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SOPHiA GENETICS Reports Financial Results for the Third Quarter of Fiscal 2022
Sustainable growth momentum evident despite foreign exchange headwinds BOSTON and LAUSANNE, Switzerland, Nov. 08, 2022 (GLOBE NEWSWIRE) -- SOPHiA GENETICS SA
About this update from Sophia Genetics Sa
[{"type":"text","content":"Sustainable growth momentum evident despite foreign exchange headwinds\nBOSTON and LAUSANNE, Switzerland, Nov. 08, 2022 (GLOBE NEWSWIRE) -- SOPHiA GENETICS SA (Nasdaq: SOPH), a cloud-native software company in the healthcare space, today reported financial results for the third quarter ended September 30, 2022. Recent Highlights Revenue for the third quarter of 2022 was $11.6 million, representing year-over-year growth of 12%; constant currency revenue growth excluding COVID-19-related revenues was 40%Expanded strategic partnership with Microsoft to improve healthcare workflows globally and enable the increased adoption of data-driven medicineSomatic Oncology portfolio strength underscored by triple-digit growth in HRD analysis volume and continued momentum in solid tumors; Pharma revenue acceleration supported by existing customer expansion and recent Boundless Bio partnershipOperating loss improved sequentially for the second quarter in a row, despite core growth acceleration, highlighting early momentum in sustainable growth strategy CEO Commentary “Yet again, SOPHiA GENETICS delivered another steadfast quarter and we are continuing to grow and steadily expand our current base of business across the world despite ongoing macroeconomic challenges.” said Jurgi Camblong, PhD., Chief Executive Officer and co-founder, SOPHiA GENETICS. “The combination of our differentiated technology, robust commercial traction, focused operational discipline, and world-class global team continues to drive steady growth and demonstrates that we are well-positioned to thrive under the economic scenarios that may lie ahead.” Third Quarter Financial Results Total revenue for the third quarter of 2022 was $11.6 million compared to $10.4 million for the third quarter of 2021, representing year-over-year growth of 12%. Constant currency revenue growth was 33%, and constant currency revenue growth excluding COVID-19-related revenue was 40%. Platform analysis volumes remained relatively flat at 61,935 analyses for the third quarter of 2022 compared to 61,920 analyses for the third quarter of 2021. The flat year-over-year growth was attributable to growth in our core platform analysis volume offset by the continued decline of our COVID-19-related analysis volume. Excluding COVID-related volumes, platform analyses grew 11% year-over-year. Gross profit for t...