SOPHiA GENETICS SA (NASDAQ: SOPH), today reported financial results
for the three months ended June 30, 2021.
Recent Highlights
- Revenue was $10.2 million for the
second quarter, representing a 72% increase over the corresponding
period of 2020
- Increased total
customer base of hospitals, labs, and biopharma institutions to 780
customers during the second quarter, up from 750 in the first
quarter of 2021
- Strengthened balance sheet by raising
approximately $217 million in net proceeds from the initial public
offering in July 2021 and an additional $20 million in gross
proceeds from a private placement investment from an affiliate of
GE Healthcare
- Expanded
partnership with DASA, the largest integrated healthcare network in
Brazil, to offer the first decentralized homologous recombination
deficiency (HRD) solution in Latin America
- Announced a
co-marketing agreement with Agilent to offer an end-to-end solution
that automates next generation sequencing (NGS) library preparation
and analytics processes for cancer research
“We had solid execution across our business
during the second quarter, growing top line revenue more than 70%
over the prior year period,” said Jurgi Camblong, Co-Founder and
CEO of SOPHiA GENETICS. “I am encouraged by our growing customer
base as well as the increasing enthusiasm around for the impacts
data driven medicine can have on patient outcomes. Overall, I am so
proud of what we have achieved at SOPHiA and even more excited for
what lies ahead. We are committed to unlocking data siloes,
leveraging AI to generate actionable insights from data, and
helping healthcare professionals work together as a community and
deploy their collective expertise for the benefit of patients
around the world.”
Second Quarter 2021 Financial
Results
Total revenue for the second quarter of 2021 was
$10.2 million compared to $5.9 million for the second quarter of
2020, representing a 72% increase. This increase was primarily
driven by new customers onboarded onto the platform and improved
usage rates across existing customers as COVID-19 related
restrictions loosened.
Gross profit in the second quarter of 2021 was
$6.2 million, an increase of 57% compared to a gross profit of $4.0
million in the second quarter of 2020. Gross profit margin was 61%
in the second quarter of 2021 as compared to 67% in the second
quarter of 2020. The decline in gross margin was primarily
attributable to increased computational and storage-related costs
and negative FX movement. Adjusted gross profit was $6.3 million,
and adjusted gross margin was 62% in the second quarter of 2021
after adjusting for the amortization of capitalized research and
development expenses, which is expected to grow over time as SOPHiA
expands its research and development efforts.
Total operating expenses for the second quarter
of 2021 were $22.2 million compared to $11.0 million dollars in the
second quarter of 2020. This increase in operating expenses was
primarily attributable to increases in employee-related expenses
for R&D initiatives related to the development of new products,
increased sales momentum as COVID-19 restrictions loosened, and
continued scale-up of the Company. Other contributing factors
include increased commissions and sales-related costs, development
of quality-related initiatives to support a potential expansion
into more regulated markets, and IPO-related expenses.
Operating loss in the second quarter of 2021 was
$15.9 million, compared to $7.0 million in the second quarter of
2020. Adjusted operating loss in the second quarter of 2021 was
$14.3 million, compared to $6.4 million in the second quarter of
2020.
Net loss in the second quarter of 2021 was $18.4
million, compared to $7.9 million in the second quarter of 2020.
Net loss per share was $0.38 in the second quarter of 2021, as
compared to $0.20 in the second quarter of 2020. Adjusted net loss
in the second quarter of 2021 was 15.0 million compared to $7.0
million in the second quarter of 2020. Adjusted net loss per share
was $0.31 in the second quarter of 2021, as compared to $0.18 in
the second quarter of 2020.
Cash and cash equivalents, including term
deposits, were approximately $64 million as of June 30, 2021. After
quarter end, the Company priced its IPO and began trading on July
23, 2021, raising approximately $243 million of gross proceeds,
yielding approximately $217 million in net proceeds. Concurrent
with the IPO, the Company raised an additional $20 million in gross
proceeds upon the completion of a private placement investment from
an affiliate of GE Healthcare.
2021 Outlook
SOPHiA Genetics expects full year revenue for
2021 to be greater than $39 million, representing growth of over
37% compared to the prior year period.
Webcast and Conference Call
Information
SOPHiA GENETICS will host a conference call to
discuss the second quarter 2021 financial results, business
developments and outlook before market open on Thursday, September
9, 2021 at 8:30 AM Eastern Time / 5:30 AM Pacific Time. Live audio
of the webcast will be available on the “Investors” section of the
Company website at: ir.sophiagenetics.com.
About SOPHiA GENETICS
SOPHiA GENETICS is a healthcare technology
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-based SaaS
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 more than 780 hospital, laboratory,
and biopharma institutions globally.
More info: SOPHiAGENETICS.COM;
follow @SOPHiAGENETICS on Twitter.
Non-IFRS Financial Measures
To provide investors with additional information
regarding our financial results, we have disclosed here and
elsewhere in this earnings release the following non-IFRS
measures:
- Adjusted cost of revenue, which we
calculate as cost of revenue adjusted to exclude amortization of
capitalized research and development expenses;
- Adjusted gross profit, which we
calculate as revenue minus adjusted cost of revenue;
- Adjusted gross profit margin, which
we calculated as adjusted gross profit as a percentage of
revenue;
- Adjusted operating loss, which we
calculate as operating loss adjusted to exclude those adjustments
made to calculate adjusted cost of revenue, 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 non-recurring expenses related
to the IPO that were not capitalized;
- Adjusted finance income (expense),
net, which we calculate as finance income (expense), net adjusted
to exclude changes in the fair valuation of the derivative tied to
the success fee we are obligated to pay to TriplePoint Capital LLC
upon completion of our initial public offering;
- Adjusted loss for the period, which
we calculate as loss for the period adjusted to exclude those
adjustments made to calculate adjusted cost of revenue, adjusted
operating loss and adjusted finance income (expense); and
- Adjusted loss per share, which we
calculate as adjusted net loss divided by the weighted-average
number of shares.
These non-IFRS measures are key measures used by our management
and board of directors to evaluate our 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, we believe that these non-IFRS
measures provide useful information to investors and others in
understanding and evaluating our operating results in the same
manner as our 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 our 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 our business and an important part
of our 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 our business;
- These non-IFRS measures exclude the
impact of non-recurring expenses related to our IPO, which are cash
expenditures, and we expect to incur financing expenses from time
to time;
- These non-IFRS measures exclude the
impact of changes in fair value of the derivative associated with
the fee payable to TriplePoint Capital LLC, which we must repay in
cash upon completion of our IPO; and
- Other companies, including
companies in our 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 our other IFRS results.
The tables below provide the reconciliation of the most
comparable IFRS measures to the non-IFRS measures for the periods
presented.
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 our future results of operations and
financial position, business strategy, products and technology, 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.
Media
Contact:sophiagenetics@consortpartners.com
Investor Contact:ir@sophiagenetics.com
SOPHiA GENETICS
SAInterim Condensed Consolidated Statement of
Loss(Amounts in USD thousands, except per share
data)(Unaudited)
|
|
Three months ended June 30, |
|
|
Six months ended June 30, |
|
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
Revenue |
|
$ |
10,178 |
|
|
$ |
5,916 |
|
|
$ |
19,154 |
|
|
$ |
13,397 |
|
|
Cost of revenue |
|
|
(3,948 |
) |
|
|
(1,950 |
) |
|
|
(7,307 |
) |
|
|
(4,863 |
) |
|
Gross
profit |
|
|
6,230 |
|
|
|
3,966 |
|
|
|
11,847 |
|
|
|
8,534 |
|
|
Research and development
costs |
|
|
(6,385 |
) |
|
|
(3,765 |
) |
|
|
(12,565 |
) |
|
|
(8,396 |
) |
|
Selling and marketing costs |
|
|
(7,573 |
) |
|
|
(3,788 |
) |
|
|
(12,455 |
) |
|
|
(9,138 |
) |
|
General and administrative
costs |
|
|
(8,224 |
) |
|
|
(3,522 |
) |
|
|
(16,857 |
) |
|
|
(7,524 |
) |
|
Other operating income (expense),
net |
|
|
28 |
|
|
|
69 |
|
|
|
52 |
|
|
|
(145 |
) |
|
Operating
loss |
|
|
(15,924 |
) |
|
|
(7,040 |
) |
|
|
(29,978 |
) |
|
|
(16,669 |
) |
|
Finance income (expense),
net |
|
|
(2,426 |
) |
|
|
(797 |
) |
|
|
(865 |
) |
|
|
(1,687 |
) |
|
Loss before income
taxes |
|
|
(18,350 |
) |
|
|
(7,837 |
) |
|
|
(30,843 |
) |
|
|
(18,356 |
) |
|
Income tax (expense) |
|
|
(40 |
) |
|
|
(18 |
) |
|
|
(215 |
) |
|
|
(36 |
) |
|
Loss for the
period |
|
|
(18,390 |
) |
|
|
(7,855 |
) |
|
|
(31,058 |
) |
|
|
(18,392 |
) |
|
Attributable to the
owners of the parent |
|
$ |
(18,390 |
) |
|
$ |
(7,855 |
) |
|
$ |
(31,058 |
) |
|
$ |
(18,392 |
) |
|
Loss per
share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted loss per
share |
|
$ |
(0.38 |
) |
|
$ |
(0.20 |
) |
|
$ |
(0.64 |
) |
|
$ |
(0.48 |
) |
|
SOPHiA GENETICS
SAInterim Condensed Consolidated Statement of
Comprehensive Loss(Amounts in USD
thousands)(Unaudited)
|
|
Three months ended June 30, |
|
|
Six months ended June 30, |
|
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
Loss for the period |
|
$ |
(18,390 |
) |
|
$ |
(7,855 |
) |
|
$ |
(31,058 |
) |
|
$ |
(18,392 |
) |
|
Other comprehensive
loss: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Items that may be reclassified to
loss (net of tax) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Currency translation
differences |
|
|
2,302 |
|
|
|
196 |
|
|
|
(4,721 |
) |
|
|
200 |
|
|
Total items that may be
reclassified to loss |
|
$ |
2,302 |
|
|
$ |
196 |
|
|
$ |
(4,721 |
) |
|
$ |
200 |
|
|
Other comprehensive
income (loss) for the period |
|
$ |
2,302 |
|
|
$ |
196 |
|
|
$ |
(4,721 |
) |
|
$ |
200 |
|
|
Total comprehensive loss
for the period |
|
$ |
(16,088 |
) |
|
$ |
(7,659 |
) |
|
$ |
(35,779 |
) |
|
$ |
(18,192 |
) |
|
Attributable to owners of
the parent |
|
$ |
(16,088 |
) |
|
$ |
(7,659 |
) |
|
$ |
(35,779 |
) |
|
$ |
(18,192 |
) |
|
SOPHiA GENETICS
SAInterim Condensed Consolidated Balance
Sheet(Amounts in USD thousands)
|
|
(Unaudited) |
|
|
|
|
|
|
|
June 30, 2021 |
|
|
December 31, 2020 |
|
Assets |
|
|
|
|
|
|
|
|
Current
assets |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
42,487 |
|
|
$ |
74,625 |
|
Term deposits and short-term
investments |
|
|
21,647 |
|
|
|
22,720 |
|
Accounts receivable, net |
|
|
7,514 |
|
|
|
6,363 |
|
Inventory |
|
|
3,667 |
|
|
|
3,384 |
|
Prepaids and other current
assets |
|
|
4,930 |
|
|
|
2,602 |
|
Total current
assets |
|
|
80,245 |
|
|
|
109,694 |
|
Non-current
assets |
|
|
|
|
|
|
|
|
Property and equipment, net |
|
|
2,559 |
|
|
|
1,772 |
|
Intangible assets, net |
|
|
13,899 |
|
|
|
13,282 |
|
Right-of-use assets |
|
|
3,114 |
|
|
|
3,767 |
|
Deferred tax asset |
|
|
2,030 |
|
|
|
2,114 |
|
Other non-current assets |
|
|
2,194 |
|
|
|
1,486 |
|
Total non-current
assets |
|
|
23,796 |
|
|
|
22,421 |
|
Total
assets |
|
$ |
104,041 |
|
|
$ |
132,115 |
|
Liabilities and
equity |
|
|
|
|
|
|
|
|
Current
liabilities |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
6,248 |
|
|
$ |
5,907 |
|
Accrued expenses |
|
|
10,750 |
|
|
|
9,081 |
|
Deferred contract revenue |
|
|
4,083 |
|
|
|
2,642 |
|
Current portion of
borrowings |
|
— |
|
|
|
2,873 |
|
Current portion of lease
liabilities |
|
|
967 |
|
|
|
1,036 |
|
Other current liabilities |
|
|
2,859 |
|
|
|
48 |
|
Total current
liabilities |
|
|
24,907 |
|
|
|
21,587 |
|
Non-current
liabilities |
|
|
|
|
|
|
|
|
Deferred contract revenue, net of
current portion |
|
|
138 |
|
|
|
142 |
|
Borrowings, net of current
portion |
|
|
— |
|
|
|
457 |
|
Lease liabilities, net of current
portion |
|
|
2,314 |
|
|
|
2,883 |
|
Defined benefit pension
liabilities |
|
|
5,247 |
|
|
|
5,158 |
|
Other non-current
liabilities |
|
|
341 |
|
|
|
1,378 |
|
Total non-current
liabilities |
|
|
8,040 |
|
|
|
10,018 |
|
Total
liabilities |
|
|
32,947 |
|
|
|
31,605 |
|
Equity |
|
|
|
|
|
|
|
|
Share capital |
|
|
2,529 |
|
|
|
2,460 |
|
Share premium |
|
|
231,887 |
|
|
|
227,429 |
|
Other reserves |
|
|
5,415 |
|
|
|
8,300 |
|
Accumulated deficit |
|
|
(168,737 |
) |
|
|
(137,679 |
) |
Total
equity |
|
|
71,094 |
|
|
|
100,510 |
|
Total liabilities and
equity |
|
$ |
104,041 |
|
|
$ |
132,115 |
|
SOPHiA GENETICS
SAInterim Condensed Consolidated Statement of Cash
Flows(Amounts in USD
thousands)(Unaudited)
|
|
Six months ended June 30, |
|
|
|
2021 |
|
|
2020 |
|
Operating activities |
|
|
|
|
|
|
|
|
Loss before tax |
|
$ |
(30,843 |
) |
|
$ |
(18,356 |
) |
Adjustments for
non-monetary items |
|
|
|
|
|
|
|
|
Depreciation |
|
|
892 |
|
|
|
869 |
|
Amortization |
|
|
490 |
|
|
|
263 |
|
Interest expense |
|
|
1,937 |
|
|
|
679 |
|
Interest income |
|
|
(8 |
) |
|
|
(20 |
) |
Expected credit loss
allowance |
|
|
(335 |
) |
|
|
441 |
|
Other non-cash items of income
and expense |
|
|
2,158 |
|
|
|
932 |
|
Working capital
changes |
|
|
|
|
|
|
|
|
(Increase) decrease in accounts
receivable |
|
|
(910 |
) |
|
|
1,563 |
|
(Increase) decrease in other
current assets |
|
|
(1,070 |
) |
|
|
618 |
|
(Increase) decrease in
inventory |
|
|
(482 |
) |
|
|
(168 |
) |
Increase (decrease) in accounts
payables |
|
|
2,067 |
|
|
|
1,401 |
|
Cash used in operating
activities |
|
|
|
|
|
|
|
|
Income tax refund received |
|
— |
|
|
|
148 |
|
Interest paid |
|
|
(244 |
) |
|
|
(395 |
) |
Interest received |
|
|
3 |
|
|
|
9 |
|
Net cash flows used in
operating activities |
|
|
(26,345 |
) |
|
|
(12,016 |
) |
Investing
activities |
|
|
|
|
|
|
|
|
Purchase of property and
equipment |
|
|
(1,245 |
) |
|
|
(184 |
) |
Acquisition of intangible
assets |
|
|
(70 |
) |
|
|
(209 |
) |
Capitalized development
costs |
|
|
(1,641 |
) |
|
|
(1,289 |
) |
Net cash flow used in
investing activities |
|
|
(2,956 |
) |
|
|
(1,682 |
) |
Financing
activities |
|
|
|
|
|
|
|
|
Proceeds from issuance of share
capital, net of transaction costs |
|
— |
|
|
|
64,667 |
|
Payments of IPO transaction
costs |
|
|
(318 |
) |
|
— |
|
Proceeds from exercise of share
options |
|
|
4,527 |
|
|
|
346 |
|
Proceeds from borrowings |
|
— |
|
|
|
15,433 |
|
Repayments of borrowings |
|
|
(3,167 |
) |
|
|
(7,296 |
) |
Payments of principal portion of
lease liabilities |
|
|
(509 |
) |
|
|
(481 |
) |
Net cash flow provided
(used) in financing activities |
|
|
533 |
|
|
|
72,669 |
|
Increase (decrease) in
cash and cash equivalents |
|
|
(28,768 |
) |
|
|
58,971 |
|
Effect of exchange differences on
cash balances |
|
|
(3,370 |
) |
|
|
446 |
|
Cash and cash equivalents at
beginning of the period |
|
|
74,625 |
|
|
|
18,069 |
|
Cash and cash equivalents
at end of the period |
|
$ |
42,487 |
|
|
$ |
77,486 |
|
SOPHiA GENETICS SA
Reconciliation of IFRS to Adjusted Cost
of Revenue(Amounts in USD
thousands)(Unaudited)
|
|
Three months ended June 30, |
|
|
Six months ended June 30, |
|
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
Cost of revenue |
|
$ |
(3,948 |
) |
|
$ |
(1,950 |
) |
|
$ |
(7,307 |
) |
|
$ |
(4,863 |
) |
|
Amortization of capitalized research and development expenses
(1) |
|
|
109 |
|
|
|
— |
|
|
|
177 |
|
|
|
— |
|
|
Adjusted cost of
revenue |
|
$ |
(3,839 |
) |
|
$ |
(1,950 |
) |
|
$ |
(7,130 |
) |
|
$ |
(4,863 |
) |
|
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, |
|
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
Revenue |
|
$ |
10,178 |
|
|
$ |
5,916 |
|
|
$ |
19,154 |
|
|
$ |
13,397 |
|
|
Cost of revenue |
|
|
(3,948 |
) |
|
|
(1,950 |
) |
|
|
(7,307 |
) |
|
|
(4,863 |
) |
|
Gross
profit |
|
|
6,230 |
|
|
|
3,966 |
|
|
|
11,847 |
|
|
|
8,534 |
|
|
Amortization of capitalized research and development expenses
(1) |
|
|
109 |
|
|
|
— |
|
|
|
177 |
|
|
|
— |
|
|
Adjusted Gross
Profit |
|
$ |
6,339 |
|
|
$ |
3,966 |
|
|
$ |
12,024 |
|
|
$ |
8,534 |
|
|
|
|
. |
|
|
. |
|
|
. |
|
|
. |
|
|
Gross profit
margin |
|
|
61 |
% |
|
|
67 |
% |
|
|
62 |
% |
|
|
64 |
% |
|
Amortization of capitalized research and development expenses
(1) |
|
|
1 |
% |
|
|
— |
|
|
|
1 |
% |
|
|
— |
|
|
Adjusted gross profit
margin |
|
|
62 |
% |
|
|
67 |
% |
|
|
63 |
% |
|
|
64 |
% |
|
SOPHiA GENETICS SA
Reconciliation of IFRS to Adjusted
Operating Loss(Amounts in USD
thousands)(Unaudited)
|
|
Three months ended June 30, |
|
|
Six months ended June 30, |
|
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
Operating loss |
|
$ |
(15,924 |
) |
|
$ |
(7,040 |
) |
|
$ |
(29,978 |
) |
|
$ |
(16,669 |
) |
|
Amortization of capitalized research and development costs (1) |
|
|
109 |
|
|
|
— |
|
|
|
177 |
|
|
|
— |
|
|
Amortization of intangible assets (2) |
|
|
161 |
|
|
|
142 |
|
|
|
313 |
|
|
|
263 |
|
|
Share-based compensation expense (3) |
|
|
1,197 |
|
|
|
314 |
|
|
|
1,836 |
|
|
|
584 |
|
|
Non-cash pension expense (4) |
|
|
158 |
|
|
|
204 |
|
|
|
335 |
|
|
|
428 |
|
|
Non-recurring IPO-related expenses (5) |
|
|
— |
|
|
|
— |
|
|
|
323 |
|
|
|
— |
|
|
Adjusted operating
loss |
|
$ |
(14,299 |
) |
|
$ |
(6,380 |
) |
|
$ |
(26,994 |
) |
|
$ |
(15,394 |
) |
|
Reconciliation of IFRS to Adjusted
Finance Income (Expense), Net(Amounts in USD
thousands)(Unaudited)
|
|
Three months ended June 30, |
|
|
Six months ended June 30, |
|
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
Finance income (expense), net |
|
$ |
(2,426 |
) |
|
$ |
(797 |
) |
|
$ |
(865 |
) |
|
$ |
(1,687 |
) |
|
Change in fair value of derivative (6) |
|
|
1,746 |
|
|
|
234 |
|
|
|
1,698 |
|
|
|
240 |
|
|
Adjusted finance income
(expense), net |
|
$ |
(680 |
) |
|
$ |
(563 |
) |
|
$ |
833 |
|
|
$ |
(1,447 |
) |
|
SOPHiA GENETICS SA
Reconciliation of IFRS to Adjusted Loss
for the Period and Loss per Share(Amounts in USD
thousands, except per share and share
data)(Unaudited)
|
|
Three months ended June 30, |
|
|
Six months ended June 30, |
|
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
Loss for the period |
|
$ |
(18,390 |
) |
|
$ |
(7,855 |
) |
|
$ |
(31,058 |
) |
|
$ |
(18,392 |
) |
|
Amortization of capitalized research and development costs (1) |
|
|
109 |
|
|
|
— |
|
|
|
177 |
|
|
|
— |
|
|
Amortization of intangible assets (2) |
|
|
161 |
|
|
|
142 |
|
|
|
313 |
|
|
|
263 |
|
|
Share-based compensation expense (3) |
|
|
1,197 |
|
|
|
314 |
|
|
|
1,836 |
|
|
|
584 |
|
|
Non-cash pension expense (4) |
|
|
158 |
|
|
|
204 |
|
|
|
335 |
|
|
|
428 |
|
|
Non-recurring IPO-related expenses (5) |
|
|
— |
|
|
|
— |
|
|
|
323 |
|
|
|
— |
|
|
Change in fair value of derivative (6) |
|
|
1,746 |
|
|
|
234 |
|
|
|
1,698 |
|
|
|
240 |
|
|
Adjusted loss for the
period |
|
$ |
(15,019 |
) |
|
$ |
(6,961 |
) |
|
$ |
(26,376 |
) |
|
$ |
(16,877 |
) |
|
Loss per
share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted loss per
share |
|
$ |
(0.38 |
) |
|
$ |
(0.20 |
) |
|
$ |
(0.64 |
) |
|
$ |
(0.48 |
) |
|
Adjusted basic and diluted loss
per share |
|
$ |
(0.31 |
) |
|
$ |
(0.18 |
) |
|
$ |
(0.54 |
) |
|
$ |
(0.44 |
) |
|
Number of shares used in
computing basic and diluted loss per share |
|
|
48,917,028 |
|
|
|
38,739,147 |
|
|
|
48,468,831 |
|
|
|
38,558,253 |
|
|
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 remain a recurring
expense for our business as we continue to make contributions to
our plans for the foreseeable future.
(5) Non-recurring IPO-related expenses represent expenses
incurred for our initial public offering that were not capitalized
and are not expected to be recurring during the ordinary course of
our business.
(6) Change in fair value of derivative consists of changes in
the fair valuation of the derivative related to the success fee
owed to TriplePoint Capital LLC upon the completion of our initial
public offering. We are obligated to pay the fee in cash but upon
payment, we will cease to incur the associated expenses.
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