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Sophia Genetics Posts 12 Percent Increase in Q3 Revenues

NEW YORK — Sophia Genetics on Tuesday reported a nearly 12 percent increase in revenues for the third quarter as currency weakness and lower COVID-19-associated revenues impacted growth.

For the three-month period ended Sept. 30, Sophia's revenues were $11.6 million compared with $10.4 million in the year-ago quarter. On a constant currency basis, revenues grew 30 percent, while constant currency revenue growth excluding COVID-19-related revenue was 40 percent.

Sophia said that analyses performed on its flagship Data Driven Medicine data-analysis platform were flat in the third quarter at 61,935, which resulted from a decline in COVID-19-related analysis volume offsetting growth in core analysis volume. Excluding COVID-19-related volumes, platform analyses were up 11 percent year over year.

The Swiss company noted that it does not intend to continue development of its COVID-19 offerings, which include a next-generation sequencing assay for SARS-CoV-2, as the pandemic transitions into a more endemic phase and as customer demand continues to decline.

Sophia's net loss for the third quarter increased to $23.3 million, or $.36 per share, from $21.2 million, or $.35 per share, in the same period a year earlier.

Its R&D spending in the quarter jumped 31 percent to $10.1 million from $7.7 million, while SG&A costs edged up 7 percent to $20.7 million from $19.4 million.

At the end of September, Sophia — which raised $234 million in an initial public offering in mid-2021 — had cash and cash equivalents totaling $157.8 million.

Citing movements in foreign exchange rates between the company's key transactional currencies, Sophia said that it is expecting revenues for the full-year 2022 to be in the low end of its previously provided range of $47.0 million to $49.5 million.

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