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SOPHiA GENETICS Reports Financial Results for the First Quarter of Fiscal 2023
Strong growth momentum and efficient expense execution continues BOSTON and LAUSANNE, Switzerland, May 09, 2023 (GLOBE NEWSWIRE) -- SOPHiA GENETICS SA
About this update from Sophia Genetics Sa
[{"type":"text","content":"Strong growth momentum and efficient expense execution continues\nBOSTON and LAUSANNE, Switzerland, May 09, 2023 (GLOBE NEWSWIRE) -- SOPHiA GENETICS SA (Nasdaq: SOPH), a cloud-native software company in the healthcare space, today reported financial results for the first quarter ended March 31, 2023. Recent Highlights Revenue for the first quarter of 2023 was $14.0 million, representing year-over-year growth of 29% on a reported basis over the corresponding period of 2022; Constant currency year-over-year revenue growth excluding COVID-19-related revenues was 37%.Gross margins were 69% on a reported basis and 73% on an adjusted basis for the first quarter of 2023.Operating loss in the first quarter of 2023 on a reported basis was $19.3 million and a $16.2 million loss on an adjusted basis, representing an improvement of 23% year-over-year from the first quarter of 2022 on an adjusted basis. Continued adoption of SOPHiA DDM™ in clinical markets globally has enabled our analysis volume in the first quarter of 2023 to grow to a record 77,819 analyses representing year-over-year growth of 18%, while volume excluding COVID-19-related analysis grew 25% year-over-year, and 12% sequentially.Reiterated full-year guidance including reported revenue growth expected to be at or above 30%, constant currency revenue growth excluding COVID-19-related revenue to be between 30 and 35%, and 2023 operating losses to be below 2022 levels. CEO Commentary “SOPHiA GENETICS delivered constant currency ex COVID-19 revenue growth of 37% in the first quarter of 2023, above the high end of our initial guidance range. We performed over 77,000 analyses, and ended the quarter at nearly 30,000 analyses a month. We have demonstrated again to be a leader for technology agnostic software for genomic and multimodal analysis. Our recent announcements with DASA, Krsnaa Diagnostics, and the University of Maryland Medical Center demonstrate our ability to land and expand at some of the world’s most prestigious clinical and research centers. This would not be possible without our versatile platform and a large menu of applications that provide meaningful insights to the world class oncologists and researchers these institutions employ.” said Jurgi Camblong, PhD., Chief Executive Officer and Co-founder of SOPHiA GENETICS. “I am proud of our robust first quarter growth a...