NEW YORK – Sophia Genetics said Tuesday before the opening of the market that its 2023 first quarter revenues increased 28 percent to nearly $14.0 million from $10.9 million a year earlier, narrowly beating analysts' average estimate of $13.9 million.
On a constant currency basis, revenues grew 34 percent, while constant currency revenue growth excluding COVID-19-related revenue was 37 percent.
The Swiss-American bioinformatics company said that analyses performed on its flagship Data Driven Medicine (DDM) data analysis platform grew 18 percent year over year in Q1 to 77,819 from 65,694, with growth in core analysis volume more than offsetting a decline in COVID-19-related analysis volume. Excluding COVID-19, platform analyses were up 25 percent from Q1 2022.
Sophia's net loss for the first quarter narrowed to $19.7 million, or $.31 per share, from $25.5 million, or $.40 per share, in the same period a year earlier. Wall Street analysts, on average, had expected a loss of $.32 per share.
The firm's R&D spending in the quarter edged down 2 percent to $9.3 million from $9.5 million, while SG&A costs declined 12 percent to $19.7 million from $22.2 million.
Sophia had $160.8 million in cash and cash equivalents on March 31.
The firm reiterated earlier guidance of no less than 30 percent revenue growth for 2023, and between 30 percent and 35 percent revenue growth at constant currency and excluding COVID-19 revenue. That equates to expected full-year revenues of $59.3 million or more. Sophia also said once again that it would narrow its operating loss this year.
Sophia shares were up less than 2 percent to $4.84 in morning trading on the Nasdaq Tuesday.