SOPHiA GENETICS SA (Nasdaq: SOPH), a leader in data-driven
medicine, today reported financial results for the first quarter
ended March 31, 2022.
Recent Highlights
- Revenue for the first quarter of
2022 was $10.9 million, representing year-over-year revenue growth
of 21%
- Constant currency revenue growth
excluding COVID-19-related revenues was 35%, attributable to strong
platform analysis volume growth
- SOPHiA GENETICS’ expectation of 30%
to 35% constant currency revenue growth for full-year 2022 remains
unchanged; reported revenue growth guidance has been updated for
strengthening of U.S. dollar
- Total genomic profiles analyzed to
date on the SOPHiA DDM platform has exceeded 1,000,000
- Total recurring platform customers
grew to 384 as of March 31, 2022 up from 345 as of March 31,
2021
CEO Commentary
“In the first quarter, we delivered strong results across the
board,” said Dr. Jurgi Camblong, Chief Executive Officer and
Co-Founder, SOPHiA GENETICS. “We reached a major milestone as we
surpassed 1,000,000 genomic profiles analyzed, furthering our
position as a leading cloud-native knowledge sharing platform
connecting thousands of healthcare professionals worldwide.
SOPHiA’s performance is a direct result of our talented team and
strong execution.”
First Quarter Financial
Results
Total revenue for the first quarter of 2022 was $10.9 compared
to $9.0 for the first quarter of 2021, representing year-over-year
growth of 21%. Constant currency revenue growth was 29%, and
constant currency revenue growth excluding COVID-19-related revenue
was 35%.
Annualized revenue churn rate has remained at a historical low
of approximately 3% as of the first quarter of 2022.
Platform analysis volumes increased to 65,404 analyses for the
first quarter of 2022 compared to 53,078 analyses for the first
quarter of 2021.
Gross profit for the first quarter of 2022 was $6.7 million
compared to gross profit of $5.6 million in the first quarter of
2021, representing year-over-year growth of 19%. Gross margin was
62% for the first quarter of 2022 compared with 63% for the first
quarter of 2021. Adjusted gross margin was 64% for the first
quarter of 2022 compared to 63% for the first quarter of 2021.
Total operating expenses for the first quarter of 2022 were
$31.7 million compared to $19.7 million for the first quarter of
2021.
R&D expenses for the first quarter of 2022 were $9.5 million
compared to $6.2 million for the first quarter of 2021.
Sales and marketing expenses for the first quarter of 2022 were
$7.9 million compared to $4.9 million for the first quarter of
2021.
General and administrative expenses for the first quarter of
2022 were $14.4 million dollars compared to $8.6 million for the
first quarter of 2021.
Operating loss for the first quarter of 2022 was $25.0 million,
compared to $14.1 million in the first quarter of 2021. Adjusted
operating loss for the first quarter of 2022 was $21.0 million,
compared to $13.1 million for the first quarter of 2021.
Net loss for the first quarter of 2022 was $25.5 million or
$0.40 per share compared to $12.7 million or $0.26 per share in the
first quarter of 2021. Adjusted net loss for the first quarter of
2022 was $21.5 million or $0.34 per share, compared to $11.7
million or $0.24 per share for the first quarter of 2021.
2022 Outlook
SOPHiA GENETICS’ expectation of 30% to 35% constant currency
revenue growth for full-year 2022 remains unchanged. To reflect the
impact of the strengthening of the U.S. dollar, which based on
current exchange rates equates to a headwind of approximately
600bps compared with the approximate 250bps factored into the
original guidance, the company remains comfortable with the low-end
of the previously provided reported revenue range for 2022 of $51.5
million to $54.0 million.
Webcast and Conference Call
Information
SOPHiA GENETICS will host a conference call and live webcast to
discuss the first quarter of fiscal 2022 financial results as well
as business outlook on Tuesday, May 10, 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 will be
available on the website after its completion.
Investor Day 2022
The Company will host its first Investor Day on Tuesday,
September 20, 2022 in New York City. CEO and Co-Founder, Dr. Jurgi
Camblong as well as other members of the executive leadership team
will discuss further details on its strategy and long-term
ambitions. For additional information, please contact
ir@sophiagenetics.com.
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-native platform
capable of analyzing data and generating insights from complex
multimodal data sets and different diagnostic modalities. For more
information, visit SOPHiAGENETICS.COM. 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;
- Adjusted gross profit, which we
calculate as revenue minus adjusted cost of revenue;
- Adjusted gross profit margin, which
we calculate 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, and non-cash
portion of pensions expense paid in excess of actual contributions
to match the actuarial expense;
- 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 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;
- 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.
Presentation of Constant Currency Revenue and Excluding
COVID-19-Related Revenue
We operate internationally, and our 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 our 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 growth” (or similar
terms such as constant currency revenue growth) to show changes in
our revenue without giving effect to period-to-period currency
fluctuations. Under IFRS, revenues received 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 we use the term “constant currency”, it means that
we have 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. We then calculate
the difference between the IFRS revenue and the constant currency
revenue to yield the “constant currency impact” for the current
period.
Our management and board of directors use constant currency
revenue growth to evaluate our 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 our customer acquisition efforts and land-and-expand
strategy. Accordingly, we believe that this non-IFRS measure
provides useful information to investors and others in
understanding and evaluating our revenue growth in the same manner
as our 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 our
revenue and could significantly impact our 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 our other IFRS results.
In addition to constant currency revenue, we present constant
currency revenue excluding COVID-19-related revenue to further
remove the effects of revenues that we derived from sales of
COVID-19-related offerings, including a NGS assay for COVID-19 that
leverages our SOPHiA platform’s analytical capabilities and
COVID-19 bundled access products. We do not believe that these
revenues reflect our core business of commercializing our platform
because our COVID-19 solution was offered to address specific
market demand by our customers for analytical capabilities to
assist with their testing operations. We do not anticipate
additional development of our 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 we do not expect COVID-19-related revenues to
constitute in the future, a significant part our revenue.
Accordingly, we believe that this non-IFRS measure provides useful
information to investors and others in understanding and evaluating
our revenue growth. However, this non-IFRS measure has limitations,
including that COVID-19-related revenues contributed to our 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 our 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.
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
SAInterim Condensed Consolidated Statement of
Loss(Amounts in USD thousands, except per share
data)(Unaudited)
|
|
Three months ended March 31, |
|
|
|
2022 |
|
|
|
2021 |
|
Revenue |
|
$ |
10,861 |
|
|
$ |
8,976 |
|
Cost of revenue |
|
|
(4,151 |
) |
|
|
(3,359 |
) |
Gross
profit |
|
|
6,710 |
|
|
|
5,617 |
|
Research and development
costs |
|
|
(9,475 |
) |
|
|
(6,180 |
) |
Selling and marketing
costs |
|
|
(7,864 |
) |
|
|
(4,882 |
) |
General and administrative
costs |
|
|
(14,380 |
) |
|
|
(8,633 |
) |
Other operating (expense)
income, net |
|
|
(12 |
) |
|
|
24 |
|
Operating
loss |
|
|
(25,021 |
) |
|
|
(14,054 |
) |
Finance (expense) income,
net |
|
|
(233 |
) |
|
|
1,561 |
|
Loss before income
taxes |
|
|
(25,254 |
) |
|
|
(12,493 |
) |
Income tax expense |
|
|
(233 |
) |
|
|
(175 |
) |
Loss for the
period |
|
|
(25,487 |
) |
|
|
(12,668 |
) |
Attributable to the
owners of the parent |
|
$ |
(25,487 |
) |
|
$ |
(12,668 |
) |
|
|
|
|
|
Basic and diluted loss
per share |
|
$ |
(0.40 |
) |
|
$ |
(0.26 |
) |
SOPHiA GENETICS
SAInterim Condensed Consolidated Statement of
Comprehensive Loss(Amounts in USD
thousands)(Unaudited)
|
|
Three months ended March 31, |
|
|
|
2022 |
|
|
|
2021 |
|
Loss for the
period |
|
$ |
(25,487 |
) |
|
$ |
(12,668 |
) |
Other comprehensive
(loss) income: |
|
|
|
|
Items that may be reclassified to statement of loss (net of
tax) |
|
|
|
|
Currency translation differences |
|
|
(1,961 |
) |
|
|
(7,023 |
) |
Total items that may
be reclassified to profit or loss |
|
|
(1,961 |
) |
|
|
(7,023 |
) |
Items that will not be reclassified to profit or loss (net of
tax) |
|
|
|
|
Remeasurement of defined benefit plans |
|
|
428 |
|
|
|
— |
|
Total items that will
not be reclassified to profit or loss |
|
|
428 |
|
|
|
— |
|
Other comprehensive
(loss) income for the period |
|
$ |
(1,533 |
) |
|
$ |
(7,023 |
) |
Total comprehensive
loss for the period |
|
$ |
(27,020 |
) |
|
$ |
(19,691 |
) |
Attributable to owners
of the parent |
|
$ |
(27,020 |
) |
|
$ |
(19,691 |
) |
SOPHiA GENETICS
SAInterim Condensed Consolidated Balance
Sheet(Amounts in USD thousands)
|
|
(Unaudited) |
|
|
|
|
March 31, 2022 |
|
December 31, 2021 |
Assets |
|
|
|
|
Current assets |
|
|
|
|
Cash and cash equivalents |
|
$ |
182,913 |
|
|
$ |
192,962 |
|
Term deposits |
|
|
60,606 |
|
|
|
72,357 |
|
Accounts receivable |
|
|
6,318 |
|
|
|
6,278 |
|
Inventory |
|
|
5,042 |
|
|
|
5,729 |
|
Prepaids and other current assets |
|
|
5,018 |
|
|
|
5,529 |
|
Total current
assets |
|
|
259,897 |
|
|
|
282,855 |
|
Non-current assets |
|
|
|
|
Property and equipment |
|
|
4,431 |
|
|
|
4,663 |
|
Intangible assets |
|
|
16,810 |
|
|
|
15,673 |
|
Right-of-use assets |
|
|
10,644 |
|
|
|
11,292 |
|
Deferred tax assets |
|
|
1,721 |
|
|
|
1,990 |
|
Other non-current assets |
|
|
4,049 |
|
|
|
3,700 |
|
Total non-current
assets |
|
|
37,655 |
|
|
|
37,318 |
|
Total
assets |
|
$ |
297,552 |
|
|
$ |
320,173 |
|
Liabilities and
equity |
|
|
|
|
Current liabilities |
|
|
|
|
Accounts payable |
|
$ |
7,759 |
|
|
$ |
6,737 |
|
Accrued expenses |
|
|
15,287 |
|
|
|
15,972 |
|
Deferred contract revenue |
|
|
5,173 |
|
|
|
4,069 |
|
Lease liabilities, current portion |
|
|
1,887 |
|
|
|
1,813 |
|
Other current liabilities |
|
|
12 |
|
|
|
12 |
|
Total current
liabilities |
|
|
30,118 |
|
|
|
28,603 |
|
Non-current liabilities |
|
|
|
|
Lease liabilities, net of current portion |
|
|
10,652 |
|
|
|
11,246 |
|
Defined benefit pension liabilities |
|
|
4,174 |
|
|
|
4,453 |
|
Other non-current liabilities |
|
|
698 |
|
|
|
471 |
|
Total non-current
liabilities |
|
|
15,524 |
|
|
|
16,170 |
|
Total
liabilities |
|
|
45,642 |
|
|
|
44,773 |
|
Equity |
|
|
|
|
Share capital |
|
|
3,464 |
|
|
|
3,328 |
|
Share premium |
|
|
470,943 |
|
|
|
470,887 |
|
Treasury shares |
|
|
(133 |
) |
|
|
— |
|
Other reserves |
|
|
14,477 |
|
|
|
12,539 |
|
Accumulated deficit |
|
|
(236,841 |
) |
|
|
(211,354 |
) |
Total
equity |
|
|
251,910 |
|
|
|
275,400 |
|
Total liabilities and
equity |
|
$ |
297,552 |
|
|
$ |
320,173 |
|
SOPHiA GENETICS
SAInterim Condensed Consolidated Statement of Cash
Flows(Amounts in USD
thousands)(Unaudited)
|
|
Three months ended March 31, |
|
|
|
2022 |
|
|
|
2021 |
|
Operating
activities |
|
|
|
|
Loss before tax |
|
$ |
(25,254 |
) |
|
$ |
(12,493 |
) |
Adjustments for
non-monetary items |
|
|
|
|
Depreciation |
|
|
833 |
|
|
|
460 |
|
Amortization |
|
|
355 |
|
|
|
220 |
|
Interest expense |
|
|
183 |
|
|
|
81 |
|
Interest income |
|
|
(17 |
) |
|
|
(4 |
) |
Expected credit loss
allowance |
|
|
(59 |
) |
|
|
(75 |
) |
Share-based compensation |
|
|
3,471 |
|
|
|
639 |
|
Movements in provisions,
pensions, and government grants |
|
|
196 |
|
|
|
246 |
|
Research tax credit |
|
|
(405 |
) |
|
|
(139 |
) |
Working capital
changes |
|
|
|
|
Increase in accounts
receivable |
|
|
(2 |
) |
|
|
(1,172 |
) |
Decrease in prepaids and other
assets |
|
|
596 |
|
|
|
445 |
|
Decrease in inventory |
|
|
617 |
|
|
|
77 |
|
Increase in accounts payables,
accrued expenses, deferred contract revenue, and other
liabilities |
|
|
2,140 |
|
|
|
1,629 |
|
Cash used in operating
activities |
|
|
|
|
Interest paid |
|
|
(69 |
) |
|
|
(36 |
) |
Interest received |
|
|
16 |
|
|
|
1 |
|
Net cash flows used in
operating activities |
|
|
(17,399 |
) |
|
|
(10,121 |
) |
Investing
activities |
|
|
|
|
Purchase of property and
equipment |
|
|
(561 |
) |
|
|
(71 |
) |
Acquisition of intangible
assets |
|
|
(334 |
) |
|
|
(63 |
) |
Capitalized development
costs |
|
|
(1,213 |
) |
|
|
(789 |
) |
Proceeds upon maturity of term
deposits and short-term investments |
|
|
21,646 |
|
|
|
— |
|
Purchase of term deposits and
short-term investments |
|
|
(10,824 |
) |
|
|
— |
|
Net cash flow provided
from (used in) investing activities |
|
|
8,714 |
|
|
|
(923 |
) |
Financing
activities |
|
|
|
|
Proceeds from exercise of
share options |
|
|
59 |
|
|
|
617 |
|
Repayments of borrowings |
|
|
— |
|
|
|
(256 |
) |
Payments of principal portion
of lease liabilities |
|
|
(470 |
) |
|
|
(1,658 |
) |
Net cash flow provided
from (used in) financing activities |
|
|
(411 |
) |
|
|
(1,297 |
) |
Decrease in cash and
cash equivalents |
|
|
(9,096 |
) |
|
|
(12,341 |
) |
Effect of exchange differences
on cash balances |
|
|
(953 |
) |
|
|
(5,171 |
) |
Cash and cash equivalents at
beginning of the year |
|
|
192,962 |
|
|
|
74,625 |
|
Cash and cash
equivalents at end of the period |
|
$ |
182,913 |
|
|
$ |
57,113 |
|
SOPHiA GENETICS
SAReconciliation of IFRS Revenue Growth to
Constant Currency Revenue Growth and Constant
Currency Revenue Growth Excluding COVID-19-Related
Revenue(Amounts in USD
thousands)(Unaudited)
|
|
Three months ended March 31, |
|
|
|
|
|
2022 |
|
|
|
2021 |
|
|
Growth |
IFRS revenue |
|
$ |
10,861 |
|
|
$ |
8,976 |
|
|
21 |
% |
Current period constant currency impact |
|
|
747 |
|
|
|
— |
|
|
|
Constant currency
revenue |
|
$ |
11,608 |
|
|
$ |
8,976 |
|
|
29 |
% |
COVID-19 revenue |
|
|
(331 |
) |
|
|
(632 |
) |
|
|
Constant currency impact on COVID-19-related revenue |
|
|
20 |
|
|
|
— |
|
|
|
Constant currency
revenue excluding COVID-19-related revenue |
|
$ |
11,297 |
|
|
$ |
8,344 |
|
|
35 |
% |
SOPHiA GENETICS
SAReconciliation of IFRS to Adjusted Cost of
Revenue(Amounts in USD
thousands)(Unaudited)
|
|
Three months ended March 31, |
|
|
|
2022 |
|
|
|
2021 |
|
Cost of
revenue |
|
$ |
(4,151 |
) |
|
$ |
(3,359 |
) |
Amortization of capitalized research and development
expenses(1) |
|
|
198 |
|
|
|
67 |
|
Adjusted cost of
revenue |
|
$ |
(3,953 |
) |
|
$ |
(3,292 |
) |
Reconciliation of IFRS to Adjusted Gross
Profit and Gross Profit Margin(Amounts in USD
thousands, except
percentages)(Unaudited)
|
|
Three months ended March 31, |
|
|
|
2022 |
|
|
|
2021 |
|
Revenue |
|
$ |
10,861 |
|
|
$ |
8,976 |
|
Cost of revenue |
|
|
(4,151 |
) |
|
|
(3,359 |
) |
Gross
profit |
|
$ |
6,710 |
|
|
$ |
5,617 |
|
Amortization of capitalized research and development
expenses(1) |
|
|
198 |
|
|
|
67 |
|
Adjusted gross
profit |
|
$ |
6,908 |
|
|
$ |
5,684 |
|
|
|
|
|
|
Gross profit
margin |
|
|
62 |
% |
|
|
63 |
% |
Amortization of capitalized research and development
expenses(1) |
|
|
2 |
% |
|
|
— |
% |
Adjusted gross profit
margin |
|
|
64 |
% |
|
|
63 |
% |
SOPHiA GENETICS
SAReconciliation of IFRS to Adjusted Operating
Loss(Amounts in USD
thousands)(Unaudited)
|
|
Three months ended March 31, |
|
|
|
2022 |
|
|
|
2021 |
|
Operating
loss |
|
$ |
(25,021 |
) |
|
$ |
(14,054 |
) |
Amortization of capitalized research and development
expenses(1) |
|
|
198 |
|
|
|
67 |
|
Amortization of intangible assets(2) |
|
|
158 |
|
|
|
152 |
|
Share-based compensation expense(3) |
|
|
3471 |
|
|
|
603 |
|
Non-cash pension expense(4) |
|
|
194 |
|
|
|
177 |
|
Adjusted operating
loss |
|
$ |
(21,000 |
) |
|
$ |
(13,055 |
) |
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)
|
|
Three months ended March 31, |
|
|
|
2022 |
|
|
|
2021 |
|
Loss for the
period |
|
$ |
(25,487 |
) |
|
$ |
(12,668 |
) |
Amortization of capitalized research and development
expenses(1) |
|
|
198 |
|
|
|
67 |
|
Amortization of intangible assets(2) |
|
|
158 |
|
|
|
152 |
|
Share-based compensation expense(3) |
|
|
3,471 |
|
|
|
603 |
|
Non-cash pension expense(4) |
|
|
194 |
|
|
|
177 |
|
Adjusted loss for the
period |
|
$ |
(21,466 |
) |
|
$ |
(11,669 |
) |
|
|
|
|
|
Basic and diluted loss per
share |
|
$ |
(0.40 |
) |
|
$ |
(0.26 |
) |
Adjusted basic and diluted
loss per share |
|
$ |
(0.34 |
) |
|
$ |
(0.24 |
) |
Number of shares used in
computing basic and diluted loss per share |
|
|
63,891,630 |
|
|
|
48,019,413 |
|
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
pensions remain a recurring expense for our business as we continue
to make contributions to our plans for the foreseeable future.
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