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SOPHiA GENETICS Reports Financial Results for the Second Quarter of Fiscal 2022
Steady Operational Performance Amidst Macroeconomic Headwinds BOSTON and LAUSANNE, Switzerland, Aug. 09, 2022 (GLOBE NEWSWIRE) -- SOPHiA GENETICS SA (Nasdaq:
About this update from Sophia Genetics Sa
[{"type":"text","content":"Steady Operational Performance Amidst Macroeconomic Headwinds\nBOSTON and LAUSANNE, Switzerland, Aug. 09, 2022 (GLOBE NEWSWIRE) -- SOPHiA GENETICS SA (Nasdaq: SOPH), a cloud-native software company in the healthcare space, today reported financial results for the second quarter ended June 30, 2022. Recent Highlights Revenue for the second quarter of 2022 was $11.7 million, representing year-over-year growth of 15%; constant currency revenue growth excluding COVID-19-related revenues was 36%Gross margin was 65% for the second quarter of 2022 compared to 61% for the second quarter of 2021; adjusted gross margin was a record 67% for the second quarter of 2022 compared to 62% for the second quarter of 2021Fiscal year 2022 constant currency revenue growth guidance range maintained at 30% to 35%; reported revenue guidance updated to reflect substantial currency-related headwindsComprehensive review of existing cost structure and contemplated growth investments provide confidence in cash runway through 2025 and beyond CEO Commentary “We delivered yet another healthy and steady quarter amidst a challenging macroeconomic and geopolitical backdrop.” said Dr. Jurgi Camblong, Chief Executive Officer and Co-Founder, SOPHiA GENETICS. “Despite these headwinds, our vision for the company’s long-term future remains unchanged. We continue to be the leader in this sizeable but emerging market of data-driven medicine with the right combination of platform, technology, people, and partners to execute our strategic plans and take advantage of this massive market opportunity ahead.” Second Quarter Financial Results Total revenue for the second quarter of 2022 was $11.7 million compared to $10.2 million for the second quarter of 2021, representing year-over-year growth of 15%. Constant currency revenue growth was 30%, and constant currency revenue growth excluding COVID-19-related revenue was 36%. Platform analysis volumes increased to 65,889 analyses for the second quarter of 2022 compared to 62,837 analyses for the second quarter of 2021. Gross profit for the second quarter of 2022 was $7.6 million compared to gross profit of $6.2 million in the second quarter of 2021, representing year-over-year growth of 22%. Gross margin was 65% for the second quarter of 2022 compared with 61% for the second quarter of 2021. Adjusted gross margin was 67% for the s...