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Sophia Genetics Q3 Revenues Increase 44 Percent

NEW YORK – Sophia Genetics said Wednesday before the opening of the market that its third quarter revenues grew 44 percent to $10.4 million from $7.2 million in the same period of 2020, when the company was privately held. The growth was driven by increased sales of the firm's bioinformatics platform.

In a conference call following the release of the results, founder and CEO Jurgi Camblong said that the company recently landed new business from City of Hope National Medical Center near Los Angeles, Institut Gustave Roussy just outside Paris, and biopharma customers including AstraZeneca. Revenue from the Sophia technology platform increased to $10.2 million from $6.8 million in Q3, a year-over-year gain of 50 percent, while sales of workflow equipment and services dipped by 50 percent, to $208,000 from $418,000.

CFO Ross Muken said that Q3 revenues were impacted by new customers as well as by improved usage rates by existing customers, particularly in North America. Average revenue per customer grew to $89,000 in Q3 from $67,000 during the year-ago period.

For the three months ended Sept. 30, net loss more than doubled to $21.2 million, or $.35 per share, from $10.5 million, or $.24 per share, in Q3 2020.

R&D expenses totaled nearly $7.7 million for the third quarter, up 54 percent from $5 million in Q3 2020. Sophia reported SG&A costs of $19.4 million, more than double the prior year's $8.7 million.

As of Sept. 30, Sophia, which is based in Saint-Sulpice, Switzerland, and Boston, had $210 million in cash and equivalents and $70.6 million in term deposits and short-term investments.

The firm executed an initial public offering in July that grossed $234 million and netted $217 million.

Sophia increased its guidance for the full year. The company now expects full-year revenues to top $40 million, representing a 41 percent increase from 2020.

Camblong said that Sophia has now firmed up an alliance with GE Healthcare. The companies in July signed a letter of intent to codevelop new artificial intelligence-driven analytics and workflow technologies for oncology to improve the matching of treatments based on the cancer type and genomic profile of patients. 

Initially, Sophia and GE Healthcare will be collaborating on infrastructure to integrate data between GE’s Edison platform and Sophia's core DDM platform. They will also be recruiting pilot sites for the technology in the areas of digital oncology and radiogenomic analysis.

Camblong said that the company will pursue additional alliances because they offer the opportunity to accelerate growth.

Muken added that most of the new partnerships will be getting off the ground in the fourth quarter and in early 2022.

Lara Hashimoto, senior VP and chief business officer, said that the company expects to introduce clinical decision support technology early next year comprising its existing OncoPortal as well as new reporting tools.

In morning trading on the Nasdaq, Sophia Genetics shares were down 2 percent to $14.82.

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