Business
SOPHiA GENETICS Reports Fourth Quarter and Year End 2022 Financial Results
Fourth Quarter Revenue Growth Accelerates; Operating Losses Notably Moderate BOSTON & LAUSANNE, Switzerland--(BUSINESS WIRE)-- SOPHiA GENETICS SA (Nasdaq:
About this update from Sophia Genetics Sa
[{"type":"text","content":"\nFourth Quarter Revenue Growth Accelerates; Operating Losses Notably Moderate\n\n BOSTON & LAUSANNE, Switzerland--(BUSINESS WIRE)--\nSOPHiA GENETICS SA (Nasdaq: SOPH), a cloud-native software company in the healthcare space, today announced financial results for its fourth quarter and full fiscal year ended December 31, 2022.\n\nRecent Highlights\n\n\nRevenue for the full-year 2022 was $47.6 million, representing year-over-year growth of 18% on a reported basis. 2022 constant currency revenue growth excluding COVID-19-related revenues was 39%\n\n\nRevenue was $13.4 million for the fourth quarter, representing a 22% increase on a reported basis over the corresponding period of 2021. Constant currency revenue growth excluding COVID-19-related revenues was 44%\n\n\nGross margins reached a record 72% on a reported basis and 75% on adjusted basis for the fourth quarter of 2022\n\n\nOperating losses moderated in the fourth quarter to $15.1 million on a reported basis and $12.1 million on an adjusted basis, marking the third consecutive quarter of improvement\n\n\n2023 reported revenue growth guided to at or above 30%; 2023 constant currency revenue growth guidance excluding COVID-19 related revenues initiated at 30% to 35% vs. prior year comparable levels\n\n\nExpanded strategic partnership with AstraZeneca to apply multimodal technology and expertise to the AstraZeneca oncology portfolio\n\n\nEntered into an expanded agreement with Memorial Sloan Kettering Cancer Center (“MSK”), which allows SOPHiA GENETICS’ global network of healthcare providers access to MSK’s proprietary comprehensive liquid biopsy and tumor sequencing tests such as MSK-ACCESS® and MSK-IMPACT®, powered with SOPHiA DDMTM (“Data Driven Medicine”)\n\n\nEntered into agreement with Qiagen to pair QIAseq reagent technology with the universal SOPHiA DDMTM platform to enhance cancer and rare disease analysis for next-generation sequencing (“NGS”) applications\n\n\nCEO Commentary\n\n“SOPHiA GENETICS delivered an acceleration of constant currency ex COVID revenue growth in each subsequent quarter of 2022, finishing the year with 44% year-over-year growth in the fourth quarter. Full year 2022 constant currency revenue growth was 32%, within our long-term growth guidance of 30-35%, however excluding the impact of expected COVID revenue declines, growth was a robust 39% drive...