Business
SOPHiA GENETICS Reports Third Quarter 2021 Financial Results and Raises 2021 Guidance
Third quarter year-over-year revenue growth of 45%; executed Master Alliance Agreement with GE Healthcare BOSTON and LAUSANNE, Switzerland, Nov. 10, 2021
About this update from Sophia Genetics Sa
[{"type":"text","content":"Third quarter year-over-year revenue growth of 45%; executed Master Alliance Agreement with GE Healthcare\nBOSTON and LAUSANNE, Switzerland, Nov. 10, 2021 (GLOBE NEWSWIRE) -- SOPHiA GENETICS SA (Nasdaq: SOPH), today reported financial results for the third quarter ended September 30, 2021. Recent Highlights Revenue was $10.4 million for the third quarter, representing a 45% increase over the corresponding period of 2020Following a previous letter of intent with GE Healthcare, executed a final Master Alliance Agreement under which we will be working together with GE on a variety of oncology opportunities in the healthcare market and will collaborate on different initiatives and projectsTotal recurring platform customers grew from 367 in the second quarter of this year to 375 customers in the third quarter. Net dollar retention for the rolling twelve-month period improved to 137%, indicating that we are growing our revenue generated from existing customers net of churnContinued to see momentum in customer adoption with both clinical customers, such as City of Hope and Institut Gustave Roussy, and biopharma customers, such as AstraZeneca “I am proud of our solid execution across our organization this quarter, as year-over-year revenue again grew significantly and as we continue to make progress in entering into exciting new relationships and expanding on existing ones,” said Jurgi Camblong, Co-Founder and CEO of SOPHiA GENETICS. “There is much to look forward to at SOPHiA, including our exciting progress in HRD, growing penetration in North America, expanding opportunities with biopharma partners, and potential inorganic growth opportunities. I am immensely proud of what we have accomplished at SOPHiA and continue to be even more optimistic about what lies ahead of us. 2021 has been and continues to be a momentous year for our organization, and we remain confident in our objectives and mission going forward.” Third Quarter 2021 Financial Results Total revenue for the third quarter of 2021 was $10.4 million compared to $7.2 million for the third quarter of 2020, representing a 45% increase. The increase in revenue for the third quarter 2021 was primarily driven by new customers onboarded onto our platform and improved usage rates across our existing customers. Gross profit in the third quarter of 2021 was $6.5 million, an increase o...