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SomaLogic Inks Partnership for Testing in UAE, Firm's Q2 Revenues Down 29 Percent

NEW YORK – SomaLogic said on Monday that it has initiated a partnership with Mubadala Health to deploy SomaSignal tests in clinics in the United Arab Emirates.

In a statement announcing its second quarter 2022 financial results, the firm noted that the agreement "represents the first international healthcare system to be part of the SomaSignal Proteomics for Precision Medicine Initiative, a large-scale, clinically focused partnership effort aimed at equipping healthcare providers with the power of proteomic technology to inform decisions at the point of care." Financial and other details of the partnership were not disclosed.

For the three months ended June 30, the Boulder, Colorado-based company posted revenues of $14.1 million, down 29 percent from $19.8 million in the year-ago period, missing the consensus Wall Street estimate of $24.8 million. The firm attributed the miss to a decrease in sample volumes and lower royalty revenue as a function of decreased COVID research funding.

Assay services revenue was $10.9 million, down from $16.2 million in Q2 2021. Product revenue was $714,000 compared to $462,000 in Q2 2021. Collaboration revenue was flat at $762,000. Other revenues fell to $1.7 million from $2.3 million a year ago.

SomaLogic's net loss during the quarter was $23.0 million, or $.13 per share, compared to a net loss of $13.3 million, or $.12 per share, in Q2 2021, beating the consensus Wall Street estimate of $.18 per share loss. The firm used approximately 183.1 million weighted-average shares to calculate per-share loss for the recently completed quarter compared to about 114.9 million weighted-average shares in the year-ago period.

The company's R&D expenses more than doubled to $17.6 million from $8.6 million a year ago. Its SG&A expenses were $36.8 million, more than double the $14.8 million reported a year ago.

SomaLogic ended the quarter with $418.2 million in cash and cash equivalents and $200.9 million in investments.

SomaLogic lowered its guidance for full-year 2022 revenues to between $80.0 and $90.0 million. The firm had previously expected revenues in the range of $105 million to $110 million.

In after-hours trading on the Nasdaq, SomaLogic shares were down 16 percent at $3.48.

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