SOPHiA GENETICS SA (Nasdaq: SOPH), a leader in data-driven
medicine, today reported financial results for the fourth quarter
and full year ended December 31, 2021.
Recent Highlights
- Revenue for full year 2021 was $40.5 million, representing
year-over-year growth of 42%, and revenue for the fourth quarter of
2021 was $10.9 million, representing year-over-year growth of
40%
- Total recurring platform customers grew to 382 as of December
31, 2021 up from 314 as of December 31, 2020, and 375 as of
September 30, 2021, while net dollar retention for the year was
142%
- Continued expansion of our product offerings, including:
- launch of our Homologous Recombination Deficiency (HRD)
solution to support detection efforts and collaboration with
AstraZeneca to expand access to in-house HRD testing across
Europe
- unveiling of CarePath, a new module on our SOPHiA DDM platform
that leverages multimodal data powered by robust machine learning
algorithms to help clinicians make more informed treatment
decisions for their patients by better predicting disease
progression, which we plan to deploy later this year
“I am proud of our solid execution across our organization this
quarter, as year-over-year revenue again grew significantly and as
we continue to make progress in entering into exciting new
relationships and expanding on existing ones,” said Jurgi Camblong,
Co-Founder and CEO of SOPHiA GENETICS. “There is much to look
forward to at SOPHiA GENETICS, including our exciting progress in
HRD, growing penetration in North America expanding opportunities
with biopharma partners, and other strategic opportunities. I am
immensely proud of what we have accomplished at SOPHiA GENETICS and
continue to be even more optimistic about what lies ahead of us.
2021 has been and continues to be a momentous year for our
organization, and we remain confident in our objectives and mission
going forward.”
Fourth Quarter Financial
Results
Total revenue for the fourth quarter of 2021 was $10.9 million
compared to $7.8 million for the fourth quarter of 2020,
representing growth of 40%.
Platform analysis volumes increased to approximately 66,000
analyses for the fourth quarter of 2021, compared to approximately
44,000 analyses for the fourth quarter of 2020.
Gross profit for the fourth quarter of 2021 was $6.8 million, an
increase of 40% compared to a gross profit of $4.9 million in the
fourth quarter of 2020. Gross margin was 62% for the fourth quarter
of 2021 in line with 62% for the fourth quarter of 2020. Adjusted
gross margin was 65% for the fourth quarter of 2021.
Total operating expenses for the fourth quarter of 2021 were
$27.8 million compared to $16.2 million for the fourth quarter of
2020. R&D expenses for the fourth
quarter of 2021 were $6.4 million, compared to $5.2 million for the
fourth quarter of 2020. Sales and marketing
expenses for the fourth quarter of 2021 were $8.6 million, compared
to $4.2 million for the fourth quarter of
2020. General and administrative expenses
for the fourth quarter of 2021 were $13.0 million, compared to $6.8
million for the fourth quarter of 2020.
Operating loss for the fourth quarter of 2021 was $21.0 million,
compared to $11.3 million in the fourth quarter of 2020. Adjusted
operating loss for the fourth quarter of 2021 was $17.6 million,
compared to $10.9 million for the fourth quarter of
2020. Net loss for the fourth quarter of 2021 was
$21.4 million or $0.33 per share, compared to $10.5 million or
$0.22 per share for the fourth quarter of 2020. Adjusted net loss
for the fourth quarter of 2021 was $17.9 million or $0.28 per
share, compared to $9.9 million or $0.21 per share for the fourth
quarter of 2020.
Full Year 2021 Financial Results
Total revenue for full year 2021 was $40.5 million compared to
$28.4 million for 2020, representing growth of 42%. The growth in
revenue was primarily driven by new customers added to our platform
coupled with increased usage rates across our existing
customers.
Annualized revenue churn rate has remained at a historical low
of approximately 3% of total full year revenue for 2021. Average
revenue per platform customer for the full year increased to
approximately $92,000 compared to approximately $70,000 for the
prior year period. Net dollar retention for the year increased
to 142%.
Gross profit for full year 2021 was $25.2 million, an increase
of 43% compared to a gross profit of $17.7 million for full year
2020. Gross margin was 62% for full year 2021 in line with 62% for
full year 2020. Adjusted gross margin was 64% for full year
2021.
Total operating expenses for full year 2021 were $96.7 million
compared to $55.1 million for full year 2020. R&D
expenses for full year 2021 were $26.6 million, compared to $18.6
million for full year 2020. Sales and marketing expenses
for full year 2021 were $28.7 million, compared to $17.4 million
for full year 2020. General and administrative expenses
for full year 2021 were $41.5 million, compared to $19.0 million
for full year 2020.
Operating loss for full year 2021 was $71.5 million, compared to
$37.4 million for full year 2020. Adjusted operating loss for full
year 2021 was $61.5 million, compared to $34.2 million for full
year 2020. Net loss for full year 2021 was $73.7
million or $1.33 per share, compared to $39.3 million or $0.93 per
share for full year 2020. Adjusted net loss full year 2021 was
$62.3 million or $1.13 per share, compared to $35.7 million or
$0.84 per share for full year 2020.
Cash and cash equivalents were approximately $265 million as of
December 31, 2021.
2022 Outlook
SOPHiA GENETICS expects full year revenue for 2022 to be in the
range of $51.5 million to $54 million, representing growth of 27%
to 33% over full year revenue for 2021.
Webcast and Conference Call
Information
SOPHiA GENETICS will host a conference call and live webcast to
discuss the fourth quarter and full year 2021 financial results as
well as business outlook on Tuesday, March 15, 2022 at 8:30 a.m.
Eastern Time / 2:30 p.m. Central European Time. The call will be
webcast live on the SOPHiA GENETICS Investor Relations website.
Additionally, an audio replay of the conference call and webcast
will be available on the website after its completion.
About SOPHiA GENETICS
SOPHiA GENETICS (Nasdaq: SOPH) 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 790 hospital, laboratory,
and biopharma institutions globally. For more information, visit
SOPHiAGENETICS.COM, or connect on Twitter, LinkedIn and Instagram.
Where others see data, we see answers.
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, expenses associated with the write-off of
custom inventory related to the cancellation of a contract due to
the acquisition of the customer, and expenses associated with the
write-off of inventory that were damaged as a result of a
refrigeration equipment malfunction;
- 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 paid 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 expenses
associated with the write-off of custom inventory related to the
cancellation of a customer contract due to the acquisition of the
customer. Although we do not expect custom inventory write-offs to
be a recurring event, such write-offs may occur from time to
time;
- These non-IFRS measures exclude the impact of expenses
associated with the write-off of inventory that were damaged as a
result of a refrigeration equipment malfunction. Although we do not
expect damaged inventory write-offs to be a recurring event, such
write-offs may occur from time to time;
- 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 paid to TriplePoint
Capital LLC in connection with the 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, 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:Jennifer PottageHead of Investor
RelationsJpottage@sophiagenetics.com
Media Contact:Eliza BamontiDirector of Public
RelationsEbamonti@sophiagenetics.com
SOPHiA GENETICS
SAConsolidated Statement of
Loss(Amounts in USD thousands, except per share
data)
|
|
(Unaudited) |
|
|
|
|
|
|
|
For the three monthsended December 31, |
|
|
For the twelve monthsended December 31, |
|
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
Revenue |
|
$ |
10,937 |
|
|
$ |
7,835 |
|
|
$ |
40,450 |
|
|
$ |
28,400 |
|
|
Cost of
revenue |
|
|
(4,107 |
) |
|
|
(2,945 |
) |
|
|
(15,229 |
) |
|
|
(10,709 |
) |
|
Gross profit |
|
|
6,830 |
|
|
|
4,890 |
|
|
|
25,221 |
|
|
|
17,691 |
|
|
Research
and development costs |
|
|
(6,358 |
) |
|
|
(5,171 |
) |
|
|
(26,578 |
) |
|
|
(18,588 |
) |
|
Selling
and marketing costs |
|
|
(8,574 |
) |
|
|
(4,228 |
) |
|
|
(28,735 |
) |
|
|
(17,432 |
) |
|
General
and administrative costs |
|
|
(12,959 |
) |
|
|
(6,824 |
) |
|
|
(41,505 |
) |
|
|
(18,965 |
) |
|
Other
operating income (expense), net |
|
|
52 |
|
|
|
46 |
|
|
|
108 |
|
|
|
(93 |
) |
|
Operating loss |
|
|
(21,009 |
) |
|
|
(11,287 |
) |
|
|
(71,489 |
) |
|
|
(37,387 |
) |
|
Finance
income (expense), net |
|
|
(890 |
) |
|
|
(1,112 |
) |
|
|
(2,018 |
) |
|
|
(3,838 |
) |
|
Loss before income taxes |
|
|
(21,899 |
) |
|
|
(12,399 |
) |
|
|
(73,507 |
) |
|
|
(41,225 |
) |
|
Income
tax (expense) |
|
|
525 |
|
|
|
1,918 |
|
|
|
(168 |
) |
|
|
1,886 |
|
|
Loss for the period |
|
|
(21,374 |
) |
|
|
(10,481 |
) |
|
|
(73,675 |
) |
|
|
(39,339 |
) |
|
Attributable to the owners of the parent |
|
$ |
(21,374 |
) |
|
$ |
(10,481 |
) |
|
$ |
(73,675 |
) |
|
$ |
(39,339 |
) |
|
Loss per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted loss per
share |
|
$ |
(0.33 |
) |
|
$ |
(0.22 |
) |
|
$ |
(1.33 |
) |
|
$ |
(0.93 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOPHiA GENETICS
SAConsolidated Statement of Comprehensive
Loss(Amounts in USD thousands)
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
For the three monthsended December 31, |
|
|
For the twelve monthsended December 31, |
|
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
Loss for the period |
|
$ |
(21,374 |
) |
|
$ |
(10,481 |
) |
|
$ |
(73,675 |
) |
|
$ |
(39,339 |
) |
|
Other comprehensive loss: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Items
that may be reclassified to loss (net of tax) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Currency
translation differences |
|
$ |
2,978 |
|
|
$ |
4,833 |
|
|
|
(4,736 |
) |
|
|
7,338 |
|
|
Total items that may be reclassified to loss |
|
$ |
2,978 |
|
|
$ |
4,833 |
|
|
$ |
(4,736 |
) |
|
$ |
7,338 |
|
|
Items
that will not be reclassified to loss (net of tax) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Remeasurement of defined benefit plans |
|
|
461 |
|
|
|
184 |
|
|
|
461 |
|
|
|
184 |
|
|
Total items that will not be reclassified to
loss |
|
|
461 |
|
|
|
184 |
|
|
|
461 |
|
|
|
184 |
|
|
Other comprehensive income (loss) for the
period |
|
$ |
3,439 |
|
|
$ |
5,017 |
|
|
$ |
(4,275 |
) |
|
$ |
7,522 |
|
|
Total comprehensive loss for the period |
|
$ |
(17,935 |
) |
|
$ |
(5,464 |
) |
|
$ |
(77,950 |
) |
|
$ |
(31,817 |
) |
|
Attributable to owners of the parent |
|
$ |
(17,935 |
) |
|
$ |
(5,464 |
) |
|
$ |
(77,950 |
) |
|
$ |
(31,817 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOPHiA GENETICS
SAConsolidated Balance
Sheet(Amounts in USD thousands)
|
|
|
|
|
|
|
|
|
|
|
December 31, 2021 |
|
|
December 31, 2020 |
|
Assets |
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
192,962 |
|
|
$ |
74,625 |
|
Term
deposits |
|
|
72,357 |
|
|
|
22,720 |
|
Accounts
receivable, net |
|
|
6,278 |
|
|
|
6,363 |
|
Inventory |
|
|
5,729 |
|
|
|
3,384 |
|
Prepaids
and other current assets |
|
|
5,529 |
|
|
|
2,602 |
|
Total current assets |
|
|
282,855 |
|
|
|
109,694 |
|
Non-current assets |
|
|
|
|
|
|
|
|
Property
and equipment, net |
|
|
4,663 |
|
|
|
1,772 |
|
Intangible assets |
|
|
15,673 |
|
|
|
13,282 |
|
Right-of-use assets |
|
|
11,292 |
|
|
|
3,767 |
|
Deferred
tax asset |
|
|
1,990 |
|
|
|
2,114 |
|
Other
non-current assets |
|
|
3,700 |
|
|
|
1,486 |
|
Total non-current assets |
|
|
37,318 |
|
|
|
22,421 |
|
Total assets |
|
$ |
320,173 |
|
|
$ |
132,115 |
|
Liabilities and equity |
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
Accounts
payable |
|
$ |
6,737 |
|
|
$ |
5,907 |
|
Accrued
expenses |
|
|
15,972 |
|
|
|
9,081 |
|
Deferred
contract revenue |
|
|
4,069 |
|
|
|
2,642 |
|
Current
portion of borrowings |
|
|
— |
|
|
|
2,873 |
|
Current
portion of lease liabilities |
|
|
1,813 |
|
|
|
1,036 |
|
Other
current liabilities |
|
|
12 |
|
|
|
48 |
|
Total current liabilities |
|
|
28,603 |
|
|
|
21,587 |
|
Non-current liabilities |
|
|
|
|
|
|
|
|
Deferred
contract revenue, net of current portion |
|
|
— |
|
|
|
142 |
|
Borrowings, net of current portion |
|
|
— |
|
|
|
457 |
|
Lease
liabilities, net of current portion |
|
|
11,246 |
|
|
|
2,883 |
|
Defined
benefit pension liabilities |
|
|
4,453 |
|
|
|
5,158 |
|
Other
non-current liabilities |
|
|
471 |
|
|
|
1,378 |
|
Total non-current liabilities |
|
|
16,170 |
|
|
|
10,018 |
|
Total liabilities |
|
|
44,773 |
|
|
|
31,605 |
|
Equity |
|
|
|
|
|
|
|
|
Share
capital |
|
|
3,328 |
|
|
|
2,460 |
|
Share
premium |
|
|
470,887 |
|
|
|
227,429 |
|
Other
reserves |
|
|
12,539 |
|
|
|
8,300 |
|
Accumulated deficit |
|
|
(211,354 |
) |
|
|
(137,679 |
) |
Total equity |
|
|
275,400 |
|
|
|
100,510 |
|
Total liabilities and equity |
|
$ |
320,173 |
|
|
$ |
132,115 |
|
SOPHiA GENETICS
SAInterim Condensed Consolidated Statement of Cash
Flows(Amounts in USD thousands)
|
|
For the twelve
monthsended December 31, |
|
|
|
2021 |
|
|
2020 |
|
Operating activities |
|
|
|
|
|
|
|
|
Loss
before tax |
|
$ |
(73,507 |
) |
|
$ |
(41,225 |
) |
Adjustments for non-monetary items |
|
|
|
|
|
|
|
|
Depreciation |
|
|
2,517 |
|
|
|
1,758 |
|
Amortization |
|
|
1,092 |
|
|
|
632 |
|
Interest
expense |
|
|
658 |
|
|
|
1,224 |
|
Interest
income |
|
|
(20 |
) |
|
|
(96 |
) |
Gain on
TriplePoint success fee |
|
|
(430 |
) |
|
|
— |
|
Expected
credit loss allowance |
|
|
(988 |
) |
|
|
763 |
|
Share-based compensation |
|
|
8,514 |
|
|
|
1,359 |
|
Intangible assets write-off |
|
|
30 |
|
|
|
226 |
|
Movements in provisions, pensions, and government grants |
|
|
(23 |
) |
|
|
1,203 |
|
Research
tax credit |
|
|
(1,597 |
) |
|
|
(763 |
) |
Loss on
disposal of property and equipment |
|
|
22 |
|
|
|
— |
|
Working capital changes |
|
|
|
|
|
|
|
|
(Increase) decrease in accounts receivable |
|
|
1,806 |
|
|
|
1,118 |
|
(Increase) decrease in prepaids and other assets |
|
|
(2,330 |
) |
|
|
2,347 |
|
(Increase) decrease in inventory |
|
|
(2,336 |
) |
|
|
536 |
|
Increase
(decrease) in accounts payables, accrued expenses, deferred
contract revenue, and other liabilities |
|
|
8,980 |
|
|
|
(185 |
) |
Cash used in operating activities |
|
|
|
|
|
|
|
|
Income
tax received (paid) |
|
|
(55 |
) |
|
|
153 |
|
Interest
paid |
|
|
(286 |
) |
|
|
(855 |
) |
Interest
received |
|
|
14 |
|
|
|
75 |
|
Net cash flows used in operating activities |
|
|
(57,939 |
) |
|
|
(31,730 |
) |
Investing activities |
|
|
|
|
|
|
|
|
Purchase
of property and equipment |
|
|
(2,683 |
) |
|
|
(450 |
) |
Acquisition of intangible assets |
|
|
(130 |
) |
|
|
(318 |
) |
Capitalized development costs |
|
|
(3,858 |
) |
|
|
(2,436 |
) |
Proceeds
upon maturity of term deposits and short-term investments |
|
|
21,878 |
|
|
|
— |
|
Purchase
of term deposits and short-term investments |
|
|
(72,141 |
) |
|
|
(21,119 |
) |
Net cash flow used in investing activities |
|
|
(56,934 |
) |
|
|
(24,323 |
) |
Financing activities |
|
|
|
|
|
|
|
|
Proceeds
from exercise of share options |
|
|
4,527 |
|
|
|
1,072 |
|
Proceeds
from issuance of share capital, net of transaction costs |
|
|
— |
|
|
|
107,643 |
|
Proceeds
from initial public offering, net of transaction costs |
|
|
211,663 |
|
|
|
— |
|
Proceeds
from greenshoe, net of transaction costs |
|
|
8,488 |
|
|
|
— |
|
Proceeds
from private placement, net of transaction costs |
|
|
19,648 |
|
|
|
— |
|
Payment
of TriplePoint success fee |
|
|
(2,468 |
) |
|
|
— |
|
Proceeds
from borrowings |
|
|
— |
|
|
|
15,839 |
|
Repayments of borrowings |
|
|
(3,167 |
) |
|
|
(16,529 |
) |
Payments
of principal portion of lease liabilities |
|
|
(918 |
) |
|
|
(980 |
) |
Net cash flow provided from (used in) financing
activities |
|
|
237,773 |
|
|
|
107,045 |
|
Increase (decrease) in cash and cash
equivalents |
|
|
122,900 |
|
|
|
50,992 |
|
Effect
of exchange differences on cash balances |
|
|
(4,563 |
) |
|
|
5,564 |
|
Cash and
cash equivalents at beginning of the year |
|
|
74,625 |
|
|
|
18,069 |
|
Cash and cash equivalents at end of the year |
|
$ |
192,962 |
|
|
$ |
74,625 |
|
SOPHiA GENETICS
SAReconciliation of IFRS to Adjusted Cost of
Revenue(Amounts in USD
thousands)(Unaudited)
|
|
For the three
monthsended December 31, |
|
|
For the twelve
monthsended December 31, |
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
Cost of revenue |
|
$ |
(4,107 |
) |
|
$ |
(2,945 |
) |
|
$ |
(15,229 |
) |
|
$ |
(10,709 |
) |
Amortization of capitalized research and development expenses
(1) |
|
|
154 |
|
|
|
— |
|
|
|
483 |
|
|
|
— |
|
Custom inventory write-off (2) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
419 |
|
Damaged inventory write-off (3) |
|
|
88 |
|
|
|
— |
|
|
|
88 |
|
|
|
— |
|
Adjusted cost of revenue |
|
$ |
(3,865 |
) |
|
$ |
(2,945 |
) |
|
$ |
(14,658 |
) |
|
$ |
(10,290 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of IFRS to Adjusted Gross
Profit and Gross Profit Margin(Amounts in USD
thousands, except
percentages)(Unaudited)
|
|
For the three
monthsended December 31, |
|
|
For the twelve
monthsended December 31, |
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
Revenue |
|
$ |
10,937 |
|
|
$ |
7,835 |
|
|
$ |
40,450 |
|
|
$ |
28,400 |
|
Cost of revenue |
|
$ |
(4,107 |
) |
|
$ |
(2,945 |
) |
|
$ |
(15,229 |
) |
|
$ |
(10,709 |
) |
Gross profit |
|
$ |
6,830 |
|
|
$ |
4,890 |
|
|
$ |
25,221 |
|
|
$ |
17,691 |
|
Amortization of capitalized research and development expenses
(1) |
|
|
154 |
|
|
|
— |
|
|
|
483 |
|
|
|
— |
|
Custom inventory write-off (2) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
419 |
|
Damaged inventory write-off (3) |
|
|
88 |
|
|
|
— |
|
|
|
88 |
|
|
|
— |
|
Adjusted Gross Profit |
|
$ |
7,072 |
|
|
$ |
4,890 |
|
|
$ |
25,792 |
|
|
$ |
18,110 |
|
. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit margin |
|
|
62 |
% |
|
|
62 |
% |
|
|
62 |
% |
|
|
62 |
% |
Amortization of capitalized research and development expenses
(1) |
|
|
2 |
% |
|
|
— |
|
|
|
2 |
% |
|
|
— |
|
Custom inventory write-off (2) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1 |
% |
Damaged inventory write-off (3) |
|
|
1 |
% |
|
|
— |
|
|
|
0 |
% |
|
|
— |
|
Adjusted gross profit margin |
|
|
65 |
% |
|
|
62 |
% |
|
|
64 |
% |
|
|
64 |
% |
SOPHiA GENETICS
SAReconciliation of IFRS to Adjusted Operating
Loss(Amounts in USD
thousands)(Unaudited)
|
|
For the three monthsended December 31, |
|
|
For the twelve monthsended December 31, |
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
Operating loss |
|
$ |
(21,009 |
) |
|
$ |
(11,287 |
) |
|
$ |
(71,489 |
) |
|
$ |
(37,387 |
) |
Amortization of capitalized research and development costs (1) |
|
|
154 |
|
|
|
— |
|
|
|
483 |
|
|
|
— |
|
Custom inventory write-off (2) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
419 |
|
Damaged inventory write-off (3) |
|
|
88 |
|
|
|
— |
|
|
|
88 |
|
|
|
— |
|
Amortization of intangible assets (4) |
|
|
153 |
|
|
|
195 |
|
|
|
609 |
|
|
|
632 |
|
Share-based compensation expense (5) |
|
|
3,640 |
|
|
|
365 |
|
|
|
8,514 |
|
|
|
1,359 |
|
Non-cash pension expense (6) |
|
|
(595 |
) |
|
|
(170 |
) |
|
|
(73 |
) |
|
|
784 |
|
Non-recurring IPO-related expenses (7) |
|
|
— |
|
|
|
— |
|
|
|
323 |
|
|
|
— |
|
Adjusted operating loss |
|
$ |
(17,569 |
) |
|
$ |
(10,897 |
) |
|
$ |
(61,545 |
) |
|
$ |
(34,193 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of IFRS to Adjusted Income
(Expense), Net(Amounts in USD
thousands)(Unaudited)
|
|
For the three monthsended December 31, |
|
|
For the twelve monthsended December 31, |
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
Finance income (expense), net |
|
$ |
(890 |
) |
|
$ |
(1,112 |
) |
|
$ |
(2,018 |
) |
|
$ |
(3,838 |
) |
Change in fair value of derivative (8) |
|
|
— |
|
|
|
187 |
|
|
|
1,444 |
|
|
|
467 |
|
Adjusted finance income (expense), net |
|
$ |
(890 |
) |
|
$ |
(925 |
) |
|
$ |
(574 |
) |
|
$ |
(3,371 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOPHiA GENETICS
SAReconciliation of IFRS to Adjusted Loss for the
Period and Loss per Share(Amounts in USD
thousands, except per share and share
data)(Unaudited)
|
|
For the three monthsended December 31, |
|
|
For the twelve monthsended December 31, |
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
Loss for the period |
|
$ |
(21,374 |
) |
|
$ |
(10,481 |
) |
|
$ |
(73,675 |
) |
|
$ |
(39,339 |
) |
Amortization of capitalized research and development costs (1) |
|
|
154 |
|
|
|
— |
|
|
|
483 |
|
|
|
— |
|
Custom inventory write-off (2) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
419 |
|
Damaged inventory write-off (3) |
|
|
88 |
|
|
|
— |
|
|
|
88 |
|
|
|
— |
|
Amortization of intangible assets (4) |
|
|
153 |
|
|
|
195 |
|
|
|
609 |
|
|
|
632 |
|
Share-based compensation expense (5) |
|
|
3,640 |
|
|
|
365 |
|
|
|
8,514 |
|
|
|
1,359 |
|
Non-cash pension expense (6) |
|
|
(595 |
) |
|
|
(170 |
) |
|
|
(73 |
) |
|
|
784 |
|
Non-recurring IPO-related expenses (7) |
|
|
— |
|
|
|
— |
|
|
|
323 |
|
|
|
— |
|
Change in fair value of derivative (8) |
|
|
— |
|
|
|
187 |
|
|
|
1,444 |
|
|
|
467 |
|
Adjusted loss for the period |
|
$ |
(17,934 |
) |
|
$ |
(9,904 |
) |
|
$ |
(62,287 |
) |
|
$ |
(35,678 |
) |
Loss per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
and diluted loss per share |
|
$ |
(0.33 |
) |
|
$ |
(0.22 |
) |
|
$ |
(1.33 |
) |
|
$ |
(0.93 |
) |
Adjusted
basic and diluted loss per share |
|
$ |
(0.28 |
) |
|
$ |
(0.21 |
) |
|
$ |
(1.13 |
) |
|
$ |
(0.84 |
) |
Number
of shares used in computing basic and diluted loss per share |
|
|
63,857,604 |
|
|
|
47,741,700 |
|
|
|
55,299,863 |
|
|
|
42,350,757 |
|
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) |
Custom inventory write-off
consists of expenses associated with the write-off of inventory
related to the cancellation of a customer contract due to the
acquisition of the customer. The inventory was specifically
procured to satisfy a contract and could not be liquidated, sold,
or otherwise marketed to other customers due to the nature of the
contract. Given the unusual nature of the cancellation, and overall
scarcity of contract cancellations, these expenses are not expected
to be a recurring event in our business. |
|
|
(3) |
Damaged inventory write-off
consists of expenses associated with the write-off of inventory
that were damaged as a result of a refrigeration equipment
malfunction. These expenses are not expected to be a recurring
event in our business, but we expect such expenses could still be
incurred from time to time. |
|
|
(4) |
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. |
|
|
(5) |
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. |
|
|
(6) |
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. |
|
|
(7) |
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. |
|
|
(8) |
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 paid the
fee in September 2021 and, as a result, we ceased to incur expenses
resulting from the change in fair value of such derivative. |
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