Business
SOPHiA GENETICS Reports Fourth Quarter and Full Year 2023 Results
Strong momentum to continue in 2024 as SOPHiA GENETICS announces record revenue, 35 new customer additions in Q4, and 36% cash burn decline in FY 2023 BOSTON
About this update from Sophia Genetics Sa
[{"type":"text","content":"Strong momentum to continue in 2024 as SOPHiA GENETICS announces record revenue, 35 new customer additions in Q4, and 36% cash burn decline in FY 2023\nBOSTON and ROLLE, Switzerland, March 05, 2024 (GLOBE NEWSWIRE) -- SOPHiA GENETICS (Nasdaq: SOPH), a cloud-native software company and a leader in data-driven medicine, today reported financial results for its fourth quarter and fiscal year ended December 31, 2023. Fourth Quarter 2023 Financial Highlights Revenue grew 27% year-over-year to $17.0 million; Constant currency revenue excluding COVID-related revenue also grew 27% year-over-yearGross margins were 70% on a reported basis and 73% on an adjusted basisOperating loss was $18.9 million on a reported basis and $13.3 million on an adjusted basisChange in cash and cash equivalents and term deposits (cash burn) improved 11% year-over-year to $9.5 million, compared to $10.6 million in Q4 2022, even when factoring in a credit to computational and storage-related expenses related to our strategic agreement with Microsoft in Q4 2022 Full Year 2023 Financial Highlights Revenue grew 31% year-over-year to $62.4 million; Constant currency revenue excluding COVID-related revenue grew 32% year-over-yearGross margins were 69% on a reported basis and 72% on an adjusted basisOperating loss was $74.8 million on a reported basis and $55.9 million on an adjusted basis, representing 15% and 22% year-over-year improvements, respectivelyCash burn improved 36% year-over-year to $55.4 million, compared to $86.7 million in FY 2022 \"We are pleased with the tremendous performance in fiscal year 2023, including 31% year-over-year revenue growth, continued gross margin expansion, and 36% year-over-year improvement in cash burn,\" said Jurgi Camblong, PhD., Chief Executive Officer and Co-founder. \"During 2023, we were excited to see continued, widespread adoption of SOPHiA DDM™ worldwide as the Platform performed a record 317,000+ analyses across the 450 core genomics customers we serve. We are especially proud of the growth we delivered with SOPHiA DDM™’s Solid Tumor applications, with our BioPharma partners, and in the U.S. market.” Camblong added, \"Looking forward to 2024, we are well positioned to continue delivering strong growth. SOPHiA DDM™’s new Liquid Biopsy offering, world-class Solid Tumor applications, and the momentum we are building in the...