SomaLogic, Inc., a leader in proteomics technology, today reported
financial results for the quarter ended June 30, 2023.
“Our second quarter results are in line with our expectations
despite navigating operational changes and a dynamic macroeconomic
backdrop. While our progress this quarter in both core assay
services and distributed kits is encouraging, there is still more
work to be done,” said Adam Taich, SomaLogic’s Interim Chief
Executive Officer. “We have the benefit of a strong cash position,
yet remain fully committed to spending discipline and continued
operational rationalization to maximize SomaLogic’s long-term
position in a growing proteomics market.”
Recent Updates
- Expanded distributed kits offering with additional Authorized
Sites, including Citogen and Dante Genomics in Europe
- Advanced development and manufacturing work to support 10k
SomaScan assay launch by year-end 2023
- Continued collaboration with Illumina ahead of co-branded
next-generation sequencing (NGS)-based proteomics kit early access
launch in 2024
- Appointed Eliot Lurier, CPA, to
Interim Chief Financial Officer
Second Quarter
2023 Financial Results
Revenue for the three months ended June 30, 2023
was $20.5 million, a 45% increase from $14.1 million in the
corresponding period of 2022. Excluding Q2 2022 royalty revenue
from NEB, revenue grew 55%.
Gross margin for the three months ended June 30, 2023 was
45.4% compared to 50.0% for the corresponding period of 2022. The
decrease was driven by lower royalty revenue.
Research and development expenses decreased by $6.8 million, and
selling, general and administrative expenses decreased by $7.2
million in the three months ended June 30, 2023, compared to
the corresponding period of 2022. The decrease aligns with the
Company’s previously announced expense reduction initiatives with
an operating expense target of approximately $170 million for
full-year 2023.
Net loss was $24.8 million for the three months
ended June 30, 2023, or a loss of $0.13 per share, as compared to a
loss of $23.0 million, or $0.13 per share, in the corresponding
period of 2022.
Adjusted EBITDA was a loss of $28.9 million for
the three months ended June 30, 2023, compared with an
adjusted EBITDA loss of $46.4 million in the corresponding period
of 2022.
Cash, cash equivalents, and short-term
investments were $474.2 million as of June 30, 2023.
2023 Financial Guidance
SomaLogic expects revenue for the full year 2023 to range from
$80 to $84 million.
Webcast and Conference Call Details
SomaLogic will host a conference call at 4:30 p.m. ET on Monday,
August 14, 2023 to discuss its second quarter 2023 financial
results. Those interested in listening to the conference call
should register online here. Participants are encouraged to
register more than 15 minutes before the start of the call. A live
and archived version of the webcast will be available at
https://investors.somalogic.com/
About SomaLogic
SomaLogic is catalyzing drug research and development and
biomarker identification as a global leader in proteomics
technology. With a single 55 microliter plasma or serum sample,
SomaLogic can run 7,000 protein measurements, covering more than a
third of the approximately 20,000 proteins in the human body and
twice as many as other proteomic platforms. For more than 20 years
we’ve supported pharmaceutical companies, and academic and contract
research organizations who rely on our protein detection and
analysis technologies to fuel drug, disease, and treatment
discoveries in such areas as oncology, diabetes, and
cardiovascular, liver and metabolic diseases. Find out more at
www.somalogic.com and follow @somalogic on LinkedIn.
Non-GAAP Financial Measures
We present non-GAAP financial measures in order to assist
readers of our condensed consolidated financial statements in
understanding the core operating results used by management to
evaluate and run the business, as well as, for financial planning
purposes. Our non-GAAP financial measure, Adjusted EBITDA, provides
an additional tool for investors to use in comparing our financial
performance over multiple periods.
Adjusted EBITDA is a key performance measure that our management
uses to assess its operating performance. Adjusted EBITDA
facilitates internal comparisons of our operating performance on a
more consistent basis, and we use this measure for business
planning, forecasting, and decision-making. We believe that
Adjusted EBITDA enhances an investor’s understanding of our
financial performance as it is useful in assessing our operating
performance from period-to-period by excluding certain items that
we believe are not representative of our core business.
Our Adjusted EBITDA may not be comparable to similarly titled
measures of other companies because they may not calculate this
measure in the same manner. Adjusted EBITDA is not prepared in
accordance with GAAP and should not be considered in isolation of,
or as an alternative to, measures prepared in accordance with GAAP.
When evaluating our performance, you should consider Adjusted
EBITDA alongside other financial performance measures prepared in
accordance with GAAP, including net loss.
Forward Looking Statements Disclaimer
This press release contains certain forward-looking statements
within the meaning of the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995 and other federal
securities laws. All statements, other than statements of
historical fact included in this press release, regarding our
strategy, future operations, financial position, estimated
revenues, projections, prospects, plans and objectives of
management are forward-looking statements. These forward-looking
statements generally are identified by the words “believe,”
“project,” “forecast,” “guidance,” “expect,” “anticipate,”
“estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,”
“may,” “should,” “will,” “would,” “will be,” “continue,” “will
likely result,” “possible,” “potential,” “predict,” “pursue,”
“target” and similar expressions, although not all forward-looking
statements contain such identifying words. Forward-looking
statements are predictions, projections and other statements about
future events that are based on current expectations and
assumptions and, as a result, are subject to risks and
uncertainties. Forward-looking statements do not guarantee future
performance and involve known and unknown risks, uncertainties and
other factors. Many factors could cause actual future events to
differ materially from the forward-looking statements in this press
release, including factors which are beyond SomaLogic’s control.
You should carefully consider these risks and uncertainties,
including, but not limited to, those factors described under Part
I, Item 1A – “Risk Factors” in our Annual Report on Form 10-K and
other filings we make with the Securities and Exchange Commission.
These filings identify and address important risks and
uncertainties that could cause actual events and results to differ
materially from those contained in the forward-looking statements.
Forward-looking statements speak only as of the date they are made.
Readers are cautioned not to put undue reliance on forward-looking
statements, and SomaLogic assumes no obligation and does not intend
to update or revise these forward-looking statements, whether as a
result of new information, future events, or otherwise. Should one
or more of these risks or uncertainties materialize, or should any
of the assumptions prove incorrect, actual results may vary in
material respects from those projected in these forward-looking
statements. The Company will not and does not undertake any
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as may be required under applicable securities laws.
SomaLogic Contact
Emilia Costales720-798-5054ecostales@somalogic.com
Investor Contact
Marissa BychGilmartin Group LLCinvestors@somalogic.com
|
SomaLogic, Inc. Condensed Consolidated
Statements of Operations and Comprehensive Loss
Unaudited(in thousands, except share
data) |
| |
| |
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
| Revenue |
|
|
|
|
|
|
|
|
Assay services revenue |
$ |
16,597 |
|
|
$ |
10,931 |
|
|
$ |
35,016 |
|
|
$ |
29,731 |
|
|
Product revenue |
|
2,909 |
|
|
|
714 |
|
|
|
4,095 |
|
|
|
1,167 |
|
|
Collaboration revenue |
|
762 |
|
|
|
762 |
|
|
|
1,525 |
|
|
|
1,525 |
|
|
Other revenue |
|
200 |
|
|
|
1,737 |
|
|
|
211 |
|
|
|
4,701 |
|
| Total revenue |
|
20,468 |
|
|
|
14,144 |
|
|
|
40,847 |
|
|
|
37,124 |
|
| Operating expenses |
|
|
|
|
|
|
|
|
Cost of assay services revenue |
|
9,677 |
|
|
|
6,571 |
|
|
|
21,359 |
|
|
|
17,951 |
|
|
Cost of product revenue |
|
1,498 |
|
|
|
506 |
|
|
|
2,132 |
|
|
|
778 |
|
|
Research and development |
|
10,815 |
|
|
|
17,636 |
|
|
|
24,882 |
|
|
|
31,436 |
|
|
Selling, general and administrative |
|
29,573 |
|
|
|
36,812 |
|
|
|
63,762 |
|
|
|
67,627 |
|
| Total operating expenses |
|
51,563 |
|
|
|
61,525 |
|
|
|
112,135 |
|
|
|
117,792 |
|
| Loss from operations |
|
(31,095 |
) |
|
|
(47,381 |
) |
|
|
(71,288 |
) |
|
|
(80,668 |
) |
| Other income |
|
|
|
|
|
|
|
|
Interest income and other, net |
|
5,798 |
|
|
|
838 |
|
|
|
10,723 |
|
|
|
1,047 |
|
|
Change in fair value of warrant liabilities |
|
527 |
|
|
|
14,536 |
|
|
|
1,580 |
|
|
|
27,176 |
|
|
Change in fair value of earn-out liability |
|
— |
|
|
|
9,027 |
|
|
|
15 |
|
|
|
25,489 |
|
| Total other income |
|
6,325 |
|
|
|
24,401 |
|
|
|
12,318 |
|
|
|
53,712 |
|
| Net loss before income tax
benefit (provision) |
$ |
(24,770 |
) |
|
$ |
(22,980 |
) |
|
$ |
(58,970 |
) |
|
$ |
(26,956 |
) |
| Income tax benefit
(provision) |
|
(2 |
) |
|
|
(5 |
) |
|
|
(4 |
) |
|
|
(8 |
) |
| Net loss |
|
(24,772 |
) |
|
|
(22,985 |
) |
|
|
(58,974 |
) |
|
|
(26,964 |
) |
| Other comprehensive income
(loss) |
|
|
|
|
|
|
|
|
Net unrealized gain (loss) on available-for-sale securities |
|
177 |
|
|
|
(209 |
) |
|
|
528 |
|
|
|
(861 |
) |
|
Foreign currency translation loss |
|
4 |
|
|
|
(11 |
) |
|
|
2 |
|
|
|
(14 |
) |
| Total other comprehensive
income (loss) |
$ |
181 |
|
|
$ |
(220 |
) |
|
$ |
530 |
|
|
$ |
(875 |
) |
| Comprehensive loss |
|
(24,591 |
) |
|
|
(23,205 |
) |
|
|
(58,444 |
) |
|
|
(27,839 |
) |
| Net loss per share, basic and
diluted |
$ |
(0.13 |
) |
|
$ |
(0.13 |
) |
|
$ |
(0.32 |
) |
|
$ |
(0.15 |
) |
| Weighted-average shares used
to compute net loss per share, basic and diluted |
|
186,741,112 |
|
|
|
183,143,391 |
|
|
|
186,633,391 |
|
|
|
182,599,949 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SomaLogic, Inc.Condensed Consolidated
Balance SheetsUnaudited(in
thousands, except share data) |
| |
| |
June 30,2023 |
|
December 31,2022 |
| ASSETS |
|
|
|
| Current assets |
|
|
|
|
Cash and cash equivalents |
$ |
354,544 |
|
|
$ |
421,830 |
|
|
Investments |
|
119,646 |
|
|
|
117,758 |
|
|
Accounts receivable, net |
|
21,750 |
|
|
|
17,006 |
|
|
Inventory |
|
15,123 |
|
|
|
13,897 |
|
|
Deferred costs of services |
|
440 |
|
|
|
1,337 |
|
|
Prepaid expenses and other current assets |
|
4,760 |
|
|
|
9,873 |
|
|
Total current assets |
|
516,263 |
|
|
|
581,701 |
|
| Non-current inventory |
|
10,296 |
|
|
|
4,643 |
|
| Accounts receivable, net of
current portion |
|
9,041 |
|
|
|
9,284 |
|
| Property and equipment,
net |
|
18,668 |
|
|
|
19,564 |
|
| Other long-term assets |
|
4,379 |
|
|
|
5,083 |
|
| Intangible assets |
|
16,700 |
|
|
|
16,700 |
|
| Goodwill |
|
10,399 |
|
|
|
10,399 |
|
|
Total assets |
$ |
585,746 |
|
|
$ |
647,374 |
|
| |
|
|
|
| LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
| Current liabilities |
|
|
|
|
Accounts payable |
$ |
13,079 |
|
|
$ |
16,794 |
|
|
Accrued liabilities |
|
10,926 |
|
|
|
20,678 |
|
|
Deferred revenue |
|
5,083 |
|
|
|
3,383 |
|
|
Other current liabilities |
|
2,413 |
|
|
|
2,477 |
|
|
Total current liabilities |
|
31,501 |
|
|
|
43,332 |
|
| Warrant liabilities |
|
2,633 |
|
|
|
4,213 |
|
| Deferred revenue, net of
current portion |
|
31,207 |
|
|
|
31,732 |
|
| Other long-term
liabilities |
|
5,253 |
|
|
|
5,539 |
|
|
Total liabilities |
|
70,594 |
|
|
|
84,816 |
|
| Commitments and
contingencies |
|
|
|
| Stockholders’ equity: |
|
|
|
|
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; no
shares issued and outstanding at June 30, 2023 and
December 31, 2022 |
|
— |
|
|
|
— |
|
|
Common stock, $0.0001 par value; 600,000,000 shares authorized;
188,071,445 and 187,647,973 shares issued and outstanding at
June 30, 2023 and December 31, 2022, respectively |
|
19 |
|
|
|
19 |
|
| Additional paid-in
capital |
|
1,182,645 |
|
|
|
1,171,122 |
|
| Accumulated other
comprehensive income (loss) |
|
17 |
|
|
|
(513 |
) |
| Accumulated deficit |
|
(667,529 |
) |
|
|
(608,070 |
) |
|
Total stockholders’ equity |
|
515,152 |
|
|
|
562,558 |
|
|
Total liabilities and stockholders’ equity |
$ |
585,746 |
|
|
$ |
647,374 |
|
|
|
|
SomaLogic, Inc.Reconciliation of net loss
in accordance with GAAP to non-GAAP adjusted EBITDA |
| |
| |
Three Months Ended June 30, |
|
Six Months Ended June 30, |
| (in thousands) |
2023 |
|
2022 |
|
2023 |
|
2022 |
|
Net loss |
$ |
(24,772 |
) |
|
$ |
(22,985 |
) |
|
$ |
(58,974 |
) |
|
$ |
(26,964 |
) |
| Adjustments to
reconcile to EBITDA: |
|
|
|
|
|
|
|
|
Interest income and other, net |
|
(5,798 |
) |
|
|
(838 |
) |
|
|
(10,723 |
) |
|
|
(1,047 |
) |
|
Income tax provision |
|
2 |
|
|
|
5 |
|
|
|
4 |
|
|
|
8 |
|
|
Depreciation and amortization |
|
1,890 |
|
|
|
963 |
|
|
|
3,644 |
|
|
|
1,718 |
|
| EBITDA |
|
(28,678 |
) |
|
|
(22,855 |
) |
|
|
(66,049 |
) |
|
|
(26,285 |
) |
|
Adjustments to reconcile to Adjusted EBITDA: |
|
|
|
|
|
|
|
|
Change in fair value of warrant liabilities (1) |
|
(527 |
) |
|
|
(14,536 |
) |
|
|
(1,580 |
) |
|
|
(27,176 |
) |
|
Change in fair value of earn-out liability (2) |
|
— |
|
|
|
(9,027 |
) |
|
|
(15 |
) |
|
|
(25,489 |
) |
|
Stock compensation expense related to equity modifications (3) |
|
272 |
|
|
|
— |
|
|
|
1,224 |
|
|
|
— |
|
|
Restructuring charges (4) |
|
59 |
|
|
|
— |
|
|
|
1,100 |
|
|
|
— |
|
| Adjusted
EBITDA |
$ |
(28,874 |
) |
|
$ |
(46,418 |
) |
|
$ |
(65,320 |
) |
|
$ |
(78,950 |
) |
| |
|
|
|
|
|
|
|
|
(1) |
Represents change in fair value of warrant liabilities. |
|
(2) |
Represents change in fair value of earn-out liability. |
|
(3) |
Represents stock-based compensation expense related to equity award
modifications that occurred separately from our Strategic
Reorganization. |
|
(4) |
Represents restructuring charges related to the Strategic
Reorganization consisting of severance costs, other termination
benefit costs, and non-cash stock-based compensation expense. |
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