(Bloomberg) -- DNA testing firm 23andMe Holding Co. reported fourth-quarter revenue that beat Wall Street estimates on Thursday even as the firm’s sales were well below the same period last year. 

The company reported total revenue of $64 million, above the $56 million analysts expected. 

The company’s board has formed a special committee to review strategic alternatives, including an offer from Chief Executive Officer Anne Wojcicki to buy all the outstanding shares she does not own. 

Shares jumped as 28% in after-hours trading before paring gains to 5%. Through Thursday’s close, its shares had dropped 44% this year. 

Read More: 23andMe’s Fall Exposes DNA Testing as More Gimmick Than Remedy

On a call with investors, Wojcicki said recent events “necessitated a significant change in the strategic direction of the company.” The company has refocused on its “highest value programs” in therapeutics and prioritized “higher margin services” among its consumer membership programs, she said.

Wojcicki also emphasized the firm’s efforts to add membership revenue, which she said grew in the most recent quarter by 41% year over year to $20 million.

23andMe’s stock has traded below the $1 Nasdaq minimum since late last year, with the clock is ticking to regain compliance. Earlier this month, the company was granted an extension, giving it until November to raise its share price. 

Sales of consumer testing kits have slowed and the company’s subscription business, which offers more analysis, has not done as well as expected. 23andMe’s drug development business is a bright spot, analysts say, with two of its own drugs currently in clinical trials. But drug development is a long, slow business with no guarantees of ever paying off. 

When 23andMe went public in 2021 via a merger with a special purpose acquisition company founded by billionaire Virgin Group founder Richard Branson, it was valued at $3.5 billion. Since then the shares have lost more than 95% of their value. 

Wojcicki has floated several strategies for reviving the company. In February, she told Bloomberg she was weighing whether to split the company’s drug-development business from its consumer spit kit business. In April, she said she was considering taking the company private, telling board members she was proposing to acquire the company, according to a filing.

Since the company is reviewing strategic alternatives, it did not provide guidance for the next fiscal year.

(Updates with additional details, CEO comment from the third paragraph.)

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