Their financial reports consistently paint approximately 50% gross profit (revenue - cost of revenue). However, their R&D burn is enormous. Sales, marketing, ge

Their financial reports consistently paint approximately 50% gross profit (revenue - cost of revenue). However, their R&D burn is enormous. Sales, marketing, general and admin costs are approximately equal to their gross profits. In an alternate reality, you probably could have structured 23andme into a company making modest net profit. But that would not have matched the 6 billion price valuation either. And it's quite likely that a substantial part of the R&D burn was because they recognized the limitations of their core product. https://investors.23andme.com/news-releases/news-release-details/23andme-reports-fy2023-fourth-quarter-and-full-year-financial https://investors.23andme.com/news-releases/news-release-det...