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SomaLogic Q1 Revenues Grow 22 Percent

NEW YORK – SomaLogic reported Thursday after the close of the market that its first quarter 2022 revenues grew 22 percent year over year, driven by assay services.

For the three months ended March 31, the Boulder, Colorado-based company posted revenues of $23.0 million, up from $18.9 million in the year-ago period, missing the consensus Wall Street estimate of $23.2 million.

Assay services revenue was $18.8 million, up from $14.6 million in Q1 2021. Product revenue was $453,000, more than double the $193,000 reported in Q1 2021. Collaboration revenue was flat at $763,000.

On a call with investors following the release of results, CFO Shaun Blakeman said that the firm saw "very strong new customer growth and diversification driving our core."

SomaLogic's net loss during the quarter was $4.0 million, or $.02 per share, compared to a net loss of $9.5 million, or $.08 per share, in Q1 2021, beating the consensus Wall Street estimate of a $.16 loss per share. The firm used approximately 182.1 million weighted-average shares to calculate per-share loss for the quarter compared to about 114.5 million weighted-average shares in the year-ago period.

The company's R&D expenses rose to $13.8 million, up 70 percent from $8.1 million a year ago. SG&A expenses were $30.8 million, more than double the $12.8 million reported a year ago.

"This increase in expenses is in line with our expectations as we continue to build out SomaLogic and our technology," Blakeman said.

SomaLogic ended the quarter with $438.1 million in cash and cash equivalents and $209.8 million in short-term investments.

The company maintained its guidance for full-year 2022 revenues in the range of $105 million to $110 million, or between 29 percent and 35 percent growth.

SomaLogic CEO Roy Smythe said on the call that the company is "right on pace" to more than double its commercial team. "At the beginning of last year, we had one individual in [Europe] and no one in [the Asia-Pacific region]. We have hired a number of individuals in both regions. … We have hired a couple of regional leaders, and those regional leaders are now working with us to recruit additional feet on the street in Asia," he said.

"I think as you see a lot of our sales team members, who were added in the latter half of 2021, really start hitting the stride of efficiency, you're going to see those effects most impactfully in Q3 and Q4," said Blakeman.

In September, SomaLogic completed a merger with a special purpose acquisition company in a move that raised $630 million in gross proceeds and took it public.

In Friday morning trading on the Nasdaq, SomaLogic shares were up 19 percent to $5.41.

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