Struggling 23andMe Soars 15%+ Intraday on Fiscal Q4 Revenue Beat

ME rose as much as 16.7% to 59.48 cents per share, although the stock later retreated to 55.39 cents shortly before noon ET, ahead 8.7% on the day.

Shares gained ground after the firm reported Thursday after the bell that it lost 43 cents per share on $64 million in revenue in the three months ended March 31.

The company's revenues beat analyst expectations of $61.5 million, although there was no immediate word on what analysts had expected in the way of earnings or loss per share.

However, 23andMe's latest results represented a worsening picture from the $0.14 per share loss on $92.4 million of revenues that the company reported in the same period last year.

ME announced in March that its board had formed a special committee to review strategic alternatives to maximize shareholder value.

The firm also disclosed in April that CEO and co-founder Anne Wojcicki, who's also the board chair, is weighing whether to make an offer to buy all ME shares that she doesn't already own.

Meanwhile, the company announced earlier this month that the Nasdaq has given 23andMe more time to bring its share price above $1 to comply with the exchange's rule covering minimum stock price. The firm now has until Nov. 4 to get its price above $1 or face delisting.

ME offers consumers a popular mail-in tool to test their genetics and learn about their ancestry.

The company went public via a merger with VG Acquisition Corp. -- a special purpose acquisition company backed by billionaire Richard Branson -- during the 2021 SPAC craze.

VG shares popped 34.8% to peak at $18.16 intraday on Feb. 4, 2021, following word of the deal, but would never see that level again.

Shares fell to $10.99 by the time the merger closed in June 2021, then initially popped 21% on their first trading day following the deal's closure before quickly resuming their slide.

Even with Friday's rally, ME is down some 97% from VG's peak price on the day it announced plans to take 23andMe public.