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Sophia Genetics Q2 Revenue Grows 29 Percent as Analysis Volume Takes Off

NEW YORK – Sophia Genetics said Tuesday before market opening that its second quarter revenues increased 29 percent, driven by a boost in analyses performed.

For the three months ended June 30, the firm booked nearly $15.1 million in revenues, up from $11.7 million a year earlier but falling just short of analysts' average estimate of $15.2 million.

On a constant currency basis, revenues grew 27 percent, while constant currency revenue growth excluding COVID-19-related revenue was 30 percent.

The Swiss-American bioinformatics company said that analyses performed on its flagship Data Driven Medicine (DDM) platform grew 18 percent year over year in Q2 to 78,146 from 66,165, with growth in core analysis volume partially offsetting a decline in COVID-19-related analysis volume. Excluding COVID-19, platform analyses were up 27 percent from Q2 2022.

Sophia's net loss for the second quarter narrowed to $21.4 million, or $.33 per share, from $24.7 million, or $.39 per share, in the same period a year earlier. Wall Street analysts, on average, had expected a loss of $.31 per share.

R&D spending in the quarter declined 1 percent to $8.9 million from $9.0 million, while SG&A costs declined 8 percent to $21.1 million from $22.9 million.

Sophia had $148.6 million in cash and cash equivalents on June 30.

The company 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.

The company announced Tuesday that it had added Peter MacCallum Cancer Center in Australia and Tulane University School of Medicine in the US to its customer roll.

During the recently completed quarter, the company joined CancerX, a public-private partnership to accelerate the pace of cancer research in the US, as a founding member. CancerX was announced by the White House earlier this year as part of an expansion of the national Cancer Moonshot initiative. 

Sophia shares were up about 1 percent to $3.40 in morning trading on the Nasdaq Tuesday.