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Troubled genomics and biotech company 23andMe is moving into one of the hottest areas in health care: the market for weight-loss pills.

The company plans to launch a weight loss membership program on its telemedicine platform Lemonaid by the end of the month, according to a press release issued Thursday. Users will be able to get brand-name or combination formulations of semaglutide, the active ingredient in Novo Nordisk's blockbuster weight loss drug. 23andMe also plans to launch a new genetic study focusing on current popular diabetes and weight loss drugs to identify gene variants associated with weight loss and side effects.

Entering the hot GLP-1 drug market is a new strategy for 23andMe, Inc. aimed at boosting its stock price and sales.

The news came as 23andMe reported first-quarter revenue that fell short of expectations. 23andMe's revenue for the quarter was $40 million, well below analysts' expectations of $52.1 million.

The company's shares have lost nearly 60% of their value this year as demand for DNA testing has slowed, closing at $0.3729 on Thursday.

23andMe was valued at $3.5 billion when it agreed to go public in 2021, but its stock price has been underperforming, staying below the $1 minimum required by Nasdaq for nearly a year. 23andMe must raise its stock price by November to stay compliant and remain listed.

23andMe recently pivoted to a subscription-based product in hopes of generating repeat business for its consumer business, but the approach has yet to generate the sign-up numbers the company initially expected.

The announcement comes days after 23andMe rejected a proposal from Chief Executive Anne Wojcicki to take the company private, offering to buy outstanding shares for 40 cents apiece. An independent committee said in a letter that it was “disappointed” with the proposal because it did not offer a premium over the stock price and lacked financing commitments.