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Sophia Genetics Q1 Revenues Increase 21 Percent

NEW YORK – Sophia Genetics said Tuesday before the opening of the market that its revenue for the first quarter grew 21 percent year over year.

For the three months ended March 31, the company recorded $10.9 million in revenues, up from $9.0 million in Q1 of 2021.

During the quarter, 65,404 analyses were performed on the firm's platform, up 23 percent from 53,078 in the same period a year earlier. Sophia said that it had 384 recurring customers for its platform at the end of Q1, up from 345 in the same quarter in 2021.

Most of the growth came from North America, CEO Jurgi Camblong said in a conference call to discuss the quarterly results. He said that sales volume nearly doubled in the US during Q1, noting specifically that Moffitt Cancer Center has nearly tripled its analytics volume.

The Saint-Sulpice, Switzerland- and Boston-based company reported a Q1 net loss of $25.5 million, or $.40 per share, more than double the year-earlier net loss of $12.7 million, or $.26 per share. Adjusted net loss for the quarter was $21.5 million, or $.34 per share.

Company management partially blamed foreign currency weakness against the US dollar for the bigger loss.

R&D spending in the first quarter was up 53 percent to $9.5 million from $6.2 million, while SG&A costs grew 64 percent to $22.2 million from $13.5 million year on year.

As of March 31, Sophia had $183.0 million in cash and equivalents and $60.1 million in term deposits. CFO Ross Muken said that the cash on hand is adequate to last into 2024, and possibly longer. "We feel quite confident on the level of cash burn," he said.

The company continues to expect 30 percent to 35 percent revenue growth in 2022 at constant exchange rates and "remains comfortable" with the low end of its previous revenue guidance of $51.5 million to $54.0 million.

In morning trading on the Nasdaq, Sophia Genetics' shares were up 1 percent at $5.49.

The firm went public in a July 2021 initial public offering that grossed $234 million and netted $217 million.