SOPHiA GENETICS SA (Nasdaq: SOPH), a cloud-native software company
and a leader in data-driven medicine, today reported financial
results for the second quarter ended June 30, 2023.
Recent Highlights
- Revenue for the second quarter of
2023 was $15.1 million, representing year-over-year growth of 29%
on a reported basis over the corresponding period of 2022; Constant
currency year-over-year revenue growth excluding COVID-19-related
revenues was 30%.
- Gross margins were 67% on a
reported basis and 70% on an adjusted basis for the second quarter
of 2023.
- Operating loss in the second
quarter of 2023 on a reported basis was $20.0 million and a $14.6
million loss on an adjusted basis, representing an improvement from
the second quarter of 2022 of 17% year-over-year on an IFRS basis
and 25% year-over-year on an adjusted basis.
- Continued adoption of SOPHiA DDM™
in clinical markets globally has enabled our analysis volume in the
second quarter of 2023 to grow to a record 78,146 analyses
representing year-over-year growth of 18%, while volume excluding
COVID-19-related analysis grew 27% 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
“SOPHiA GENETICS delivered year-over-year
constant currency ex. COVID-19 revenue growth of 30% in the second
quarter of 2023 as we performed over 78,000 analyses and continued
to demonstrate our leadership in the area of technology agnostic
artificial intelligence (AI) software for genomic and multimodal
analysis. We signed 16 new logos in the quarter, further expanding
the size of our network, and today I am excited to share with you
two prominent new logos; the Peter MacCallum Cancer Center (Peter
Mac), a leading cancer center in Australia, and Tulane University
School of Medicine, one of the oldest medical schools in the United
States, are each joining our cloud-based bioinformatics network,”
said Jurgi Camblong, PhD., Chief Executive Officer and Co-founder
of SOPHiA GENETICS. “I am proud of our second quarter new customer
wins, our robust analyses and revenue growth. Our team delivered
this strong performance while again maintaining outstanding fiscal
discipline, resulting in meaningful improvement in cash utilization
from the prior year period.”
Ecosystem Update
Today, SOPHiA GENETICS announced that Tulane
University School of Medicine based in New Orleans went live on
SOPHiA DDM™ technology. Tulane, one of the oldest medical schools
in the United States, has a longstanding history of medical
research and education and is looking to scale its hematologic
(blood) testing program and advance blood cancer research. They
chose SOPHiA DDM™ at the time of the upgrade of their heme panel
sequencing platform because of the analytical performance and
faster turnaround time that SOPHiA DDM™ offers. The SOPHiA DDM™
Platform will enable Tulane University School of Medicine to
quickly sort and analyze NGS data, identify key biomarkers, and aid
in stratification so that researchers can share data-based
recommendations with clinical researchers who are fighting the over
100 types of often quickly progressing blood cancers.
During the quarter, SOPHiA GENETICS announced
that it had joined CancerX as a founding member to help accelerate
cancer research. CancerX was announced by the White House in
February 2023 as part of the reignited national Cancer Moonshot
initiative. SOPHiA GENETICS joins alongside other founding members
such as the Moffitt Cancer Center and Memorial Sloan Kettering and
looks forward to contributing to the inaugural project of improving
equity and reducing cost in cancer treatments.
Annual General Meeting
Update
On June 26th, at the company’s Annual General
Meeting of shareholders at its headquarters in Rolle, Switzerland,
the shareholders approved the re-election of the Board members who
were up for re-election as well as the new appointment of Lila
Tretikov. Lila is Deputy Chief Technology Officer at Microsoft,
where she previously served as Corporate Vice President in
artificial intelligence (AI). Before joining Microsoft, Tretikov
was CEO and Vice Chair of Terrawatt for two years and served as CEO
of Wikipedia and Wikimedia.
Second Quarter
Financial Results
Total revenue for the second quarter of 2023 was
$15.1 million compared to $11.7 million for the second quarter of
2022, representing year-over-year growth of 29%. Constant currency
revenue growth was 27%, and constant currency revenue growth
excluding COVID-19-related revenue was 30%.
Platform analysis volume, including volume from
integrated access customers, increased to 78,146 analyses for the
second quarter of 2023 compared to 66,165 analyses for the second
quarter of 2022. The year-over-year growth of 18% was attributable
to growth in the core platform analysis volume, partially offset by
the continued decline of COVID-19-related analysis volume.
Excluding COVID-related volumes, platform analysis volumes were
77,125 for the second quarter of 2023 compared to 60,636 in the
second quarter of 2022, representing 27% year-over-year growth.
Gross profit for the second quarter of 2023 was
$10.0 million compared to gross profit of $7.6 million in the
second quarter of 2022, representing year-over-year growth of 32%.
Gross margin was 67% for the second quarter of 2023 compared with
65% for the second quarter of 2022. Adjusted gross profit was $10.5
million, an increase of 34% compared to adjusted gross profit of
$7.9 million in the second quarter of 2022. Adjusted gross margin
was 70% for the second quarter of 2023 compared to 67% for the
second quarter of 2022.
Total operating expenses for the second quarter
of 2023 were $30.1 million compared to $31.7 million for the second
quarter of 2022.
R&D expenses for the second quarter of 2023
were $8.9 million compared to $9.0 million for the second quarter
of 2022.
Sales and marketing expenses for the second quarter of 2023 were
$7.2 million compared to $8.2 million for the second quarter of
2022.
General and administrative expenses for the
second quarter of 2023 were $14.0 million dollars compared to $14.7
million for the second quarter of 2022.
Operating loss for the second quarter of 2023
was $20.0 million compared to $24.1 million in the second quarter
of 2022. Adjusted operating loss for the second quarter of 2023 was
$14.6 million compared to $19.6 million for the second quarter of
2022.
Net loss for the second quarter of 2023 was
$21.4 million or $0.33 per share compared to $24.7 million or $0.39
per share in the second quarter of 2022.
Cash and cash equivalents were $148.6 million as
of June 30, 2023.
2023 Outlook
The company is reaffirming its previously
provided guidance of:
- full-year reported revenue growth
expected to be at or above 30%;
- full-year constant currency revenue
growth excluding COVID-19-related revenue expected to be between
30% and 35%; and
- 2023 operating losses expected to
be below 2022 levels.
Constant currency revenue growth excluding
COVID-19-related revenue is a non-IFRS measure. See “Presentation
of Constant Currency Revenue and Excluding COVID-19-Related
Revenue” below for a description of its calculation. The company is
unable to provide a reconciliation of forward-looking constant
currency revenue growth excluding COVID-19-related revenue to
revenue, the most comparable IFRS financial measure, due to the
inherent difficulty in forecasting and quantifying the impact of
foreign currency translation.
Webcast and Conference Call
Information
SOPHiA GENETICS will host a conference call and
live webcast to discuss the second quarter of 2023 financial
results as well as business outlook on Tuesday, August 8,
2023, at 8:00 a.m. (08:00) Eastern Time / 2:00 p.m. (14:00) Central
European Summer Time. The call will be webcast live on the SOPHiA
GENETICS Investor Relations website. The conference call can also
be accessed live over the phone by dialing 1-800-715-9871 (United
States) or 1-646-307-1963 (outside of the United States).
Additionally, an audio replay of the conference call will be
available on the SOPHiA GENETICS website after its completion.
About SOPHiA GENETICS
SOPHiA GENETICS SA (Nasdaq: SOPH) is a software company
dedicated to establishing the practice of data-driven medicine as
the standard of care and for life sciences research. It is the
creator of the SOPHiA DDM™ Platform, a cloud-native platform
capable of analyzing data and generating insights from complex
multimodal data sets and different diagnostic modalities. The
SOPHiA DDM™ Platform and related solutions, products and services
are currently used by a broad network of hospital, laboratory, and
biopharma institutions globally. For more information, visit
SOPHiAGENETICS.COM, or connect on Twitter, Facebook, LinkedIn, and
Instagram. Where others see data, we see
answers.
Non-IFRS Financial Measures
To provide investors with additional information
regarding the company’s financial results, SOPHiA GENETICS has
disclosed here and elsewhere in this earnings release the following
non-IFRS measures:
- Adjusted gross
profit, which the company calculates as revenue minus cost of
revenue adjusted to exclude amortization of capitalized research
and development expenses;
- Adjusted gross
profit margin, which the company calculates as adjusted gross
profit as a percentage of revenue;
- Adjusted
operating loss, which the company calculates as operating loss
adjusted to exclude amortization of capitalized research and
development expenses, amortization of intangible assets,
share-based compensation expense, and non-cash portion of pensions
expense paid in excess of actual contributions to match the
actuarial expense.
These non-IFRS measures are key measures used by
SOPHiA GENETICS management and board of directors to evaluate its
operating performance and generate future operating plans. The
exclusion of certain expenses facilitates operating performance
comparability across reporting periods by removing the effect of
non-cash expenses and certain variable charges. Accordingly, the
company believes that these non-IFRS measures provide useful
information to investors and others in understanding and evaluating
its operating results in the same manner as its management and
board of directors.
These non-IFRS measures have limitations as
financial measures, and you should not consider them in isolation
or as a substitute for analysis of SOPHiA GENETICS’ results as
reported under IFRS. Some of these limitations are:
- These non-IFRS
measures exclude the impact of amortization of capitalized research
and development expenses and intangible assets. Although
amortization is a non-cash charge, the assets being amortized may
need to be replaced in the future and these non-IFRS measures do
not reflect capital expenditure requirements for such replacements
or for new capital expenditures;
- These non-IFRS
measures exclude the impact of share-based compensation expenses.
Share-based compensation has been, and will continue to be for the
foreseeable future, a recurring expense in the company’s business
and an important part of its compensation strategy;
- These non-IFRS
measures exclude the impact of the non-cash portion of pensions
paid in excess of actual contributions to match actuarial expenses.
Pension expenses have been, and will continue to be for the
foreseeable future, a recurring expense in the business; and
- Other
companies, including companies in the company’s industry, may
calculate these non-IFRS measures differently, which reduces their
usefulness as comparative measures.
Because of these limitations, you should
consider these non-IFRS measures alongside other financial
performance measures, including various cash flow metrics, net
income and other IFRS results.
The tables below provide the reconciliation of
the most comparable IFRS measures to the non-IFRS measures for the
periods presented.
Presentation of Constant Currency
Revenue and Excluding COVID-19-Related Revenue
SOPHiA GENETICS operates internationally, and
its revenues are generated primarily in the U.S. dollar, the euro
and Swiss franc and, to a lesser extent, British pound, Australian
dollar, Brazilian real, Turkish lira and Canadian dollar depending
on the company’s customers’ geographic locations. Changes in
revenue include the impact of changes in foreign currency exchange
rates. We present the non-IFRS financial measure “constant currency
revenue” (or similar terms such as constant currency revenue
growth) to show changes in revenue without giving effect to
period-to-period currency fluctuations. Under IFRS, revenues
received in local (non-U.S. dollar) currencies are translated into
U.S. dollars at the average monthly exchange rate for the month in
which the transaction occurred. When the company uses the term
“constant currency”, it means that it has translated local currency
revenues for the current reporting period into U.S. dollars using
the same average foreign currency exchange rates for the conversion
of revenues into U.S. dollars that we used to translate local
currency revenues for the comparable reporting period of the prior
year. The company then calculates the difference between the IFRS
revenue and the constant currency revenue to yield the “constant
currency impact” for the current period.
The company’s management and board of directors
use constant currency revenue growth to evaluate growth and
generate future operating plans. The exclusion of the impact of
exchange rate fluctuations provides comparability across reporting
periods and reflects the effects of customer acquisition efforts
and land-and-expand strategy. Accordingly, it believes that this
non-IFRS measure provides useful information to investors and
others in understanding and evaluating revenue growth in the same
manner as the management and board of directors. However, this
non-IFRS measure has limitations, particularly as the exchange rate
effects that are eliminated could constitute a significant element
of its revenue and could significantly impact performance and
prospects. Because of these limitations, you should consider this
non-IFRS measure alongside other financial performance measures,
including revenue and revenue growth presented in accordance with
IFRS and other IFRS results.
In addition to constant currency revenue, the
company presents constant currency revenue excluding
COVID-19-related revenue to further remove the effects of revenues
that are derived from sales of COVID-19-related offerings,
including a NGS assay for COVID-19 that leverages the SOPHiA DDMTM
Platform and related products and solutions analytical capabilities
and COVID-19 bundled access products. SOPHiA GENETICS do not
believe that these revenues reflect its core business of
commercializing its platform because the company’s COVID-19
solution was offered to address specific market demand by its
customers for analytical capabilities to assist with their testing
operations. The company does not anticipate additional development
of its COVID-19-related solution as the pandemic transitions into a
more endemic phase and as customer demand continues to decline.
Further, COVID-19-related revenues did not constitute, and the
company does not expect COVID-19-related revenues to constitute in
the future, a significant part of its revenue. Accordingly, the
company believes that this non-IFRS measure provides useful
information to investors and others in understanding and evaluating
its revenue growth. However, this non-IFRS measure has limitations,
including that COVID-19-related revenues contributed to the
company’s cash position, and other companies may define
COVID-19-related revenues differently. Because of these
limitations, you should consider this non-IFRS measure alongside
other financial performance measures, including revenue and revenue
growth presented in accordance with IFRS and other IFRS
results.
The table below provides the reconciliation of
the most comparable IFRS growth measures to the non-IFRS growth
measures for the current period.
Forward-Looking Statements
This press release contains statements that
constitute forward-looking statements. All statements other than
statements of historical facts contained in this press release,
including statements regarding SOPHiA GENETICS future results of
operations and financial position, business strategy, products and
technology, partnerships and collaborations, as well as plans and
objectives of management for future operations, are forward-looking
statements. Forward-looking statements are based on SOPHiA
GENETICS’ management’s beliefs and assumptions and on information
currently available to the company’s management. Such statements
are subject to risks and uncertainties, and actual results may
differ materially from those expressed or implied in the
forward-looking statements due to various factors, including those
described in the company’s filings with the U.S. Securities and
Exchange Commission. No assurance can be given that such future
results will be achieved. Such forward-looking statements contained
in this press release speak only as of its date. We expressly
disclaim any obligation or undertaking to update these
forward-looking statements contained in this press release to
reflect any change in the company’s expectations or any change in
events, conditions, or circumstances on which such statements are
based, unless required to do so by applicable law. No
representations or warranties (expressed or implied) are made about
the accuracy of any such forward-looking statements.
Investor Contact
Katherine BailonVP, Investor
RelationsIR@sophiagenetics.com
Media Contact
Kelly KatapodisSenior Manager, Media &
Communicationsmedia@sophiagenetics.com
SOPHiA GENETICS SA |
Interim Condensed Consolidated Statements of
Loss |
(Amounts in USD thousands, except per share
data) |
(Unaudited) |
|
|
|
Three months ended June 30, |
|
Six months ended June 30, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Revenue |
|
$ |
15,054 |
|
|
$ |
11,667 |
|
|
$ |
29,020 |
|
|
$ |
22,528 |
|
Cost of revenue |
|
|
(5,007 |
) |
|
|
(4,047 |
) |
|
|
(9,279 |
) |
|
|
(8,197 |
) |
Gross profit |
|
|
10,047 |
|
|
|
7,620 |
|
|
|
19,741 |
|
|
|
14,331 |
|
Research and development costs |
|
|
(8,891 |
) |
|
|
(8,990 |
) |
|
|
(18,225 |
) |
|
|
(18,465 |
) |
Selling and marketing costs |
|
|
(7,203 |
) |
|
|
(8,235 |
) |
|
|
(13,627 |
) |
|
|
(16,099 |
) |
General and administrative costs |
|
|
(14,041 |
) |
|
|
(14,697 |
) |
|
|
(27,283 |
) |
|
|
(29,078 |
) |
Other operating income, net |
|
|
41 |
|
|
|
223 |
|
|
|
60 |
|
|
|
211 |
|
Operating loss |
|
|
(20,047 |
) |
|
|
(24,079 |
) |
|
|
(39,334 |
) |
|
|
(49,100 |
) |
Finance expense, net |
|
|
(1,276 |
) |
|
|
(608 |
) |
|
|
(1,582 |
) |
|
|
(841 |
) |
Loss before income taxes |
|
|
(21,323 |
) |
|
|
(24,687 |
) |
|
|
(40,916 |
) |
|
|
(49,941 |
) |
Income tax (expense) benefit |
|
|
(73 |
) |
|
|
6 |
|
|
|
(180 |
) |
|
|
(227 |
) |
Loss for the period |
|
|
(21,396 |
) |
|
|
(24,681 |
) |
|
|
(41,096 |
) |
|
|
(50,168 |
) |
Attributable to the owners of the parent |
|
|
(21,396 |
) |
|
|
(24,681 |
) |
|
|
(41,096 |
) |
|
|
(50,168 |
) |
|
|
|
|
|
|
|
|
|
Basic and diluted loss per share |
|
$ |
(0.33 |
) |
|
$ |
(0.39 |
) |
|
$ |
(0.64 |
) |
|
$ |
(0.78 |
) |
SOPHiA GENETICS SA |
Interim Condensed Consolidated Statements of Comprehensive
Loss |
(Amounts in USD thousands) |
(Unaudited) |
|
|
|
Three months ended June 30, |
|
Six months ended June 30, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Loss for the period |
|
$ |
(21,396 |
) |
|
$ |
(24,681 |
) |
|
$ |
(41,096 |
) |
|
$ |
(50,168 |
) |
Other comprehensive income (loss): |
|
|
|
|
|
|
|
|
Items that may be reclassified to statement of loss (net of
tax) |
|
|
|
|
|
|
|
|
Currency translation differences |
|
|
3,680 |
|
|
|
(5,028 |
) |
|
|
5,651 |
|
|
|
(6,989 |
) |
Total items that may be reclassified to statement of
loss |
|
|
3,680 |
|
|
|
(5,028 |
) |
|
|
5,651 |
|
|
|
(6,989 |
) |
Items that will not be reclassified to statement of loss (net of
tax) |
|
|
|
|
|
|
|
|
Remeasurement of defined benefit plans |
|
|
(226 |
) |
|
|
1,336 |
|
|
|
(296 |
) |
|
|
1,764 |
|
Total items that will not be reclassified to statement of
loss |
|
|
(226 |
) |
|
|
1,336 |
|
|
|
(296 |
) |
|
|
1,764 |
|
Other comprehensive income (loss) for the
period |
|
$ |
3,454 |
|
|
$ |
(3,692 |
) |
|
$ |
5,355 |
|
|
$ |
(5,225 |
) |
Total comprehensive loss for the period |
|
$ |
(17,942 |
) |
|
$ |
(28,373 |
) |
|
$ |
(35,741 |
) |
|
$ |
(55,393 |
) |
Attributable to owners of the parent |
|
$ |
(17,942 |
) |
|
$ |
(28,373 |
) |
|
$ |
(35,741 |
) |
|
$ |
(55,393 |
) |
SOPHiA GENETICS SA |
Interim Condensed Consolidated Balance Sheets |
(Amounts in USD thousands) |
(Unaudited) |
|
|
|
June 30, 2023 |
|
December 31, 2022 |
Assets |
|
|
|
|
Current assets |
|
|
|
|
Cash and cash equivalents |
|
$ |
148,552 |
|
|
$ |
161,305 |
|
Term deposits |
|
|
— |
|
|
|
17,307 |
|
Accounts receivable |
|
|
9,847 |
|
|
|
6,649 |
|
Inventory |
|
|
5,458 |
|
|
|
5,156 |
|
Prepaids and other current assets |
|
|
4,708 |
|
|
|
5,838 |
|
Total current assets |
|
|
168,565 |
|
|
|
196,255 |
|
Non-current assets |
|
|
|
|
Property and equipment |
|
|
7,685 |
|
|
|
7,129 |
|
Intangible assets |
|
|
22,818 |
|
|
|
19,963 |
|
Right-of-use assets |
|
|
16,347 |
|
|
|
14,268 |
|
Deferred tax assets |
|
|
1,964 |
|
|
|
1,940 |
|
Other non-current assets |
|
|
5,824 |
|
|
|
4,283 |
|
Total non-current assets |
|
|
54,638 |
|
|
|
47,583 |
|
Total assets |
|
$ |
223,203 |
|
|
$ |
243,838 |
|
Liabilities and equity |
|
|
|
|
Current liabilities |
|
|
|
|
Accounts payable |
|
$ |
6,553 |
|
|
$ |
6,181 |
|
Accrued expenses |
|
|
13,795 |
|
|
|
14,505 |
|
Deferred contract revenue |
|
|
7,734 |
|
|
|
3,434 |
|
Lease liabilities, current portion |
|
|
3,466 |
|
|
|
2,690 |
|
Total current liabilities |
|
|
31,548 |
|
|
|
26,810 |
|
Non-current liabilities |
|
|
|
|
Lease liabilities, net of current portion |
|
|
16,358 |
|
|
|
14,053 |
|
Defined benefit pension liabilities |
|
|
3,420 |
|
|
|
2,675 |
|
Other non-current liabilities |
|
|
175 |
|
|
|
170 |
|
Total non-current liabilities |
|
|
19,953 |
|
|
|
16,898 |
|
Total liabilities |
|
|
51,501 |
|
|
|
43,708 |
|
Equity |
|
|
|
|
Share capital |
|
|
4,048 |
|
|
|
3,464 |
|
Share premium |
|
|
471,827 |
|
|
|
471,623 |
|
Treasury shares |
|
|
(657 |
) |
|
|
(117 |
) |
Other reserves |
|
|
36,383 |
|
|
|
23,963 |
|
Accumulated deficit |
|
|
(339,899 |
) |
|
|
(298,803 |
) |
Total equity |
|
|
171,702 |
|
|
|
200,130 |
|
Total liabilities and equity |
|
$ |
223,203 |
|
|
$ |
243,838 |
|
SOPHiA GENETICS SA |
Interim Condensed Consolidated Statements of Cash
Flows |
(Amounts in USD thousands) |
(Unaudited) |
|
|
|
Six months ended June 30, |
|
|
|
2023 |
|
|
|
2022 |
|
Operating activities |
|
|
|
|
Loss before tax |
|
$ |
(40,916 |
) |
|
$ |
(49,941 |
) |
Adjustments for non-monetary items |
|
|
|
|
Depreciation |
|
|
2,873 |
|
|
|
1,778 |
|
Amortization |
|
|
1,281 |
|
|
|
797 |
|
Finance expense, net |
|
|
1,394 |
|
|
|
219 |
|
Expected credit loss allowance |
|
|
123 |
|
|
|
158 |
|
Share-based compensation |
|
|
7,106 |
|
|
|
7,360 |
|
Movements in provisions and pensions |
|
|
478 |
|
|
|
386 |
|
Research tax credit |
|
|
(600 |
) |
|
|
(732 |
) |
Working capital changes |
|
|
|
|
Increase in accounts receivable |
|
|
(834 |
) |
|
|
(791 |
) |
(Increase) Decrease in prepaids and other assets |
|
|
(1,061 |
) |
|
|
474 |
|
Increase in inventory |
|
|
(268 |
) |
|
|
(284 |
) |
Increase in accounts payables, accrued expenses, deferred contract
revenue, and other liabilities |
|
|
3,749 |
|
|
|
3,543 |
|
Cash used in operating activities |
|
|
(26,675 |
) |
|
|
(37,033 |
) |
Income tax paid |
|
|
(676 |
) |
|
|
— |
|
Interest paid |
|
|
(5 |
) |
|
|
(67 |
) |
Interest received |
|
|
2,243 |
|
|
|
155 |
|
Net cash flows used in operating activities |
|
|
(25,113 |
) |
|
|
(36,945 |
) |
Investing activities |
|
|
|
|
Purchase of property and equipment |
|
|
(1,246 |
) |
|
|
(1,266 |
) |
Acquisition of intangible assets |
|
|
(788 |
) |
|
|
(1,009 |
) |
Capitalized development costs |
|
|
(2,842 |
) |
|
|
(2,774 |
) |
Proceeds upon maturity of term deposits |
|
|
17,546 |
|
|
|
42,337 |
|
Purchase of term deposits |
|
|
— |
|
|
|
(10,585 |
) |
Net cash flow provided from investing
activities |
|
|
12,670 |
|
|
|
26,703 |
|
Financing activities |
|
|
|
|
Proceeds from exercise of share options |
|
|
207 |
|
|
|
759 |
|
Payments of principal portion of lease liabilities |
|
|
(1,761 |
) |
|
|
(938 |
) |
Net cash flow used in financing activities |
|
|
(1,554 |
) |
|
|
(179 |
) |
Decrease in cash and cash equivalents |
|
|
(13,997 |
) |
|
|
(10,421 |
) |
Effect of exchange differences on cash balances |
|
|
1,244 |
|
|
|
(3,640 |
) |
Cash and cash equivalents at beginning of the year |
|
|
161,305 |
|
|
|
192,962 |
|
Cash and cash equivalents at end of the
period |
|
$ |
148,552 |
|
|
$ |
178,901 |
|
SOPHiA GENETICS SA |
Reconciliation of IFRS Revenue Growth to Constant Currency
Revenue Growth |
and Constant Currency Revenue Growth Excluding
COVID-19-Related Revenue |
(Amounts in USD thousands, except for %) |
(Unaudited) |
|
|
|
Three months ended June 30, |
|
Six months ended June 30, |
|
|
|
2023 |
|
|
|
2022 |
|
|
Growth |
|
|
2023 |
|
|
|
2022 |
|
|
Growth |
IFRS revenue |
|
$ |
15,054 |
|
|
$ |
11,667 |
|
|
29 |
% |
|
$ |
29,020 |
|
|
$ |
22,528 |
|
|
29 |
% |
Current period constant currency impact |
|
|
(202 |
) |
|
|
— |
|
|
|
|
|
416 |
|
|
|
— |
|
|
|
Constant currency revenue |
|
$ |
14,852 |
|
|
$ |
11,667 |
|
|
27 |
% |
|
$ |
29,436 |
|
|
$ |
22,528 |
|
|
31 |
% |
COVID-19-related revenue |
|
|
(72 |
) |
|
|
(292 |
) |
|
|
|
|
(197 |
) |
|
|
(623 |
) |
|
|
Constant currency impact on COVID-19-related revenue |
|
|
(8 |
) |
|
|
— |
|
|
|
|
|
(3 |
) |
|
|
— |
|
|
|
Constant currency revenue excluding COVID-19-related
revenue |
|
$ |
14,772 |
|
|
$ |
11,375 |
|
|
30 |
% |
|
$ |
29,236 |
|
|
$ |
21,905 |
|
|
33 |
% |
SOPHiA GENETICS SA |
Reconciliation of IFRS to Adjusted Gross Profit and Gross
Profit Margin |
(Amounts in USD thousands, except
percentages) |
(Unaudited) |
|
|
|
Three months ended June 30, |
|
Six months ended June 30, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Revenue |
|
$ |
15,054 |
|
|
$ |
11,667 |
|
|
$ |
29,020 |
|
|
$ |
22,528 |
|
Cost of revenue |
|
|
(5,007 |
) |
|
|
(4,047 |
) |
|
|
(9,279 |
) |
|
|
(8,197 |
) |
Gross profit |
|
$ |
10,047 |
|
|
$ |
7,620 |
|
|
$ |
19,741 |
|
|
$ |
14,331 |
|
Amortization of capitalized research and development
expenses(1) |
|
|
496 |
|
|
|
253 |
|
|
|
928 |
|
|
|
451 |
|
Adjusted gross profit |
|
$ |
10,543 |
|
|
$ |
7,873 |
|
|
|
$ |
20,669 |
|
|
$ |
14,782 |
|
|
|
|
|
|
|
|
|
|
Gross profit margin |
|
|
67 |
% |
|
|
65 |
% |
|
|
68 |
% |
|
|
64 |
% |
Amortization of capitalized research and development
expenses(1) |
|
|
3 |
% |
|
|
2 |
% |
|
|
3 |
% |
|
|
2 |
% |
Adjusted gross profit margin |
|
|
70 |
% |
|
|
67 |
% |
|
|
71 |
% |
|
|
66 |
% |
SOPHiA GENETICS SA |
Reconciliation of IFRS to Adjusted Operating Loss for the
Period |
(Amounts in USD thousands) |
(Unaudited) |
|
|
|
Three months ended June 30, |
|
Six months ended June 30, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Operating loss |
|
$ |
(20,047 |
) |
|
$ |
(24,079 |
) |
|
$ |
(39,334 |
) |
|
$ |
(49,100 |
) |
Amortization of capitalized research & development expenses
(1) |
|
|
496 |
|
|
|
253 |
|
|
|
928 |
|
|
|
451 |
|
Amortization of intangible assets(2) |
|
|
179 |
|
|
|
188 |
|
|
|
352 |
|
|
|
346 |
|
Share-based compensation expense(3) |
|
|
4,676 |
|
|
|
3,889 |
|
|
|
7,106 |
|
|
|
7,360 |
|
Non-cash pension expense(4) |
|
|
84 |
|
|
|
178 |
|
|
|
162 |
|
|
|
372 |
|
Adjusted operating loss |
|
$ |
(14,612 |
) |
|
$ |
(19,571 |
) |
|
$ |
(30,786 |
) |
|
$ |
(40,571 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes to the Reconciliation of IFRS to
Adjusted Financial Measures Tables
(1) Amortization of capitalized research and development
expenses consists of software development costs amortized using the
straight-line method over an estimated life of five years. These
expenses do not have a cash impact but remain a recurring expense
generated over the course of our research and development
initiatives.
(2) Amortization of intangible assets consists of costs related
to intangible assets amortized over the course of their useful
lives. These expenses do not have a cash impact, but we could
continue to generate such expenses through future capital
investments.
(3) Share-based compensation expense represents the cost of
equity awards issued to our directors, officers, and employees. The
fair value of awards is computed at the time the award is granted
and is recognized over the vesting period of the award by a charge
to the income statement and a corresponding increase in other
reserves within equity. These expenses do not have a cash impact
but remain a recurring expense for our business and represent an
important part of our overall compensation strategy.
(4) Non-cash pension expense consists of the amount recognized
in excess of actual contributions made to our defined pension plans
to match actuarial expenses calculated for IFRS purposes. The
difference represents a non-cash expense but remains a recurring
expense for our business as we continue to make contributions to
our plans for the foreseeable future.
Sophia Genetics (NASDAQ:SOPH)
過去 株価チャート
から 5 2024 まで 6 2024
Sophia Genetics (NASDAQ:SOPH)
過去 株価チャート
から 6 2023 まで 6 2024