NEW YORK – SomaLogic reported on Monday morning that its Q3 2021 revenues were up 40 percent year over year, driven by an increase in assay service revenues.
For the three months ended Sept. 30, the Boulder, Colorado-based company posted revenues of $20.0 million, up from $14.2 million in the year-ago period.
Service revenue was $17.5 million, up 54 percent from 11.4 million in Q3 2020. Product revenue was $75,000, down 84 percent from $455,000 in Q3 2020. Collaboration revenue was flat at $763,000.
SomaLogic's net loss during Q3 was $41.4 million, or $.55 per share, compared to a net loss of $7.5 million, or $.12 per share, in Q3 2020. The firm used approximately 75.7 million shares to calculate per-share loss for Q3 2021 compared to about 61.1 million shares in the year-ago period.
The company's R&D expenses rose to $15.6 million, up more than twofold from $6.9 million in Q3 2020. SG&A expenses were $20.6 million, up more than twofold from $8.3 million in Q3 2020.
SomaLogic ended the first half of 2021 with $468.7 million in cash and cash equivalents, and $207.0 million in short-term investments.
The company raised its full-year 2021 revenue guidance to between $77 million and $79 million, up from its previous guidance of $66.7 million.
In September, the company listed on the Nasdaq after completing a business combination with special purpose acquisition company CM Life Sciences II that raised $630 million in gross proceeds.
In Monday morning trading on the Nasdaq, SomaLogic shares were up 2 percent to $13.03.