Business
SOPHiA GENETICS Reports Financial Results for the Third Quarter of Fiscal 2023
Record results on growth acceleration, significant improvement in operating loss and cash burn BOSTON and ROLLE, Switzerland, Nov. 07, 2023 (GLOBE NEWSWIRE)
About this update from Sophia Genetics Sa
[{"type":"text","content":"Record results on growth acceleration, significant improvement in operating loss and cash burn\nBOSTON and ROLLE, Switzerland, Nov. 07, 2023 (GLOBE NEWSWIRE) -- SOPHiA GENETICS SA (Nasdaq: SOPH), a cloud-native software company and a leader in data-driven medicine, today reported financial results for the third quarter ended September 30, 2023. Recent Highlights Revenue for the third quarter of 2023 was $16.3 million, representing year-over-year growth of 40% 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 third quarter of 2023.Operating loss in the third quarter of 2023 was $16.5 million on a reported basis and $11.8 million on an adjusted basis, representing an improvement from the third quarter of 2022 of 30% year-over-year on a reported basis and 39% year-over-year on an adjusted basis. Cash burn for the third quarter of 2023 was $15.8 million, compared to $27.4 million in the third quarter of 2022.Continued adoption of SOPHiA DDM™ in clinical markets globally has enabled our analysis volume in the third quarter of 2023 to grow to a record 79,784 analyses representing year-over-year growth of 28%, while volume excluding COVID-19-related analyses grew 36% year-over-year.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 “We delivered an outstanding third quarter, highlighted by 37% year-over-year constant currency ex. COVID-19 revenue growth. Our growth came across the breadth of our portfolio areas and geographies, despite the currently challenging macro environment. Our strong performance was complemented by continued improvements to gross margins and operating expenses, including a marked 39% improvement in year-over-year adjusted operating loss and a significant reduction in our cash burn.” said Jurgi Camblong, PhD., Chief Executive Officer and Co-founder of SOPHiA GENETICS. “The team at SOPHiA GENETICS continues to drive innovation and growth in the area of technology-agnostic artificial intelligence (AI) software for genomic and multimoda...