NEW YORK – Sophia Genetics reported on Tuesday a 4 percent year-over-year revenue gain for both the fourth quarter of 2024 and for the full year.
The Swiss-American bioinformatics company finished the three months ended Dec. 31 with $17.7 million in revenues compared to $17 million for the same quarter in 2023 and in line with analysts' average estimate.
Sophia's Q4 R&D spending dropped 6 percent to $9.1 million from $9.8 million a year ago, while its SG&A costs fell approximately 3 percent to $20.6 million from $21.3 million.
The firm narrowed its fourth quarter net loss to $15.2 million, or $.23 per share, from $24.1 million, or $0.37 per share, in the same quarter a year ago.
Sophia reported $65.2 million in total revenues for 2024, up 4 percent from $62.4 million in 2023.
The firm attributed Q4 and full-year growth to expanded adoption and usage of its Sophia DDM biomedical informatics platform, and to the addition of new customers.
The company performed a record 352,000 analyses over the year, an 11 percent year-over-year rise in volume growth. It also signed 92 new customers in 2024, including 31 in Q4, who will begin implementing Sophia DDM, generating revenue for the company over the next year. New customers spanned multiple geographies, including M42 in the United Arab Emirates, Fundación Jiménez Díaz in Spain, and Mount Sinai in the US.
"We continued driving widespread adoption of Sophia DDM in 2024, achieving a record number of analyses, major new customers wins, and healthy volume growth during the year, despite biopharma headwinds which impacted overall performance and resulted in softer revenue growth than we would have liked," Sophia Genetics Cofounder and CEO Jurgi Camblong said in a statement. "We also refueled the company's growth engine in 2024 by launching an exciting suite of new products and signing a record number of new customers, all while making meaningful improvements to both operating expenses and gross margin."
Camblong further noted that catalysts for continued growth throughout 2025 include the new liquid biopsy application MSK ACCESS powered by Sophia DDM, which gained 34 new customers since its launch last year.
The company's full-year R&D spending fell 4 percent to $34.4 million from $37.0 million in 2023, and its SG&A expenses fell 6 percent to $76.4 million from $81.7 million a year earlier.
Sophia's full-year net loss was $62.5 million, or $.95 per share, compared to $79.0 million, or $1.22 per share, in 2023.
Sophia finished the year with $80.3 million in cash and cash equivalents.
The company said it anticipates full-year 2025 revenue within the range of $72 million to $76 million, representing growth of 10 percent to 17 percent over 2024.