Skip to main content
Premium Trial:

Request an Annual Quote

Sophia Genetics Q4 Revenues up 40 Percent on Bioinformatics Platform Sales

NEW YORK — Sophia Genetics on Tuesday reported a 40 percent year-over-year jump in revenues for the fourth quarter on growing demand for its bioinformatics platform.

For the three-month period ended Dec. 31, 2021, Sophia's revenues were $10.9 million, up from $7.8 million the year before. During Q4, platform analysis volumes increased 50 percent to roughly 66,000 from 44,000 in the year-ago quarter, the firm said.

The company's net loss in the fourth quarter grew to $21.4 million, or $.33 per share, from $10.5 million, or $.22 per share, in the same period in 2020. Analysts had, on average, been expecting a loss per share of $.36.

R&D spending in the fourth quarter was up 23 percent to $6.4 million from $5.2 million, while SG&A costs nearly doubled to $21.5 million from $11.1 million year on year.

At the end of 2021, Sophia, which raised $234 million in an initial public offering in mid-2021, had about $193.0 million in cash and cash equivalents.

For the full-year 2021, Sophia's revenues climbed 43 percent to $40.5 million from $28.4 million the year before but fell short of the Wall Street consensus estimate of $40.9 million. Sophia attributed the revenue growth to new customers added to its platform along with increased usage rates by existing customers. The Saint-Sulpice, Switzerland- and Boston-based company noted that total recurring platform customers grew to 382 as of Dec. 31, compared with 314 at the end of 2020.

Sophia's full-year 2021 net loss jumped to $73.7 million, or $1.33 per share, from $39.3 million, or $.93 per share, in 2020.

Its R&D expenses in 2021 were up 43 percent to $26.6 million from $18.6 million a year earlier, as its SG&A costs rose 93 percent to $70.2 million from $36.4 million the previous year.

Looking ahead, Sophia said that it expects full-year 2022 revenues to be in the range of $51.5 million and $54 million.

During early morning trading on the Nasdaq, shares of Sophia were up $.22 at $9.31.