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SomaLogic Q2 Revenues Jump 45 Percent on Assay Services

NEW YORK – SomaLogic said after the close of the market on Monday that its second quarter revenues grew 45 percent year over year.

For the three months ended June 30, SomaLogic reported revenues of $20.5 million, compared to $14.1 million in Q2 2022, beating the consensus Wall Street estimate of $19.8 million.

Assay services revenues were $16.6 million, up 52 percent from $10.9 million a year ago, while product revenues grew fourfold to $2.9 million from $714,000. Other revenues were $200,000, down 88 percent from $1.7 million a year ago.

"Our second quarter results are in line with our expectations despite navigating operational changes and a dynamic macroeconomic backdrop," Adam Taich, interim CEO, said in a statement. "While our progress this quarter in both core assay services and distributed kits is encouraging, there is still more work to be done."

SomaLogic said it has appointed Eliot Lurier as interim CFO.

The firm's net loss for the quarter was $24.8 million, or $.13 per share, compared to a loss of $23.0 million, or $.13 per share, in the year ago quarter, beating the consensus Wall Street estimate of a $.16 loss per share.

R&D expenses for the quarter were $10.8 million, down 39 percent from $17.6 million a year ago, while SG&A expenses were $29.6 million, down 20 percent from $36.8 million a year ago. SomaLogic said in a statement that this decrease aligns with the company's previously announced initiatives to reduce expenses.

SomaLogic ended the quarter with cash and cash equivalents of $354.5 million and investments of $119.6 million.

The firm reiterated full-year 2023 revenue guidance in the range of $80 million to $84 million.

In Tuesday morning trading on the Nasdaq, shares of Somalogic were up 11 percent at $2.26.