NEW YORK – SomaLogic on Wednesday raised its full-year 2023 revenue guidance to between $82 million and $85 million from a previous guidance of $80 million to $84 million on strong core revenue growth during the third quarter.
For the three months ended Sept. 30, SomaLogic reported total revenues of $22.0 million, down from $41.7 million a year ago but beating the analysts' average estimate of $20.5 million.
Excluding a $21.2 million royalty payment from New England Biolabs in the year-ago quarter, revenues were up 14 percent year over year from $20.5 million.
Service revenue was up 2 percent year over year at $17.9 million compared to $17.6 million. Product revenue was $3.4 million, up more than threefold from $1.1 million a year ago. Collaboration revenue was flat at $763,000.
SomaLogic's net loss during Q3 was $22.2 million, or $.12 per share, compared to a net loss of $33.0 million, or $.18 per share, in the year-ago quarter, beating the analysts' average estimate of $.17 loss per share.
The company's R&D expenses were nearly halved to $10.5 million from $19.4 million a year ago. Its SG&A expenses were more than halved to $23.9 million from $49.5 million in Q3 2021.
SomaLogic ended the quarter with $305.6 million in cash and cash equivalents, and $148.2 million in investments.