and prevention can drive better health outcomes 1. Heart disease 2. Cancer 3. Accidents (unintentional injuries) 4. COVID-19 5. Stroke (cerebrovascular diseases) 6. Chronic lower respiratory diseases 7. Alzheimer’s disease 8. Diabetes 9. Nephritis, nephrotic syndrome, and nephrosis 10. Chronic liver disease and cirrhosis 80% preventable1 40% preventable2 80% preventable1 39% preventable (emphysema >90%)3 Up to 40% preventable4 80% preventable5 CKD up to 50% preventable6 90% are preventable7 1. https://www.sciencedaily.com/releases/2019/01/190131084238.htm 2. https://acsjournals.onlinelibrary.wiley.com/doi/10.3322/caac.21440 3. https://www.cdc.gov/mmwr/preview/mmwrhtml/mm6317a1.htm 4. https://www.cdc.gov/aging/publications/features/dementia-risk-reduction-june-2022/ = Addressed by 23andMe genetic report 1. preview/mmwrhtml/mm6317a1.htm 2. https://www.cdc.gov/aging/publications/features/dementia-risk-reduction-june-2022/ 3. https://www.kidney.org/news/newsroom/fsindex 4. https://www.ncbi.nlm.nih.gov/pmc/articles/PMC10131973/pdf/JFMPC-12-419.pdf 5. https://www.ncbi.nlm.nih.gov/pmc/articles/PMC3109209/ 6. https://pubmed.ncbi.nlm.nih.gov/23171953/ 7. https://www.ncbi.nlm.nih.gov/pmc/articles/PMC10131973/pdf/JFMPC-12-419.pdf
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11Copyright © 2025 23andMe, Inc. Today’s health care system only has a 10% impact1 on our health and well being. Health and Well-being Social & Environmental Factors Impact of Different Factors on Risk of Premature Death1 20% Individual Behavior 40% Genetics 30% Health Care 10% 1. Schroeder, SA. (2007). We Can Do Better – Improving the Health of the American People. NEJM. 357:1221-8.
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12Copyright © 2025 23andMe, Inc. 23andMe is helping people identify their genetic risks…and take action Monica, 23andMe Customer Found she had increased risk for Breast and Ovarian Cancer. Robert, 23andMe Customer Found he had increased likelihood of developing Type 2 Diabetes. Kim, 23andMe Customer Found she had an increased likelihood of developing Coronary Artery Disease. Andrew, 23andMe Customer Found he had increased risk for Hereditary Thrombophilia. All stats current as of May 21, 2024 from 23andMe Database. with BRCA1/BRCA2 variant with up to an 85% lifetime risk for breast cancer and increased risk for ovarian and other cancers. 28K+ with higher likelihood of type 2 diabetes. 4M+ with higher likelihood with coronary artery disease. 2.2M+ 1M+ at high genetic health risk for hereditary thrombophilia (harmful blood clots)
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13Copyright © 2025 23andMe, Inc. Eat healthier Set future goals to be healthier Adopt a healthier lifestyle in general Exercise more Get more rest/sleep Stop drinking / drink less Stop smoking / smoke less 55% 51% 50% 45% 42% 16% 7% 76% of customers report taking a positive health action after learning about their genetics1 1. Based on 2019 online survey, designed by 23andMe and M/A/R/C Research, of 1,046 23andMe Health + Ancestry customers.
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14Copyright © 2025 23andMe, Inc. Providing a meaningful, engaging and fun experience. Our success is driven by strong engagement and trust 84% US customers consent to research 12K research surveys completed daily 4.8B phenotypic data points 275+ published research papers 8.9M genotyped customers logged-in in 2024 48% of pre-2020 customers logged-in in 2024 All stats current as of May 21, 2024
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15Copyright © 2025 23andMe, Inc. We have a genetic service for every type of customer Ancestry Service Health + Ancestry 23andMe+ Premium™ 23andMe+ Total Health™ Memberships
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16Copyright © 2025 23andMe, Inc. Turning personalized health learnings into actionable insights Pharmacogenetics Carrier Status Wellness 2Health Predispositions 1 30+ reports including: 10 reports including: 40+ reports including: 6 reports including: Type 2 Diabetes (Powered by 23andMe Research) Coronary Artery Disease Uterine Fibroids Migraine MUTYH-Associated Polyposis BRCA1/BRCA2 (selected variants) Muscle Composition Genetic Weight Alcohol Flush Reaction Saturated Fat and Weight Sleep Movement Dog & Cat Allergies Cystic Fibrosis Sickle Cell Anemia Familial Hyperinsulinism (ABCC8-Related) Tay-Sachs Disease Glycogen Storage Disease (Type 1a) SLCO1B1 Drug Transport e.g., simvastatin CYP2C19 Drug Metabolism e.g., citalopram and clopidogrel DPYD Drug Metabolism 1. Includes FDA Authorized Genetic Health Risk Reports and Wellness Reports for Genetic Likelihood Powered by 23andMe Research. 2. Wellness information does not require FDA Authorization. 9 FDA Authorizations23andMe Personal Genetic Services
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17Copyright © 2025 23andMe, Inc. With a growing menu of options We offer direct access to care with Lemonaid Health Telehealth Services Cold Sores Genital Herpes Sinus Infection Primary Care Complete AND MORE Acne Dark Spots STD Test A1C Blood Sugar Test Cholesterol Test Blood Type Test Mental Health Men’s Health Women’s Health General Health Skin Testing Anxiety Depression Insomnia Seasonal Affective Disorder Erectile Dysfunction Premature Ejaculation Hair Loss Birth Control Morning-After Pill UTI Hot Flashes
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18Copyright © 2025 23andMe, Inc. Lemonaid Health is now offering access to the popular GLP-1 drugs to consumers in x number of states via an ongoing monthly membership. Despite industry-wide shortages, Lemonaid has secured a reliable supply via brand name stock of Ozempic® and Wegovy®, as well as an FDA approved compounded semaglutide. Owing to both supply and the convenience of telehealth appointments, the drugs are being marketed across the funnel in a new campaign: “Less weight. Less wait.” GLP-1: drop weight without so much wait A once-weekly injectable GLP-1 medication. Same active ingredient as Ozempic® and Wegovy®. A once-weekly injectable GLP-1 that is indicated for the treatment of Type 2 Diabetes. A once-weekly injectable GLP-1 indicated for the treatment of overweight and obesity. Compounded semaglutide Ozempic® Wegovy® A healthcare provider may prescribe a compounded drug if determined that it is medically appropriate. Compounded semaglutide is not approved or evaluated for safety, efficacy, or quality by the FDA. Wegovy® is FDA-approved for weight loss. *Ozempic® is FDA-approved for type 2 diabetes treatment but may be prescribed off-label for weight loss at a provider’s discretion and professional judgement. New Available states as of Jan 2025 AZ, CA, CO, CT, DE, FL, GA, IA ID, IL, IN, KS, KY, MA, MD, ME, MI, MN, MO, MT, NC, ND, NE, NJ, NM, NV, NY, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VA, VT, WA, WI, WV, WY
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19Copyright © 2025 23andMe, Inc. 23andMe helps consumers take a proactive approach to their health 23andMe Reactive - no customization until symptomatic Proactive - truly individualized from the beginning Practice of Medicine Today
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20Copyright © 2025 23andMe, Inc. Giving everyone the opportunity to change their health trajectory Unhealthy lifestyle A regression of lifestyle would lead to a Type 2 diabetes risk 36% by age 60 Healthy lifestyle Lifestyle changes can reduce Type 2 diabetes risk to 22% by age 60 Current lifestyle Continuing with existing lifestyle results in a Type 2 diabetes risk 29% by age 60 23andMe White Paper: Health Tracks: Time to Event Modeling of Common Conditions Using Polygenic Scores and Lifestyle Factors. https://permalinks.23andme.com/pdf/23_24-HealthTracksMethodology.pdf Tracy 23andMe Customer Discovered she has a higher genetic likelihood for developing Type 2 Diabetes. “I can’t change the DNA but I can change what I do on a daily basis to help mitigate that.”
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21Copyright © 2025 23andMe, Inc. We are prioritizing membership revenue growth • Prioritizing growth in sustainable, recurring revenue business • Building out value-add features and products • Launched Health Action PlanTM, Health TracksTM and 23andMe+ Total HealthTM • FY 2024 PGS revenue of $168M with subscription revenue of $20M $10.0 $0
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22Copyright © 2025 23andMe, Inc. Improving margins and driving toward profitability • Steadily improving gross margin despite seasonality • Margin tailwinds from increasing subscription revenue, price optimization and improving per-unit costs • Strong new product uptake would further positively impact consolidated GM over time
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23Copyright © 2025 23andMe, Inc. We are delivering a healthier future, and we are just getting started All of our current services and support New Telehealth and Pharmacy services AI integration into health tracking tools Precision Prescribing Using Pharmacogenetics Long-term Engagement All connected within a single technology platform. The future is…
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2 Research Providing Unique Value and Insights for Research Partners
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25Copyright © 2025 23andMe, Inc. A large biobank with existing genotype and phenotype data 9m+ Research Participants with ILD* data sharing consent 5m+ Biobanked samples with ILD data sharing consent and existing survey data 15m+ Genotyped customers 84% US customers consent to research >150 Separate surveys representing >10k questions >90m Survey completions >438k Individuals contributing wearable data >730k Cognitive tests administered The 23andMe Research Cohort Large recontactable cohorts across multiple disease areas1 3m+ customers with non-European ancestry BMI / Obesity 5.4M / 1.9M Asthma 1.2M T1D / T2D 41k / 413k Cardiovascular CAD Heart attack Arrhythmia 185k 127K 604k Osteoarthritis 832k Solid Tumors Basal Cell Melanoma Breast Colorectal > 1M 409k 133k 128k 26k Parkinson’s 34k Hepatic NASH Cirrhosis 31k 19k Retinal Diseases AMD Glaucoma 115k 198k Rare Diseases Sarcoidosis IPF 10k 4.3k 1 Numbers represent the number of research participants with the condition indicated as of 2024 *Individual Level Data 10,900,00 0 European 1,950,000 Latino 730,000 African America n550,000 East Asian 160,000 South Asian>800,000 Other 56% Female 44% Male 47 Median Age
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26Copyright © 2025 23andMe, Inc. Apple HealthKit Claims and EHR data 23andMe is pursuing multiple approaches to integrate Claims and EHR data into our existing data ecosystem. Privacy Preserving Record Linkage Developing 23andMe consumer features that integrate EHR data ● Medication usage and side effects (launched) ● Lab values and vital signs (early-2025) ● Targeted research engagement features (mid-2025) ● EHRs in health risk predictions (~late 2025) ● Privacy-preserving record linkage (PPRL) is a means of connecting records across datasets while maintaining the individuals’ privacy. ● Token overlap between 23andMe and external data sources identifies 9m+ individuals with available Claims or EHR data ● 23andMe and external data linkage enabled in a Trusted Research Environment (TRE) ~500k Customers contributing passive wearable data via Apple HealthKit >20k Customers have connected EHRs via Apple HealthKit 5M+ 23andMe Customers with both Claims and EHR data 150M US EHR Patients 450M US Claims Patients 9M+ Customers with Claims data
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27Copyright © 2025 23andMe, Inc. Re-contactable customers participate in health research • Research participants can be recontacted on the basis of phenotype or genetics for additional data or biosample collection. • Example: Working with a mobile phlebotomist, we obtained blood draws from >60 human knockouts with a rare loss of function variant • Applied clinical lab testing for lipids, liver function, kidney function, glucose levels, heart function, and CBC counts Geographic distribution of participants
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28Copyright © 2025 23andMe, Inc. A new paradigm for 23andMe research: 2017 Mid-2023 Late-2023 Future Exclusive drug discovery and development collaboration with GlaxoSmithKline (GSK) ● $25-50M annual contract fee ● Co-development of targets ● Over 50 targets discovered ● Limited 23andMe control of costs ● Resource intensive ● Difficult to forecast due to cost sharing Non-exclusive research collaborations ● Database access, focused target discovery, portfolio optimization ● Full 23andMe control of costs ● Deal specific resource scaling ● Higher margin ● Easy to forecast ● Ex: GSK -$20M/yr database access
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29Copyright © 2025 23andMe, Inc. Multiple types of collaborations and partnerships Potential Deal Types Data Access Target Discovery Portfolio Optimization Target Partners Pharma / Biotech Pharma / Biotech Pharma / Biotech ● Annual access fee scaled to the size of data needed ● Example: GSK paying $20M for 6th year of access ● Multiple targets in a therapeutic area ● Upfronts ● Royalties ● Milestones ● Portfolio screening ● Indication validation ● Patient population optimization Capabilities and Structure
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30Copyright © 2025 23andMe, Inc. Breadth of phenotyping provides deeper genetic understanding beyond single diseases Rare disease A AsthmaApproved drug Failed 3rd party clinical trial2 Potential new indication Our insights can increase development efficiency and chances of clinical success Drugs with human genetic support are more likely to succeed1 1Nelson et al., 2015 (Nature Genetics); King et al., 2019 (PLOS Genetics). 2https://www.astrazeneca.com/content/dam/az/PDF/2017/Q3/Year-to-date_and_Q3_2017_Results_Announcement.pdf
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31Copyright © 2025 23andMe, Inc. Genetics for indication expansion We identified a novel association for IL-18, a protein that plays a key role in immune response Objective Use genetics to validate and optimize existing research programs, including identifying new indications and out-licensing opportunities Immunology Approach Large pharma client worked with 23andMe’s scientific team to conduct gene mapping that identifies target-indication pairs with best chances of clinical success Impact Based off a novel genetic association between IL-18 and atopic dermatitis, the drug was re-targeted for this skin condition in new clinical studies
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32Copyright © 2025 23andMe, Inc. Partner with 23andMe to access data products of unparallelled scale Insights23 Collaborate with 23andMe’s scientific team to uncover genetic insights. Prioritize and validate an existing target portfolio Optimize portfolio decision making based on human genetics evidence. Select the optimal indications for your drug Explore early safety signals 23andMe provides a set of human-readable reports that outline conclusions and confidence to facilitate decision making. Discover23 Explore genome-wide association studies (GWAS) on 1000+ disease and condition cohorts, adding genetic evidence to your R&D programs. ● Access genetic associations from millions of participants using state-of-the-art algorithms ● Securely access and integrate proprietary and public datasets through a Trusted Research Environment Cohort deep dive Deep exploration of a particular cohort based on disease, family history, location, sex, age, ancestry, etc. Data collection options include surveys, genetic sequencing, omics, biomarker collection, etc. Analyses options include defining subpopulations, performing custom GWAS and interpretation, generating polygenic risk scores, or other custom analyses. Individual-level data cohort 23andMe is seeking Founder Partners to build an unparalleled data resource for biomedical research. Founder Partners gain access to the 23andMe dataset and can prioritize sample selection for sequencing. Goal to finalize Founder Partner list by EoY 2025. ● Access to existing data could start this year. To learn more about our Discover23 and Insights23 solutions, please visit partner.23andme.com
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33Copyright © 2025 23andMe, Inc. With the power of data from our research cohort, 23andMe has the potential to realize the benefits of AI in health and genetics AI/ML expertise AI technologies, models for health and pharma Large-scale, relevant, unique data We are investing in AI to drive the next wave of insights and value-creation for our customers and partners
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34Copyright © 2025 23andMe, Inc. Advances in AI methods can now handle the scale of our data AI Data Capabilities Evolution ~1M genotyped SNPs x ~100s Phenotypic labels x ~10M Individuals ~100M imputed SNPs x ~100s Phenotypic labels x ~10M Individuals 23andMe data today *number of tokens estimated from primary papers, press-releases, and other public information 2023+ The next 5-10 years: Genetic & Phenotypic data + Wearables + Omics → (truly) predictive models of health and disease
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35Copyright © 2025 23andMe, Inc. Foundational pillars of our AI strategy will support future innovation Health events models Wearable models Health Prediction: Health language models Biological insights: Genome language models Health trajectories and recommendations Disease causality and therapeutic insights Protein language model DNA language model
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4 Financials
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37Copyright © 2025 23andMe, Inc. Solving for fiscally responsible future growth Investing in future growth potential ● Subscription Services ● New reports and insights ● Research partnerships ● Therapeutics Employing a conservative approach to planning ● Prioritizing the minimization of Adjusted EBITDA deficit rather than maximizing top-line growth in our Consumer business (PGS and telehealth). Investing in future growth potential ● Cash of $216 million1 supports 23andMe’s plans for targeted investment in high ROI growth initiatives. 1 2 3 1 As of March 31, 2024.
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38Copyright © 2025 23andMe, Inc. Revenue composition Three Months Ended December 31, Year Ended March 31, FY2025 FY2024 FY2024 (in $M, except percentages) Amount Percentage of Revenue Amount Percentage of Revenue Amount Percentage of Revenue Consumer Services $40 66% $43 96% $202 92% Research Services 21 34% 2 4% 17 8% Therapeutics - - - - - Total Revenue $60 100% $45 100% $220 100%
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39Copyright © 2025 23andMe, Inc. Consumer services revenue seasonality by fiscal quarter Q1 Q2 Q3 Q4 Full Year FY 2020 24% 24% 21% 31% 100% FY 2021 18% 21% 22% 39% 100% FY 2022 22% 20% 21% 38% 100% FY 2023 22% 25% 22% 31% 100% FY 2024 28% 23% 20% 29% 100% Note: Fiscal year ends March 31.
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40Copyright © 2025 23andMe, Inc. Upcoming value drivers and catalysts Consumer Research New product development, improved subscription value delivery, upgrades and cross-selling health services Continued customer LTV and margin improvement Progress toward adjusted EBITDA breakeven Research collaborations New GWAS Imputation and AI-driven innovations
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41Copyright © 2025 23andMe, Inc.