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SOPHiA GENETICS Reports Financial Results for the First Quarter of Fiscal 2022
Steady Start to 2022; FY 2022 Constant Currency Revenue Growth Guidance Reaffirmed BOSTON, United States and LAUSANNE, Switzerland, May 10, 2022 (GLOBE
About this update from Sophia Genetics Sa
[{"type":"text","content":"Steady Start to 2022; FY 2022 Constant Currency Revenue Growth Guidance Reaffirmed\nBOSTON, United States and LAUSANNE, Switzerland, May 10, 2022 (GLOBE NEWSWIRE) -- SOPHiA GENETICS SA (Nasdaq: SOPH), a leader in data-driven medicine, today reported financial results for the first quarter ended March 31, 2022. Recent Highlights Revenue for the first quarter of 2022 was $10.9 million, representing year-over-year revenue growth of 21%Constant currency revenue growth excluding COVID-19-related revenues was 35%, attributable to strong platform analysis volume growthSOPHiA GENETICS’ expectation of 30% to 35% constant currency revenue growth for full-year 2022 remains unchanged; reported revenue growth guidance has been updated for strengthening of U.S. dollarTotal genomic profiles analyzed to date on the SOPHiA DDM platform has exceeded 1,000,000Total recurring platform customers grew to 384 as of March 31, 2022 up from 345 as of March 31, 2021 CEO Commentary “In the first quarter, we delivered strong results across the board,” said Dr. Jurgi Camblong, Chief Executive Officer and Co-Founder, SOPHiA GENETICS. “We reached a major milestone as we surpassed 1,000,000 genomic profiles analyzed, furthering our position as a leading cloud-native knowledge sharing platform connecting thousands of healthcare professionals worldwide. SOPHiA’s performance is a direct result of our talented team and strong execution.” First Quarter Financial Results Total revenue for the first quarter of 2022 was $10.9 compared to $9.0 for the first quarter of 2021, representing year-over-year growth of 21%. Constant currency revenue growth was 29%, and constant currency revenue growth excluding COVID-19-related revenue was 35%. Annualized revenue churn rate has remained at a historical low of approximately 3% as of the first quarter of 2022. Platform analysis volumes increased to 65,404 analyses for the first quarter of 2022 compared to 53,078 analyses for the first quarter of 2021. Gross profit for the first quarter of 2022 was $6.7 million compared to gross profit of $5.6 million in the first quarter of 2021, representing year-over-year growth of 19%. Gross margin was 62% for the first quarter of 2022 compared with 63% for the first quarter of 2021. Adjusted gross margin was 64% for the first quarter of 2022 compared to 63% for the first quarter of 2021. Tota...