SOPHiA GENETICS SA (Nasdaq: SOPH), a cloud-native software company
in the healthcare space, today reported financial results for the
third quarter ended September 30, 2022.
Recent Highlights
- Revenue for the third quarter of 2022 was $11.6 million,
representing year-over-year growth of 12%; constant currency
revenue growth excluding COVID-19-related revenues was 40%
- Expanded strategic partnership with Microsoft to improve
healthcare workflows globally and enable the increased adoption of
data-driven medicine
- Somatic Oncology portfolio strength underscored by triple-digit
growth in HRD analysis volume and continued momentum in solid
tumors; Pharma revenue acceleration supported by existing customer
expansion and recent Boundless Bio partnership
- Operating loss improved sequentially for the second quarter in
a row, despite core growth acceleration, highlighting early
momentum in sustainable growth strategy
CEO Commentary
“Yet again, SOPHiA GENETICS delivered another steadfast quarter
and we are continuing to grow and steadily expand our current base
of business across the world despite ongoing macroeconomic
challenges.” said Jurgi Camblong, PhD., Chief Executive Officer and
co-founder, SOPHiA GENETICS. “The combination of our differentiated
technology, robust commercial traction, focused operational
discipline, and world-class global team continues to drive steady
growth and demonstrates that we are well-positioned to thrive under
the economic scenarios that may lie ahead.”
Third Quarter Financial Results
Total revenue for the third quarter of 2022 was $11.6 million
compared to $10.4 million for the third quarter of 2021,
representing year-over-year growth of 12%. Constant currency
revenue growth was 33%, and constant currency revenue growth
excluding COVID-19-related revenue was 40%.
Platform analysis volumes remained relatively flat at 61,935
analyses for the third quarter of 2022 compared to 61,920 analyses
for the third quarter of 2021. The flat year-over-year growth was
attributable to growth in our core platform analysis volume offset
by the continued decline of our COVID-19-related analysis volume.
Excluding COVID-related volumes, platform analyses grew 11%
year-over-year.
Gross profit for the third quarter of 2022 was $7.3 million
compared to gross profit of $6.5 million in the third quarter of
2021, representing year-over-year growth of 11%. Gross margin was
63% for the third quarter of 2022 compared with 63% for the third
quarter of 2021. Adjusted gross margin was 65% for the third
quarter of 2022 compared to 65% for the third quarter of 2021.
Total operating expenses for the third quarter of 2022 were
$30.9 million compared to $27.0 million for the third quarter of
2021.
R&D expenses for the third quarter of 2022 were $10.1
million compared to $7.7 million for the third quarter of 2021.
Sales and marketing expenses for the third quarter of 2022 were
$7.9 million compared to $7.7 million for the third quarter of
2021.
General and administrative expenses for the third quarter of
2022 were $12.8 million dollars compared to $11.7 million for the
third quarter of 2021.
Operating loss for the third quarter of 2022 was $23.6 million,
compared to $20.5 million in the third quarter of 2021. Adjusted
operating loss for the third quarter of 2022 was $19.3 million,
compared to $17.0 million for the third quarter of 2021.
Net loss for the third quarter of 2022 was $23.3 million or
$0.36 per share compared to $21.2 million or $0.35 per share in the
third quarter of 2021. Adjusted net loss for the third quarter of
2022 was $19.0 million or $0.30 per share, compared to $18.0
million or $0.30 per share for the third quarter of 2021.
2022 Outlook
We are reaffirming our previously provided guidance of constant
currency revenue growth range of 30% to 35% for full-year 2022.
Based on our latest view of the impact of movements in the foreign
exchange rates between our key transactional currencies, including
the euro, the Swiss franc, the British pound, and the Turkish lira,
and the U.S. dollar, we now expect full-year 2022 reported revenue
to be at the low-end of our previously provided range of $47.0
million to $49.5 million.
Webcast and Conference Call
Information
SOPHiA GENETICS will host a conference call and live webcast to
discuss the third quarter of fiscal 2022 financial results as well
as business outlook on Tuesday, November 08, 2022 at 8:30 a.m. EST
/ 2:30 p.m. CET. 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.
About SOPHiA GENETICS
SOPHiA GENETICS (Nasdaq: SOPH) is a cloud-native software
company in the healthcare space 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 software 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 a broad
network of hospital, laboratory, and biopharma institutions
globally. For more information, visit SOPHiAGENETICS.COM, or
connect on Twitter, Facebook, 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;
- 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, non-cash
portion of pensions expense paid in excess of actual contributions
to match the actuarial expense, and IPO-related expenses;
- Adjusted finance expense, which we
calculate as finance expense adjusted to exclude the impact from
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;
- Adjusted net 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 expense; and
- Adjusted net 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 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.
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” (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 DDMTM Platform and related products and
solutions 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
Kelly KatapodisSenior Manager, Media &
Communicationsmedia@sophiagenetics.com
SOPHiA GENETICS
SAInterim Condensed Consolidated Statement of
Loss(Amounts in USD thousands, except per share
data)(Unaudited)
| |
|
Three months ended September 30, |
|
Nine months ended September 30, |
|
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
| Revenue |
|
$ |
11,648 |
|
|
$ |
10,359 |
|
|
$ |
34,176 |
|
|
$ |
29,513 |
|
| Cost of revenue |
|
|
(4,355 |
) |
|
|
(3,815 |
) |
|
|
(12,552 |
) |
|
|
(11,122 |
) |
| Gross
profit |
|
|
7,293 |
|
|
|
6,544 |
|
|
|
21,624 |
|
|
|
18,391 |
|
| Research and development
costs |
|
|
(10,116 |
) |
|
|
(7,655 |
) |
|
|
(28,581 |
) |
|
|
(20,220 |
) |
| Selling and marketing
costs |
|
|
(7,921 |
) |
|
|
(7,706 |
) |
|
|
(24,020 |
) |
|
|
(20,161 |
) |
| General and administrative
costs |
|
|
(12,809 |
) |
|
|
(11,689 |
) |
|
|
(41,887 |
) |
|
|
(28,546 |
) |
| Other operating (expense)
income, net |
|
|
(86 |
) |
|
|
4 |
|
|
|
125 |
|
|
|
56 |
|
| Operating
loss |
|
|
(23,639 |
) |
|
|
(20,502 |
) |
|
|
(72,739 |
) |
|
|
(50,480 |
) |
| Finance income (expense),
net |
|
|
224 |
|
|
|
(263 |
) |
|
|
(617 |
) |
|
|
(1,128 |
) |
| Loss before income
taxes |
|
|
(23,415 |
) |
|
|
(20,765 |
) |
|
|
(73,356 |
) |
|
|
(51,608 |
) |
| Income tax benefit
(expense) |
|
|
105 |
|
|
|
(478 |
) |
|
|
(122 |
) |
|
|
(693 |
) |
| Loss for the
period |
|
|
(23,310 |
) |
|
|
(21,243 |
) |
|
|
(73,478 |
) |
|
|
(52,301 |
) |
| Attributable to the
owners of the parent |
|
$ |
(23,310 |
) |
|
$ |
(21,243 |
) |
|
$ |
(73,478 |
) |
|
$ |
(52,301 |
) |
| |
|
|
|
|
|
|
|
|
| Basic and diluted loss
per share |
|
$ |
(0.36 |
) |
|
$ |
(0.35 |
) |
|
$ |
(1.15 |
) |
|
$ |
(1.00 |
) |
SOPHiA GENETICS
SAInterim Condensed Consolidated Statement of
Comprehensive Loss(Amounts in USD
thousands)(Unaudited)
| |
|
Three months ended September 30, |
|
Nine months ended September 30, |
|
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
| Loss for the
period |
|
$ |
(23,310 |
) |
|
$ |
(21,243 |
) |
|
$ |
(73,478 |
) |
|
$ |
(52,301 |
) |
| Other comprehensive
(loss) income: |
|
|
|
|
|
|
|
|
|
Items that may be reclassified to statement of loss (net of
tax) |
|
|
|
|
|
|
|
|
|
Currency translation differences |
|
|
(3,260 |
) |
|
|
(2,993 |
) |
|
|
(10,249 |
) |
|
|
(7,714 |
) |
| Total items that may
be reclassified to profit or loss |
|
|
(3,260 |
) |
|
|
(2,993 |
) |
|
|
(10,249 |
) |
|
|
(7,714 |
) |
|
Items that will not be reclassified to profit or loss (net of
tax) |
|
|
|
|
|
|
|
|
|
Remeasurement of defined benefit plans |
|
|
689 |
|
|
|
— |
|
|
|
2,453 |
|
|
|
— |
|
| Total items that will
not be reclassified to profit or loss |
|
|
689 |
|
|
|
— |
|
|
|
2,453 |
|
|
|
— |
|
| Other comprehensive
(loss) income for the period |
|
$ |
(2,571 |
) |
|
$ |
(2,993 |
) |
|
$ |
(7,796 |
) |
|
$ |
(7,714 |
) |
| Total comprehensive
loss for the period |
|
$ |
(25,881 |
) |
|
$ |
(24,236 |
) |
|
$ |
(81,274 |
) |
|
$ |
(60,015 |
) |
| Attributable to owners
of the parent |
|
$ |
(25,881 |
) |
|
$ |
(24,236 |
) |
|
$ |
(81,274 |
) |
|
$ |
(60,015 |
) |
SOPHiA GENETICS
SAInterim Condensed Consolidated Balance
Sheet(Amounts in USD thousands)
(Unaudited)
|
|
|
September 30, 2022 |
|
December 31, 2021 |
| Assets |
|
|
|
|
| Current assets |
|
|
|
|
|
Cash and cash equivalents |
|
$ |
157,827 |
|
|
$ |
192,962 |
|
|
Term deposits |
|
|
31,421 |
|
|
|
72,357 |
|
|
Accounts receivable |
|
|
6,382 |
|
|
|
6,278 |
|
|
Inventory |
|
|
5,827 |
|
|
|
5,729 |
|
|
Prepaids and other current assets |
|
|
6,507 |
|
|
|
5,529 |
|
| Total current
assets |
|
|
207,964 |
|
|
|
282,855 |
|
| Non-current assets |
|
|
|
|
|
Property and equipment |
|
|
5,047 |
|
|
|
4,663 |
|
|
Intangible assets |
|
|
17,982 |
|
|
|
15,673 |
|
|
Right-of-use assets |
|
|
14,101 |
|
|
|
11,292 |
|
|
Deferred tax assets |
|
|
1,571 |
|
|
|
1,990 |
|
|
Other non-current assets |
|
|
3,921 |
|
|
|
3,700 |
|
| Total non-current
assets |
|
|
42,622 |
|
|
|
37,318 |
|
| Total
assets |
|
$ |
250,586 |
|
|
$ |
320,173 |
|
| Liabilities and
equity |
|
|
|
|
| Current liabilities |
|
|
|
|
|
Accounts payable |
|
$ |
5,612 |
|
|
$ |
6,737 |
|
|
Accrued expenses |
|
|
15,190 |
|
|
|
15,972 |
|
|
Deferred contract revenue |
|
|
4,907 |
|
|
|
4,069 |
|
|
Lease liabilities, current portion |
|
|
2,333 |
|
|
|
1,813 |
|
|
Other current liabilities |
|
|
— |
|
|
|
12 |
|
| Total current
liabilities |
|
|
28,042 |
|
|
|
28,603 |
|
| Non-current liabilities |
|
|
|
|
|
Lease liabilities, net of current portion |
|
|
13,917 |
|
|
|
11,246 |
|
|
Defined benefit pension liabilities |
|
|
2,264 |
|
|
|
4,453 |
|
|
Other non-current liabilities |
|
|
472 |
|
|
|
471 |
|
| Total non-current
liabilities |
|
|
16,653 |
|
|
|
16,170 |
|
| Total
liabilities |
|
|
44,695 |
|
|
|
44,773 |
|
| Equity |
|
|
|
|
|
Share capital |
|
|
3,464 |
|
|
|
3,328 |
|
|
Share premium |
|
|
471,623 |
|
|
|
470,887 |
|
|
Treasury shares |
|
|
(118 |
) |
|
|
— |
|
|
Other reserves |
|
|
15,754 |
|
|
|
12,539 |
|
|
Accumulated deficit |
|
|
(284,832 |
) |
|
|
(211,354 |
) |
| Total
equity |
|
|
205,891 |
|
|
|
275,400 |
|
| Total liabilities and
equity |
|
$ |
250,586 |
|
|
$ |
320,173 |
|
SOPHiA GENETICS
SAInterim Condensed Consolidated Statement of Cash
Flows(Amounts in USD
thousands)(Unaudited)
| |
|
Nine months ended September 30, |
|
|
|
|
2022 |
|
|
|
2021 |
|
| Operating
activities |
|
|
|
|
| Loss before tax |
|
$ |
(73,356 |
) |
|
$ |
(51,608 |
) |
| Adjustments for
non-monetary items |
|
|
|
|
| Depreciation |
|
|
2,728 |
|
|
|
1,595 |
|
| Amortization |
|
|
1,292 |
|
|
|
785 |
|
| Interest expense |
|
|
530 |
|
|
|
2,297 |
|
| Interest income |
|
|
(565 |
) |
|
|
(13 |
) |
| Gain on TriplePoint success
fee |
|
|
— |
|
|
|
(430 |
) |
| Expected credit loss
allowance |
|
|
47 |
|
|
|
(657 |
) |
| Share-based compensation |
|
|
11,017 |
|
|
|
4,874 |
|
| Intangible assets
write-off |
|
|
74 |
|
|
|
— |
|
| Movements in provisions,
pensions, and government grants |
|
|
555 |
|
|
|
1,221 |
|
| Research tax credit |
|
|
(1,158 |
) |
|
|
(413 |
) |
| Working capital
changes |
|
|
|
|
| Increase in accounts
receivable |
|
|
(693 |
) |
|
|
(1,168 |
) |
| Increase in prepaids and other
assets |
|
|
(1,001 |
) |
|
|
(5,519 |
) |
| Increase in inventory |
|
|
(554 |
) |
|
|
(1,326 |
) |
| Increase in accounts payables,
accrued expenses, deferred contract revenue, and other
liabilities |
|
|
963 |
|
|
|
8,111 |
|
| Cash used in operating
activities |
|
|
|
|
| Income tax received |
|
|
— |
|
|
|
90 |
|
| Interest paid |
|
|
(195 |
) |
|
|
(368 |
) |
| Interest received |
|
|
552 |
|
|
|
9 |
|
| Net cash flows used in
operating activities |
|
|
(59,764 |
) |
|
|
(42,520 |
) |
| Investing
activities |
|
|
|
|
| Purchase of property and
equipment |
|
|
(2,176 |
) |
|
|
(2,532 |
) |
| Acquisition of intangible
assets |
|
|
(1,497 |
) |
|
|
(132 |
) |
| Capitalized development
costs |
|
|
(3,535 |
) |
|
|
(2,530 |
) |
| Proceeds upon maturity of term
deposits and short-term investments |
|
|
63,505 |
|
|
|
10,968 |
|
| Purchase of term deposits and
short-term investments |
|
|
(26,462 |
) |
|
|
(61,421 |
) |
| Net cash flow provided
from (used in) investing activities |
|
|
29,835 |
|
|
|
(55,647 |
) |
| Financing
activities |
|
|
|
|
| Proceeds from exercise of
share options |
|
|
748 |
|
|
|
4,527 |
|
| Proceeds from initial public
offering, net of transaction costs |
|
|
— |
|
|
|
211,907 |
|
| 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 |
) |
| Repayments of borrowings |
|
|
— |
|
|
|
(3,167 |
) |
| Payments of principal portion
of lease liabilities |
|
|
(1,736 |
) |
|
|
(715 |
) |
| Net cash flow (used
in) provided from financing activities |
|
|
(988 |
) |
|
|
238,220 |
|
| Decrease in cash and
cash equivalents |
|
|
(30,917 |
) |
|
|
140,053 |
|
| Effect of exchange differences
on cash balances |
|
|
(4,218 |
) |
|
|
(4,688 |
) |
| Cash and cash equivalents at
beginning of the year |
|
|
192,962 |
|
|
|
74,625 |
|
| Cash and cash
equivalents at end of the period |
|
$ |
157,827 |
|
|
$ |
209,990 |
|
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, expect for
%)(Unaudited)
| |
|
Three months ended September 30, |
|
Nine months ended September 30, |
| |
|
|
2022 |
|
|
|
2021 |
|
|
Growth |
|
|
2022 |
|
|
|
2021 |
|
|
Growth |
|
IFRS revenue |
|
$ |
11,648 |
|
|
$ |
10,359 |
|
|
12 |
% |
|
$ |
34,176 |
|
|
$ |
29,513 |
|
|
|
16 |
% |
|
Current period constant currency impact |
|
|
2,152 |
|
|
|
— |
|
|
|
|
|
4,434 |
|
|
|
— |
|
|
|
| Constant currency
revenue |
|
$ |
13,800 |
|
|
$ |
10,359 |
|
|
33 |
% |
|
$ |
38,610 |
|
|
$ |
29,513 |
|
|
|
31 |
% |
|
COVID-19 revenue |
|
|
(290 |
) |
|
|
(653 |
) |
|
|
|
|
(913 |
) |
|
|
(1,285 |
) |
|
|
|
Constant currency impact on COVID-19-related revenue |
|
|
53 |
|
|
|
— |
|
|
|
|
|
108 |
|
|
|
|
|
| Constant currency
revenue excluding COVID-19-related revenue |
|
$ |
13,563 |
|
|
$ |
9,706 |
|
|
40 |
% |
|
$ |
37,805 |
|
|
$ |
28,228 |
|
|
|
34 |
% |
SOPHiA GENETICS
SAReconciliation of IFRS to Adjusted Cost of
Revenue(Amounts in USD
thousands)(Unaudited)
| |
|
Three months ended September 30, |
|
Nine months ended September 30, |
|
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
| Cost of
revenue |
|
$ |
(4,355 |
) |
|
$ |
(3,815 |
) |
|
$ |
(12,552 |
) |
|
$ |
(11,122 |
) |
|
Amortization of capitalized research and development
expenses (1) |
|
|
304 |
|
|
|
152 |
|
|
|
755 |
|
|
|
329 |
|
| Adjusted cost of
revenue |
|
$ |
(4,051 |
) |
|
$ |
(3,663 |
) |
|
$ |
(11,797 |
) |
|
$ |
(10,793 |
) |
SOPHiA GENETICS
SAReconciliation of IFRS to Adjusted Gross Profit
and Gross Profit Margin(Amounts in USD thousands,
except percentages)(Unaudited)
| |
|
Three months ended September 30, |
|
Nine months ended September 30, |
|
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
| Revenue |
|
$ |
11,648 |
|
|
$ |
10,359 |
|
|
$ |
34,176 |
|
|
$ |
29,513 |
|
|
Cost of revenue |
|
|
(4,355 |
) |
|
|
(3,815 |
) |
|
|
(12,552 |
) |
|
|
(11,122 |
) |
| Gross
profit |
|
$ |
7,293 |
|
|
$ |
6,544 |
|
|
$ |
21,624 |
|
|
$ |
18,391 |
|
|
Amortization of capitalized research and development
expenses (1) |
|
|
304 |
|
|
|
152 |
|
|
|
755 |
|
|
|
329 |
|
| Adjusted gross
profit |
|
$ |
7,597 |
|
|
$ |
6,696 |
|
|
$ |
22,379 |
|
|
$ |
18,720 |
|
| |
|
|
|
|
|
|
|
|
| Gross profit
margin |
|
|
63 |
% |
|
|
63 |
% |
|
|
63 |
% |
|
|
62 |
% |
|
Amortization of capitalized research and development
expenses (1) |
|
|
2 |
% |
|
|
2 |
% |
|
|
2 |
% |
|
|
1 |
% |
| Adjusted gross profit
margin |
|
|
65 |
% |
|
|
65 |
% |
|
|
65 |
% |
|
|
63 |
% |
SOPHiA GENETICS
SAReconciliation of IFRS to Adjusted Operating
Loss(Amounts in USD
thousands)(Unaudited)
| |
|
Three months ended September 30, |
|
Nine months ended September 30, |
|
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
| Operating
loss |
|
$ |
(23,639 |
) |
|
$ |
(20,502 |
) |
|
$ |
(72,739 |
) |
|
$ |
(50,480 |
) |
|
Amortization of capitalized research & development expenses
(1) |
|
|
304 |
|
|
|
152 |
|
|
|
755 |
|
|
|
329 |
|
|
Amortization of intangible assets (2) |
|
|
191 |
|
|
|
143 |
|
|
|
537 |
|
|
|
456 |
|
|
Share-based compensation expense (3) |
|
|
3,657 |
|
|
|
3,038 |
|
|
|
11,017 |
|
|
|
4,874 |
|
|
Non-cash pension expense (4) |
|
|
173 |
|
|
|
187 |
|
|
|
545 |
|
|
|
522 |
|
|
Non-recurring IPO-related expenses (5) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
323 |
|
| Adjusted operating
loss |
|
$ |
(19,314 |
) |
|
$ |
(16,982 |
) |
|
$ |
(59,885 |
) |
|
$ |
(43,976 |
) |
SOPHiA GENETICS
SAReconciliation of IFRS to Finance Expense,
Net(Amounts in USD
thousands)(Unaudited)
| |
|
Three months ended September 30, |
|
Nine months ended September 30, |
|
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
| Finance
expense |
|
$ |
224 |
|
|
$ |
(263 |
) |
|
$ |
(617 |
) |
|
$ |
(1,128 |
) |
|
Change in fair value of derivative (6) |
|
|
— |
|
|
|
(254 |
) |
|
|
— |
|
|
|
1,444 |
|
| Adjusted finance
expense |
|
$ |
224 |
|
|
$ |
(517 |
) |
|
$ |
(617 |
) |
|
$ |
316 |
|
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 September 30, |
|
Nine months ended September 30, |
|
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
| Loss for the
period |
|
$ |
(23,310 |
) |
|
$ |
(21,243 |
) |
|
$ |
(73,478 |
) |
|
$ |
(52,301 |
) |
|
Amortization of capitalized research & development expenses
(1) |
|
|
304 |
|
|
|
152 |
|
|
|
755 |
|
|
|
329 |
|
|
Amortization of intangible assets (2) |
|
|
191 |
|
|
|
143 |
|
|
|
537 |
|
|
|
456 |
|
|
Share-based compensation expense (3) |
|
|
3,657 |
|
|
|
3,038 |
|
|
|
11,017 |
|
|
|
4,874 |
|
|
Non-cash pension expense (4) |
|
|
173 |
|
|
|
187 |
|
|
|
545 |
|
|
|
522 |
|
|
Non-recurring IPO-related expenses (5) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
323 |
|
|
Change in fair value of derivative (6) |
|
|
— |
|
|
|
(254 |
) |
|
|
— |
|
|
|
1,444 |
|
| Adjusted loss for the
period |
|
$ |
(18,985 |
) |
|
$ |
(17,977 |
) |
|
$ |
(60,624 |
) |
|
$ |
(44,353 |
) |
| |
|
|
|
|
|
|
|
|
| Basic and diluted loss per
share |
|
$ |
(0.36 |
) |
|
$ |
(0.35 |
) |
|
$ |
(1.15 |
) |
|
$ |
(1.00 |
) |
| Adjusted basic and diluted
loss per share |
|
$ |
(0.30 |
) |
|
$ |
(0.30 |
) |
|
$ |
(0.95 |
) |
|
$ |
(0.85 |
) |
| Number of shares used in
computing basic and diluted loss per share |
|
|
64,192,080 |
|
|
|
60,172,641 |
|
|
|
64,058,859 |
|
|
|
52,415,936 |
|
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.
(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 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.
Sophia Genetics (NASDAQ:SOPH)
Historical Stock Chart
From May 2024 to Jun 2024
Sophia Genetics (NASDAQ:SOPH)
Historical Stock Chart
From Jun 2023 to Jun 2024
