CHICAGO – Sophia Genetics said Tuesday before the opening of the market that it is now expecting 2022 revenues of $47 million to $49.5 million, less than its previously stated range of $51.5 million to $54.0 million.
The Saint-Sulpice, Switzerland- and Boston-based company pinned the reduction on weakness of currencies including the euro, the Swiss franc, and the Turkish lira against the US dollar.
Revenues for the second quarter increased nearly 15 percent year on year to $11.7 million from $10.2 million.
The firm reported a Q2 net loss of $24.7 million, or $.39 per share, compared to the year-earlier net loss of $18.4 million, or $.38 per share.
R&D spending in three months ended June 30 was up 41 percent to $9.0 million from $6.4 million in Q2 2021. SG&A costs grew 64 percent to $22.9 million from $14 million year on year.
As of June 30, Sophia had $178.9 million in cash and equivalents and $37.7 million in term deposits. In a conference call Tuesday, CFO Ross Muken said this cash will support operations for several years as the company moves toward profitability.
The firm executed an initial public offering in July 2021 that grossed $234 million and netted $217 million.
Sophia performed 65,889 analyses on its flagship Data Driven Medicine (DDM) platform during Q2, compared to 62,837 analyses in the same period of 2021.
Cofounder and CEO Jurgi Camblong reiterated during the call that Sophia plans to deploy CarePath, a multimodal analysis module for the DDM platform that represents the firm's first foray into clinical decision support, before the end of the year. Sophia introduced CarePath at the JP Morgan Healthcare Conference in January.
Sophia received CE-IVD marking for two analytics applications of DDM in June. The firm previously earned CE marks for its Hereditary Cancer Solution, for genetic testing of familial Mediterranean fever and hypercholesterolemia, and for its next-generation sequencing bioinformatics pipeline.
Also in June, the company expanded its partnership with GE Healthcare by agreeing to add GE's Imaging Fabric Core and Imaging Fabric Annotation Template — part of that firm's Edison digital health platform — to an ongoing collaboration. They will include the technologies in their DEEP-Lung-IV clinical study by using Imaging Fabric to visualize, segment, and annotate lung lesions to accelerate radiomics analytics workflows.