SOPHiA GENETICS (Nasdaq: SOPH), a cloud-native software company and
a leader in data-driven medicine, today reported financial results
for its fourth quarter and fiscal year ended December 31, 2023.
Fourth Quarter 2023 Financial
Highlights
- Revenue grew 27% year-over-year to $17.0 million; Constant
currency revenue excluding COVID-related revenue also grew 27%
year-over-year
- Gross margins were 70% on a reported basis and 73% on an
adjusted basis
- Operating loss was $18.9 million on a reported basis and $13.3
million on an adjusted basis
- Change in cash and cash equivalents and term deposits (cash
burn) improved 11% year-over-year to $9.5 million, compared to
$10.6 million in Q4 2022, even when factoring in a credit to
computational and storage-related expenses related to our strategic
agreement with Microsoft in Q4 2022
Full Year 2023 Financial
Highlights
- Revenue grew 31% year-over-year to $62.4 million; Constant
currency revenue excluding COVID-related revenue grew 32%
year-over-year
- Gross margins were 69% on a reported basis and 72% on an
adjusted basis
- Operating loss was $74.8 million on a reported basis and $55.9
million on an adjusted basis, representing 15% and 22%
year-over-year improvements, respectively
- Cash burn improved 36% year-over-year to $55.4 million,
compared to $86.7 million in FY 2022
"We are pleased with the tremendous performance in
fiscal year 2023, including 31% year-over-year revenue growth,
continued gross margin expansion, and 36% year-over-year
improvement in cash burn," said Jurgi Camblong, PhD., Chief
Executive Officer and Co-founder. "During 2023, we were excited to
see continued, widespread adoption of SOPHiA DDM™ worldwide as
the Platform performed a record 317,000+ analyses across the 450
core genomics customers we serve. We are especially proud of the
growth we delivered with SOPHiA DDM™’s Solid Tumor applications,
with our BioPharma partners, and in the U.S. market.”
Camblong added, "Looking forward to 2024, we are
well positioned to continue delivering strong growth. SOPHiA DDM™’s
new Liquid Biopsy offering, world-class Solid Tumor applications,
and the momentum we are building in the U.S. are all exciting
catalysts for growth in 2024 as we continue on our path to
profitability in the next 2+ years."
Business Highlights
- Performed a record 317,062 analyses on SOPHiA DDM™ in FY
2023, representing 20% year-over-year analysis volume growth
including COVID-related analyses or 27% growth excluding
COVID-related analyses
- Reached 450 core genomics customers as of December 31, 2023,
who use SOPHiA DDM™ regularly to analyze patients with cancer
and rare diseases, up from 434 customers as of December 31,
2022
- Signed a record 35 new core genomic customers in Q4 2023 who
will implement SOPHiA DDM™ during 2024
- Recently signed new core genomics customers, including Lifespan
Health Network, a network of award-winning hospitals in Rhode
Island, U.S., and Karkinos Healthcare, a major oncology platform in
India
- Built momentum in the U.S. market with 70% year-over-year
revenue growth for FY 2023, 9 new U.S. core genomics signed in FY
2023, and Q4 2023 U.S. analysis volume up 51% since Q4 2022
- Launched a new, expanded suite of Liquid Biopsy applications in
December 2023, including MSK-ACCESS powered with SOPHiA DDM™
- Continued expanding usage of SOPHiA DDM™ within existing
customer by driving adoption of new applications, resulting in Net
Dollar Retention of 130% in Q4 2023, up 2,800 bps from 102% at the
end of FY 2022
- Announced new expanded relationships with existing customers,
including Vall d'Hebron Institute of Oncology (VHIO) in Spain, one
of the top comprehensive cancer centers in Europe, who added a
Solid Tumor application for Homologous Recombination Deficiency
(HRD) testing and Latin American healthcare network Diagnosticos da
America (DASA) who adopted MSK-ACCESS powered with SOPHiA
DDM™ for Liquid Biopsy testing
- Delivered strong growth in Solid Tumor applications, and in
particular the HRD application, with nearly 50 HRD customers as of
December 31, 2023 and over 150% year-over-year revenue growth
- Expanded our partnership with AstraZeneca to sponsor the
deployment of SOPHiA DDM™’s HRD application to additional
laboratories throughout Spain
- Reaffirmed commitment to grow sustainably and achieve adjusted
operating profitability in the next 2+ years
2024 Financial Outlook
Based on information as of today, SOPHiA GENETICS
is providing the following guidance:
- Revenue between $78 million and $81
million, representing growth of 25% to 30% compared to full year
2023 revenue
- Adjusted gross margin between 72.5% and 72.7%, compared to
72.2% in FY 2023
- Adjusted operating loss between $45M and $50M, compared to
$55.9 million in FY 2023
Other than with respect to revenue, the Company
only provides guidance on a non-IFRS basis. The Company does not
provide a reconciliation of forward-looking adjusted gross margin
(non-IFRS measure) to gross margin (the most comparable IFRS
financial measure), due to the inherent difficulty in forecasting
and quantifying amortization of capitalized research &
development expenses that are necessary for such reconciliation. In
addition, the Company does not provide a reconciliation of
forward-looking adjusted operating loss (non-IFRS measure) to
operating loss (the most comparable IFRS financial measure), due to
the inherent difficulty in forecasting and quantifying amortization
of capitalized research & development expenses and intangible
assets, share-based compensation expenses, and non-cash portion of
pensions paid in excess of actual contributions, that are necessary
for such reconciliation.
Earnings Call and Webcast
Information
SOPHiA GENETICS will host a conference call and
live webcast to discuss the fourth quarter and full year 2023
results, and financial guidance for the full year 2024 on Tuesday,
March 5, 2024, at 8:00 a.m. (08:00) Eastern Time / 2:00 p.m.
(14:00) Central European Time. The call will be webcast live on the
SOPHiA GENETICS Investor Relations website, ir.sophiagenetics.com.
Additionally, an audio replay of the conference call will be
available on the SOPHiA GENETICS website after its completion.
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; and
- 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, non-cash portion of pensions expense paid in excess of
actual contributions to match the actuarial expense, and costs
associated with corporate restructuring.
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;
- These non-IFRS measures exclude the
impact of costs associated with corporate restructuring, which we
may incur from time to time; 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
recorded 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.
About SOPHiA GENETICS
SOPHiA GENETICS (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™, a cloud-native Platform capable
of analyzing data and generating insights from complex multimodal
data sets and different diagnostic modalities. SOPHiA DDM™ 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 X, LinkedIn, Facebook, and Instagram. Where
others see data, we see answers.
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 2023 guidance and statements regarding our 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
our management’s beliefs and assumptions and on information
currently available to our 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 our
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 document speak
only as of the date of this press release. We expressly disclaim
any obligation or undertaking to update these forward-looking
statements contained in this press release to reflect any change in
our 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:
Kellen SangerIR@sophiagenetics.com
Media Contact:
Kelly Katapodismedia@sophiagenetics.com
|
SOPHiA GENETICS SA |
Consolidated Statement of Loss |
(Amounts in USD thousands, except per share
data) |
(Unaudited) |
|
|
|
Three months ended December 31, |
|
Year ended December 31, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Revenue |
|
$ |
17,048 |
|
|
$ |
13,384 |
|
|
$ |
62,371 |
|
|
$ |
47,560 |
|
Cost of revenue |
|
|
(5,150 |
) |
|
|
(3,753 |
) |
|
|
(19,458 |
) |
|
|
(16,306 |
) |
Gross profit |
|
|
11,898 |
|
|
|
9,631 |
|
|
|
42,913 |
|
|
|
31,254 |
|
Research and development costs |
|
|
(9,759 |
) |
|
|
(6,790 |
) |
|
|
(36,969 |
) |
|
|
(35,371 |
) |
Selling and marketing costs |
|
|
(7,966 |
) |
|
|
(4,247 |
) |
|
|
(28,423 |
) |
|
|
(28,267 |
) |
General and administrative costs |
|
|
(13,269 |
) |
|
|
(13,929 |
) |
|
|
(53,301 |
) |
|
|
(55,816 |
) |
Other operating income, net |
|
|
150 |
|
|
|
252 |
|
|
|
954 |
|
|
|
377 |
|
Operating loss |
|
|
(18,946 |
) |
|
|
(15,083 |
) |
|
|
(74,826 |
) |
|
|
(87,823 |
) |
Interest income, net |
|
|
811 |
|
|
|
650 |
|
|
|
3,959 |
|
|
|
684 |
|
Foreign exchange and other losses |
|
|
(5,917 |
) |
|
|
205 |
|
|
|
(7,628 |
) |
|
|
(446 |
) |
Loss before income taxes |
|
|
(24,052 |
) |
|
|
(14,228 |
) |
|
|
(78,495 |
) |
|
|
(87,585 |
) |
Income tax (expense) benefit |
|
|
(8 |
) |
|
|
257 |
|
|
|
(486 |
) |
|
|
136 |
|
Loss for the year |
|
|
(24,060 |
) |
|
|
(13,971 |
) |
|
|
(78,981 |
) |
|
|
(87,449 |
) |
Attributable to the owners of the parent |
|
|
(24,060 |
) |
|
|
(13,971 |
) |
|
|
(78,981 |
) |
|
|
(87,449 |
) |
|
|
|
|
|
|
|
|
|
Basic and diluted loss per share |
|
$ |
(0.37 |
) |
|
$ |
(0.22 |
) |
|
$ |
(1.22 |
) |
|
$ |
(1.36 |
) |
SOPHiA GENETICS SA |
Consolidated Statement of Comprehensive Loss |
(Amounts in USD thousands) |
(Unaudited) |
|
|
|
Three months ended December 31, |
|
Year ended December 31, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Loss for the year |
|
$ |
(24,060 |
) |
|
$ |
(13,971 |
) |
|
$ |
(78,981 |
) |
|
$ |
(87,449 |
) |
Other comprehensive income (loss): |
|
|
|
|
|
|
|
|
Items that may be reclassified to statement of loss (net of
tax) |
|
|
|
|
|
|
|
|
Currency translation differences |
|
|
12,768 |
|
|
|
5,913 |
|
|
|
15,037 |
|
|
|
(4,336 |
) |
Total items that may be reclassified to statement of
loss |
|
|
12,768 |
|
|
|
5,913 |
|
|
|
15,037 |
|
|
|
(4,336 |
) |
Items that will not be reclassified to statement of loss (net of
tax) |
|
|
|
|
|
|
|
|
Remeasurement of defined benefit plans |
|
|
71 |
|
|
|
(299 |
) |
|
|
(212 |
) |
|
|
2,154 |
|
Total items that will not be reclassified to statement of
loss |
|
|
71 |
|
|
|
(299 |
) |
|
|
(212 |
) |
|
|
2,154 |
|
Other comprehensive income (loss) for the
period |
|
$ |
12,839 |
|
|
$ |
5,614 |
|
|
$ |
14,825 |
|
|
$ |
(2,182 |
) |
Total comprehensive loss for the period |
|
$ |
(11,221 |
) |
|
$ |
(8,357 |
) |
|
$ |
(64,156 |
) |
|
$ |
(89,631 |
) |
Attributable to owners of the parent |
|
$ |
(11,221 |
) |
|
$ |
(8,357 |
) |
|
$ |
(64,156 |
) |
|
$ |
(89,631 |
) |
SOPHiA GENETICS SA |
Consolidated Balance Sheet |
(Amounts in USD thousands) |
(Audited) |
|
|
|
December 31, 2023 |
|
December 31, 2022 |
Assets |
|
|
|
|
Current assets |
|
|
|
|
Cash and cash equivalents |
|
$ |
123,251 |
|
|
$ |
161,305 |
|
Term deposits |
|
|
— |
|
|
|
17,307 |
|
Accounts receivable |
|
|
13,557 |
|
|
|
6,649 |
|
Inventory |
|
|
6,482 |
|
|
|
5,156 |
|
Prepaids and other current assets |
|
|
4,757 |
|
|
|
5,838 |
|
Total current assets |
|
|
148,047 |
|
|
|
196,255 |
|
Non-current assets |
|
|
|
|
Property and equipment |
|
|
7,469 |
|
|
|
7,129 |
|
Intangible assets |
|
|
27,185 |
|
|
|
19,963 |
|
Right-of-use assets |
|
|
15,635 |
|
|
|
14,268 |
|
Deferred tax assets |
|
|
1,720 |
|
|
|
1,940 |
|
Other non-current assets |
|
|
6,100 |
|
|
|
4,283 |
|
Total non-current assets |
|
|
58,109 |
|
|
|
47,583 |
|
Total assets |
|
$ |
206,156 |
|
|
$ |
243,838 |
|
Liabilities and equity |
|
|
|
|
Current liabilities |
|
|
|
|
Accounts payable |
|
$ |
5,391 |
|
|
$ |
6,181 |
|
Accrued expenses |
|
|
17,808 |
|
|
|
14,505 |
|
Deferred contract revenue |
|
|
9,494 |
|
|
|
3,434 |
|
Lease liabilities, current portion |
|
|
2,928 |
|
|
|
2,690 |
|
Total current liabilities |
|
|
35,621 |
|
|
|
26,810 |
|
Non-current liabilities |
|
|
|
|
Lease liabilities, net of current portion |
|
|
15,673 |
|
|
|
14,053 |
|
Defined benefit pension liabilities |
|
|
3,086 |
|
|
|
2,675 |
|
Other non-current liabilities |
|
|
334 |
|
|
|
170 |
|
Total non-current liabilities |
|
|
19,093 |
|
|
|
16,898 |
|
Total liabilities |
|
|
54,714 |
|
|
|
43,708 |
|
Equity |
|
|
|
|
Share capital |
|
|
4,048 |
|
|
|
3,464 |
|
Share premium |
|
|
471,846 |
|
|
|
471,623 |
|
Treasury shares |
|
|
(646 |
) |
|
|
(117 |
) |
Other reserves |
|
|
53,978 |
|
|
|
23,963 |
|
Accumulated deficit |
|
|
(377,784 |
) |
|
|
(298,803 |
) |
Total equity |
|
|
151,442 |
|
|
|
200,130 |
|
Total liabilities and equity |
|
$ |
206,156 |
|
|
$ |
243,838 |
|
SOPHiA GENETICS SA |
Consolidated Statement of Cash Flows |
(Amounts in USD thousands) |
(Audited) |
|
|
|
Year ended December 31, |
|
|
|
2023 |
|
|
|
2022 |
|
Operating activities |
|
|
|
|
Loss before income tax |
|
$ |
(78,495 |
) |
|
$ |
(87,585 |
) |
Adjustments for non-monetary items |
|
|
|
|
Depreciation |
|
|
5,508 |
|
|
|
3,791 |
|
Amortization |
|
|
2,828 |
|
|
|
1,780 |
|
Finance expense (income), net |
|
|
2,934 |
|
|
|
(685 |
) |
Gain on TriplePoint success fee |
|
|
— |
|
|
|
— |
|
Expected credit loss allowance |
|
|
214 |
|
|
|
(467 |
) |
Share-based compensation |
|
|
15,242 |
|
|
|
13,613 |
|
Intangible assets write-off |
|
|
— |
|
|
|
73 |
|
Movements in provisions, pensions, and government grants |
|
|
308 |
|
|
|
953 |
|
Research tax credit |
|
|
(1,129 |
) |
|
|
(1,292 |
) |
Loss on disposal of property and equipment |
|
|
28 |
|
|
|
— |
|
Gain on disposal of lease liability |
|
|
(733 |
) |
|
|
— |
|
Working capital changes |
|
|
|
|
(Increase) decrease in accounts receivable |
|
|
(6,500 |
) |
|
|
1,332 |
|
(Increase) decrease in prepaids and other assets |
|
|
1,375 |
|
|
|
(977 |
) |
(Increase) decrease in inventory |
|
|
(874 |
) |
|
|
(200 |
) |
Increase (decrease) in accounts payables, accrued expenses,
deferred contract revenue, and other liabilities |
|
|
6,871 |
|
|
|
(1,428 |
) |
Cash used in operating activities |
|
|
|
|
Income tax received (paid) |
|
|
(801 |
) |
|
|
— |
|
Interest paid |
|
|
(6 |
) |
|
|
(266 |
) |
Interest received |
|
|
4,655 |
|
|
|
1,265 |
|
Net cash flows used in operating activities |
|
|
(48,575 |
) |
|
|
(70,093 |
) |
Investing activities |
|
|
|
|
Purchase of property and equipment |
|
|
(1,494 |
) |
|
|
(4,097 |
) |
Acquisition of intangible assets |
|
|
(263 |
) |
|
|
(464 |
) |
Capitalized development costs |
|
|
(7,469 |
) |
|
|
(5,820 |
) |
Proceeds upon maturity of term deposits and short-term
investments |
|
|
17,546 |
|
|
|
78,533 |
|
Purchase of term deposits and short-term investments |
|
|
— |
|
|
|
(26,179 |
) |
Net cash flow provided from (used in) investing
activities |
|
|
8,320 |
|
|
|
41,973 |
|
Financing activities |
|
|
|
|
Proceeds from exercise of share options |
|
|
226 |
|
|
|
748 |
|
Proceeds from issuance of share capital, net of transaction
costs |
|
|
— |
|
|
|
— |
|
Proceeds from initial public offering, net of transaction
costs |
|
|
— |
|
|
|
— |
|
Proceeds from greenshoe, net of transaction costs |
|
|
— |
|
|
|
— |
|
Proceeds from private placement, net of transaction costs |
|
|
— |
|
|
|
— |
|
Payment of TriplePoint success fee |
|
|
— |
|
|
|
— |
|
Proceeds from borrowings |
|
|
— |
|
|
|
— |
|
Repayments of borrowings |
|
|
— |
|
|
|
— |
|
Payments of principal portion of lease liabilities |
|
|
(3,043 |
) |
|
|
(2,316 |
) |
Net cash flow (used in) provided from financing
activities |
|
|
(2,817 |
) |
|
|
(1,568 |
) |
Increase (decrease) in cash and cash
equivalents |
|
|
(43,072 |
) |
|
|
(29,688 |
) |
Effect of exchange differences on cash balances |
|
|
5,018 |
|
|
|
(1,969 |
) |
Cash and cash equivalents at beginning of the year |
|
|
161,305 |
|
|
|
192,962 |
|
Cash and cash equivalents at end of the year |
|
$ |
123,251 |
|
|
$ |
161,305 |
|
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, expect for %) |
(Unaudited) |
|
|
|
Three months ended December 31, |
|
Year ended December 31, |
|
|
|
2023 |
|
|
|
2022 |
|
|
Growth |
|
|
2023 |
|
|
|
2022 |
|
|
Growth |
IFRS revenue |
|
$ |
17,048 |
|
|
$ |
13,384 |
|
|
27 |
% |
|
$ |
62,371 |
|
|
$ |
47,560 |
|
|
31 |
% |
Current period constant currency impact |
|
|
(177 |
) |
|
|
— |
|
|
|
|
|
(527 |
) |
|
|
— |
|
|
|
Constant currency revenue |
|
$ |
16,871 |
|
|
$ |
13,384 |
|
|
26 |
% |
|
$ |
61,844 |
|
|
$ |
47,560 |
|
|
30 |
% |
COVID-19-related revenue |
|
|
(106 |
) |
|
|
(167 |
) |
|
|
|
|
(319 |
) |
|
|
(1,080 |
) |
|
|
Constant currency impact on COVID-19-related revenue |
|
|
5 |
|
|
|
|
|
|
|
2 |
|
|
|
— |
|
|
|
Constant currency revenue excluding COVID-19-related
revenue |
|
$ |
16,770 |
|
|
$ |
13,217 |
|
|
27 |
% |
|
$ |
61,527 |
|
|
$ |
46,480 |
|
|
32 |
% |
SOPHiA GENETICS SA |
Reconciliation of IFRS to Adjusted Gross Profit and Gross
Profit Margin |
(Amounts in USD thousands, except
percentages) |
(Unaudited) |
|
|
|
Three months ended December 31, |
|
Year ended December 31, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Revenue |
|
$ |
17,048 |
|
|
$ |
13,384 |
|
|
$ |
62,371 |
|
|
$ |
47,560 |
|
Cost of revenue |
|
|
(5,150 |
) |
|
|
(3,753 |
) |
|
|
(19,458 |
) |
|
|
(16,306 |
) |
Gross profit |
|
$ |
11,898 |
|
|
$ |
9,631 |
|
|
$ |
42,913 |
|
|
$ |
31,254 |
|
Amortization of capitalized research and development
expenses (1) |
|
|
619 |
|
|
|
378 |
|
|
|
2,099 |
|
|
|
1,133 |
|
Adjusted gross profit |
|
$ |
12,517 |
|
|
$ |
10,009 |
|
|
$ |
45,012 |
|
|
$ |
32,387 |
|
|
|
|
|
|
|
|
|
|
Gross profit margin |
|
|
70 |
% |
|
|
72 |
% |
|
|
69 |
% |
|
|
66 |
% |
Amortization of capitalized research and development
expenses (1) |
|
|
3 |
% |
|
|
3 |
% |
|
|
3 |
% |
|
|
2 |
% |
Damaged inventory write-off (2) |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
Adjusted gross profit margin |
|
|
73 |
% |
|
|
75 |
% |
|
|
72 |
% |
|
|
68 |
% |
SOPHiA GENETICS SA |
Reconciliation of IFRS to Adjusted Operating
Loss |
(Amounts in USD thousands) |
(Unaudited) |
|
|
|
Three months ended December 31, |
|
Year ended December 31, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Operating loss |
|
$ |
(18,946 |
) |
|
$ |
(15,083 |
) |
|
$ |
(74,826 |
) |
|
$ |
(87,823 |
) |
Amortization of capitalized research & development
expenses (1) |
|
|
619 |
|
|
|
378 |
|
|
|
2,099 |
|
|
|
1,133 |
|
Amortization of intangible assets (2) |
|
|
193 |
|
|
|
110 |
|
|
|
729 |
|
|
|
647 |
|
Share-based compensation expense (3) |
|
|
4,211 |
|
|
|
2,596 |
|
|
|
15,247 |
|
|
|
13,613 |
|
Non-cash pension expense (4) |
|
|
(625 |
) |
|
|
(77 |
) |
|
|
(394 |
) |
|
|
468 |
|
Costs associated with restructuring (5) |
|
|
1,232 |
|
|
|
— |
|
|
|
1,232 |
|
|
|
— |
|
Adjusted operating loss |
|
$ |
(13,316 |
) |
|
$ |
(12,076 |
) |
|
$ |
(55,913 |
) |
|
$ |
(71,962 |
) |
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. |
|
|
|
|
(5) |
Costs associated with
restructuring consists of compensation paid to employees during
their garden leave period, severance, and any other amounts legally
owed to the employees resulting from their termination as part of a
planned workforce reduction, which we undertook to optimize our
operations. Additionally, it includes any legal fees incurred as
part of the restructuring process. While such actions are not
planned going forward as part of our regular operations, we expect
such expenses could still be incurred from time to time based on
corporate needs. |
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