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SomaLogic Revenues Almost Triple in First Half of 2021

NEW YORK – SomaLogic reported on Thursday that its H1 2021 revenues rose roughly threefold, driven largely by the company's return to offering its SomaScan platform on a fee-for-service basis.

For the six months ended June 30, the Boulder, Colorado-based company posted revenues of $38.6 million, up from $13.4 million in the year-ago period.

"Our strong first half [year] performance reflects our team’s dedication and execution across key drivers of the business as well as the rapidly growing global interest in proteomics products and services," SomaLogic CEO Roy Smythe said in a statement.

During the first half of 2021, the company announced customizable and targeted content protein panels, a collaboration with Novo Nordisk to support drug development, and partnerships with several clinical care and medical research centers. It also doubled its sales force during that period.

SomaLogic's net loss during H1 was $22.8 million, or $.31 per share, compared to a net loss of $36.6 million, or $.50 per share, in H1 2020. The firm used approximately 74 million shares to calculate per-share loss for H1 2021 compared to about 73 million shares in the year-ago period.

The company's R&D expenses rose to $16.7 million, up 2 percent from $16.3 million in H1 2020. SG&A expenses were $27.6 million, up 50 percent from $18.4 million in H1 2020.

SomaLogic ended the first half of 2021 with $47.1 million in cash and cash equivalents, and $111 million in short-term investments.

Last week, 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 Thursday morning trading on Nasdaq, SomaLogic shares were up 1 percent to $10.58.

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