SomaLogic, Inc., a leader in proteomics technology, today reported
recent business highlights and financial results for the quarter
ended September 30, 2023.
“We’re pleased to report another quarter of solid execution,
marked by commercial and operational discipline throughout the
organization,” said Adam Taich, Interim CEO of SomaLogic. “Momentum
is building in our business, as highlighted by increasing
commercial activity and newly expanded content with our 11K
SomaScan launch. We remain excited about our ability to
consistently deliver results in the attractive proteomics
market.”
Recent Business Highlights
- Announced plans to combine with Standard Biotools through an
all-stock merger, creating a scaled and diversified leader in life
science tools with an anticipated path to breakeven
- Announced commercial launch of the 11K SomaScan platform,
giving researchers the broadest coverage of the proteome available
for increased discovery of biomarkers and drug targets
- Announced the expansion of the Company’s agreement with Novo
Nordisk to 2025
Third Quarter 2023
Financial Results
Revenue for the three months ended September 30,
2023 was $22.0 million, a 47% decrease from $41.7 million in the
corresponding period of 2022. Excluding royalty revenue from NEB in
the corresponding prior-year period, revenue grew 14%.
Gross margin for the three months ended September 30, 2023 was
47.2% compared to 72.0% for the corresponding period of 2022.
Excluding NEB royalty revenue from the prior period, gross margin
increased 7.4% year-over-year as the result of increased price and
product mix.
Research and development expenses decreased by $9.0 million.
Selling, general and administrative expenses decreased by $25.6
million in the three months ended September 30, 2023, compared to
the corresponding period of 2022. Transaction costs increased by
$2.4 million for the three months ended September 30, 2023 compared
to the three months ended September 30, 2022.
Net loss was $22.2 million for the three months
ended September 30, 2023, or a loss of $0.12 per share, as compared
to a loss of $32.9 million, or $0.18 per share, in the
corresponding period of 2022.
Adjusted EBITDA was a loss of $20.1 million for
the three months ended September 30, 2023, compared with an
adjusted EBITDA loss of $30.2 million in the corresponding period
of 2022. Cash, cash equivalents, and short-term investments were
$453.8 million as of September 30, 2023.
2023 Financial Guidance
SomaLogic expects revenue for the full year 2023 to range from
$82 to $85 million.
Webcast and Conference Call Details
SomaLogic will host a conference call at 4:30 p.m. ET on
Wednesday, November 8, 2023, to discuss its third 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 for
the year ended December 31, 2022, Part II, Item 1A – "Risk Factor"
in our Quarterly Reports on Form 10-Q for the quarters ended June
30, 2023 and September 30, 2023, 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 and per share
amounts) |
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Revenue |
|
|
|
|
|
|
|
Assay services revenue |
$ |
17,866 |
|
|
$ |
17,574 |
|
|
$ |
52,882 |
|
|
$ |
47,305 |
|
Product revenue |
|
3,418 |
|
|
|
1,051 |
|
|
|
7,513 |
|
|
|
2,218 |
|
Collaboration revenue |
|
763 |
|
|
|
763 |
|
|
|
2,288 |
|
|
|
2,288 |
|
Other revenue |
|
1 |
|
|
|
22,325 |
|
|
|
212 |
|
|
|
27,026 |
|
Total revenue |
|
22,048 |
|
|
|
41,713 |
|
|
|
62,895 |
|
|
|
78,837 |
|
Operating expenses |
|
|
|
|
|
|
|
Cost of assay services revenue |
|
9,994 |
|
|
|
11,264 |
|
|
|
31,353 |
|
|
|
29,215 |
|
Cost of product revenue |
|
1,641 |
|
|
|
406 |
|
|
|
3,773 |
|
|
|
1,184 |
|
Research and development |
|
10,458 |
|
|
|
19,419 |
|
|
|
35,340 |
|
|
|
50,855 |
|
Selling, general and administrative |
|
23,880 |
|
|
|
49,511 |
|
|
|
87,642 |
|
|
|
116,024 |
|
Transaction costs |
|
4,157 |
|
|
|
1,725 |
|
|
|
4,157 |
|
|
|
2,839 |
|
Total operating expenses |
|
50,130 |
|
|
|
82,325 |
|
|
|
162,265 |
|
|
|
200,117 |
|
Loss from operations |
|
(28,082 |
) |
|
|
(40,612 |
) |
|
|
(99,370 |
) |
|
|
(121,280 |
) |
Other income |
|
|
|
|
|
|
|
Interest income and other, net |
|
6,087 |
|
|
|
2,421 |
|
|
|
16,810 |
|
|
|
3,468 |
|
Change in fair value of warrant liabilities |
|
316 |
|
|
|
3,371 |
|
|
|
1,896 |
|
|
|
30,547 |
|
Change in fair value of earn-out liability |
|
— |
|
|
|
1,260 |
|
|
|
15 |
|
|
|
26,749 |
|
Total other income |
|
6,403 |
|
|
|
7,052 |
|
|
|
18,721 |
|
|
|
60,764 |
|
Net loss before income tax
(provision) benefit |
$ |
(21,679 |
) |
|
$ |
(33,560 |
) |
|
$ |
(80,649 |
) |
|
$ |
(60,516 |
) |
Income tax (provision)
benefit |
|
(478 |
) |
|
|
618 |
|
|
|
(482 |
) |
|
|
610 |
|
Net loss |
$ |
(22,157 |
) |
|
$ |
(32,942 |
) |
|
$ |
(81,131 |
) |
|
$ |
(59,906 |
) |
|
|
|
|
|
|
|
|
Other comprehensive income
(loss) |
|
|
|
|
|
|
|
Net unrealized (loss) gain on available-for-sale securities |
$ |
(27 |
) |
|
$ |
(13 |
) |
|
$ |
501 |
|
|
$ |
(874 |
) |
Foreign currency translation loss |
|
(4 |
) |
|
|
(14 |
) |
|
|
(2 |
) |
|
|
(28 |
) |
Total other comprehensive (loss) income |
|
(31 |
) |
|
|
(27 |
) |
|
|
499 |
|
|
|
(902 |
) |
Comprehensive loss |
$ |
(22,188 |
) |
|
$ |
(32,969 |
) |
|
$ |
(80,632 |
) |
|
$ |
(60,808 |
) |
|
|
|
|
|
|
|
|
Net loss per share, basic and
diluted |
$ |
(0.12 |
) |
|
$ |
(0.18 |
) |
|
$ |
(0.43 |
) |
|
$ |
(0.33 |
) |
Weighted-average shares
outstanding used to compute net loss per share, basic and
diluted |
|
187,070,510 |
|
|
|
184,407,874 |
|
|
|
186,780,699 |
|
|
|
183,209,213 |
|
|
SomaLogic, Inc. |
Condensed Consolidated Balance Sheets |
Unaudited |
(in thousands, except share data) |
|
|
September 30, 2023 |
|
December 31, 2022 |
ASSETS |
|
|
|
Current assets |
|
|
|
Cash and cash equivalents |
$ |
305,571 |
|
|
$ |
421,830 |
|
Investments |
|
148,239 |
|
|
|
117,758 |
|
Accounts receivable, net |
|
20,730 |
|
|
|
17,006 |
|
Inventory |
|
13,884 |
|
|
|
13,897 |
|
Deferred costs of services |
|
379 |
|
|
|
1,337 |
|
Prepaid expenses and other current assets |
|
5,302 |
|
|
|
9,873 |
|
Total current assets |
|
494,105 |
|
|
|
581,701 |
|
Non-current inventory |
|
11,119 |
|
|
|
4,643 |
|
Accounts receivable, net of
current portion |
|
8,681 |
|
|
|
9,284 |
|
Property and equipment, net of
accumulated depreciation and amortization of $23,126 and $17,899 as
of September 30, 2023 and December 31, 2022,
respectively |
|
18,172 |
|
|
|
19,564 |
|
Other long-term assets |
|
5,872 |
|
|
|
5,083 |
|
Intangible assets |
|
16,700 |
|
|
|
16,700 |
|
Goodwill |
|
10,399 |
|
|
|
10,399 |
|
Total assets |
$ |
565,048 |
|
|
$ |
647,374 |
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
Current liabilities |
|
|
|
Accounts payable |
$ |
11,458 |
|
|
$ |
16,794 |
|
Accrued liabilities |
|
10,829 |
|
|
|
20,678 |
|
Deferred revenue |
|
3,074 |
|
|
|
3,383 |
|
Other current liabilities |
|
2,420 |
|
|
|
2,477 |
|
Total current liabilities |
|
27,781 |
|
|
|
43,332 |
|
Warrant liabilities |
|
2,317 |
|
|
|
4,213 |
|
Deferred revenue, net of
current portion |
|
30,944 |
|
|
|
31,732 |
|
Other long-term
liabilities |
|
7,267 |
|
|
|
5,539 |
|
Total liabilities |
|
68,309 |
|
|
|
84,816 |
|
Commitments and
contingencies |
|
|
|
Stockholders’ equity |
|
|
|
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; no
shares issued and outstanding at September 30, 2023 and
December 31, 2022 |
|
— |
|
|
|
— |
|
Common stock, $0.0001 par value; 600,000,000 shares authorized;
188,662,349 and 187,647,973 shares issued and outstanding at
September 30, 2023 and December 31, 2022,
respectively |
|
19 |
|
|
|
19 |
|
Additional paid-in capital |
|
1,186,420 |
|
|
|
1,171,122 |
|
Accumulated other comprehensive income (loss) |
|
(14 |
) |
|
|
(513 |
) |
Accumulated deficit |
|
(689,686 |
) |
|
|
(608,070 |
) |
Total stockholders’ equity |
|
496,739 |
|
|
|
562,558 |
|
Total liabilities and stockholders’ equity |
$ |
565,048 |
|
|
$ |
647,374 |
|
|
SomaLogic, Inc. |
Reconciliation of net loss in accordance with GAAP to
non-GAAP adjusted EBITDA |
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
(in thousands) |
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Net loss |
$ |
(22,157 |
) |
|
$ |
(32,942 |
) |
|
$ |
(81,131 |
) |
|
$ |
(59,906 |
) |
Adjustments to
reconcile to EBITDA: |
|
|
|
|
|
|
|
Interest income and other, net |
|
(6,087 |
) |
|
|
(2,421 |
) |
|
|
(16,810 |
) |
|
|
(3,468 |
) |
Income tax provision (benefit) |
|
478 |
|
|
|
(618 |
) |
|
|
482 |
|
|
|
(610 |
) |
Depreciation and amortization |
|
3,790 |
|
|
|
1,172 |
|
|
|
5,544 |
|
|
|
2,890 |
|
EBITDA |
|
(23,976 |
) |
|
|
(34,809 |
) |
|
|
(91,915 |
) |
|
|
(61,094 |
) |
Adjustments to
reconcile to Adjusted EBITDA: |
|
|
|
|
|
|
|
Change in fair value of warrant liabilities (1) |
|
(316 |
) |
|
|
(3,371 |
) |
|
|
(1,896 |
) |
|
|
(30,547 |
) |
Change in fair value of earn-out liability (2) |
|
— |
|
|
|
(1,260 |
) |
|
|
(15 |
) |
|
|
(26,749 |
) |
Stock compensation expense related to equity award modifications
(3) |
|
— |
|
|
|
7,538 |
|
|
|
1,224 |
|
|
|
— |
|
Restructuring charges (4) |
|
— |
|
|
|
— |
|
|
|
1,100 |
|
|
|
— |
|
Transaction costs(5) |
|
4,157 |
|
|
|
1,725 |
|
|
|
4,157 |
|
|
|
2,839 |
|
Adjusted
EBITDA |
$ |
(20,135 |
) |
|
$ |
(30,177 |
) |
|
$ |
(87,345 |
) |
|
$ |
(115,551 |
) |
(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. |
(5) |
Represents costs incurred related to mergers and acquisitions,
primarily consisting of legal and advisory fees. |
|
|
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