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Genetic testing and biotechnology company 23andMe is facing numerous challenges, including over 30 lawsuits following a data breach that exposed personal information from approximately seven million customer profiles.

Despite its diverse business segments encompassing genetic testing, data analysis, and pharmaceutical development, the company finds itself in a precarious position, risking delisting from the Nasdaq due to its declining stock value.

23andMe Remains Optimistic

The company's revenue for the fiscal third quarter saw a significant decrease of 33% compared to the previous year, attributing this decline to reduced sales of genetic testing kits and a reduction in research revenue following the expiration of its exclusive collaboration with pharmaceutical giant GlaxoSmithKline, according to Wired.

In her interview with Wired, 23andMe's CEO, Anne Wojcicki, acknowledged the company's challenges but remained optimistic about its future trajectory.

In an effort to achieve profitability and bolster its offerings, 23andMe introduced a new subscription service called Total Health, priced at $1,200 per year.

This service aims to provide comprehensive genomic healthcare, integrating genetic information into personalized healthcare plans. Despite its relatively high cost, Wojcicki believes the service appeals to proactive individuals interested in managing their health and mitigating genetic risks.

This strategic shift reflects 23andMe's evolution from a mere genetic testing provider to a comprehensive healthcare company, focusing on preventive care and leveraging genomic data to enhance patient outcomes.

Wojcicki emphasized the importance of accessibility to quality healthcare and sees telemedicine as a key component in empowering individuals to take control of their health.

Data Security Concerns of 23andMe

Regarding data security concerns stemming from last year's breach, 23andMe has implemented two-factor authentication and password reset measures to safeguard customer information. Data privacy and security remain top priorities for the company despite ongoing litigation related to the breach.

"We're 17 years old, data privacy and security has always been a really high priority and remains a high priority for the company and something that we are going to invest even more into," Wojcicki said.