Artificial Intelligence
SOPHiA GENETICS Reports Financial Results for the Second Quarter of Fiscal 2023
BOSTON and ROLLE, Switzerland, Aug. 08, 2023 (GLOBE NEWSWIRE) — SOPHiA GENETICS SA (Nasdaq: SOPH), a cloud-native software company and a leader in data-driven medicine, today reported financial results for the second quarter ended June 30, 2023.
Recent Highlights
- Revenue for the second quarter of 2023 was $15.1 million, representing year-over-year growth of 29% on a reported basis over the corresponding period of 2022; Constant currency year-over-year revenue growth excluding COVID-19-related revenues was 30%.
- Gross margins were 67% on a reported basis and 70% on an adjusted basis for the second quarter of 2023.
- Operating loss in the second quarter of 2023 on a reported basis was $20.0 million and a $14.6 million loss on an adjusted basis, representing an improvement from the second quarter of 2022 of 17% year-over-year on an IFRS basis and 25% year-over-year on an adjusted basis.
- Continued adoption of SOPHiA DDM™ in clinical markets globally has enabled our analysis volume in the second quarter of 2023 to grow to a record 78,146 analyses representing year-over-year growth of 18%, while volume excluding COVID-19-related analysis grew 27% year-over-year.
- Reiterated full-year guidance including reported revenue growth expected to be at or above 30%, constant currency revenue growth excluding COVID-19-related revenue to be between 30% and 35%, and 2023 operating losses to be below 2022 levels.
CEO Commentary
“SOPHiA GENETICS delivered year-over-year constant currency ex. COVID-19 revenue growth of 30% in the second quarter of 2023 as we performed over 78,000 analyses and continued to demonstrate our leadership in the area of technology agnostic artificial intelligence (AI) software for genomic and multimodal analysis. We signed 16 new logos in the quarter, further expanding the size of our network, and today I am excited to share with you two prominent new logos; the Peter MacCallum Cancer Center (Peter Mac), a leading cancer center in Australia, and Tulane University School of Medicine, one of the oldest medical schools in the United States, are each joining our cloud-based bioinformatics network,” said Jurgi Camblong, PhD., Chief Executive Officer and Co-founder of SOPHiA GENETICS. “I am proud of our second quarter new customer wins, our robust analyses and revenue growth. Our team delivered this strong performance while again maintaining outstanding fiscal discipline, resulting in meaningful improvement in cash utilization from the prior year period.”
Ecosystem Update
Today, SOPHiA GENETICS announced that Tulane University School of Medicine based in New Orleans went live on SOPHiA DDM™ technology. Tulane, one of the oldest medical schools in the United States, has a longstanding history of medical research and education and is looking to scale its hematologic (blood) testing program and advance blood cancer research. They chose SOPHiA DDM™ at the time of the upgrade of their heme panel sequencing platform because of the analytical performance and faster turnaround time that SOPHiA DDM™ offers. The SOPHiA DDM™ Platform will enable Tulane University School of Medicine to quickly sort and analyze NGS data, identify key biomarkers, and aid in stratification so that researchers can share data-based recommendations with clinical researchers who are fighting the over 100 types of often quickly progressing blood cancers.
During the quarter, SOPHiA GENETICS announced that it had joined CancerX as a founding member to help accelerate cancer research. CancerX was announced by the White House in February 2023 as part of the reignited national Cancer Moonshot initiative. SOPHiA GENETICS joins alongside other founding members such as the Moffitt Cancer Center and Memorial Sloan Kettering and looks forward to contributing to the inaugural project of improving equity and reducing cost in cancer treatments.
Annual General Meeting Update
On June 26th, at the company’s Annual General Meeting of shareholders at its headquarters in Rolle, Switzerland, the shareholders approved the re-election of the Board members who were up for re-election as well as the new appointment of Lila Tretikov. Lila is Deputy Chief Technology Officer at Microsoft, where she previously served as Corporate Vice President in artificial intelligence (AI). Before joining Microsoft, Tretikov was CEO and Vice Chair of Terrawatt for two years and served as CEO of Wikipedia and Wikimedia.
Second Quarter Financial Results
Total revenue for the second quarter of 2023 was $15.1 million compared to $11.7 million for the second quarter of 2022, representing year-over-year growth of 29%. Constant currency revenue growth was 27%, and constant currency revenue growth excluding COVID-19-related revenue was 30%.
Platform analysis volume, including volume from integrated access customers, increased to 78,146 analyses for the second quarter of 2023 compared to 66,165 analyses for the second quarter of 2022. The year-over-year growth of 18% was attributable to growth in the core platform analysis volume, partially offset by the continued decline of COVID-19-related analysis volume. Excluding COVID-related volumes, platform analysis volumes were 77,125 for the second quarter of 2023 compared to 60,636 in the second quarter of 2022, representing 27% year-over-year growth.
Gross profit for the second quarter of 2023 was $10.0 million compared to gross profit of $7.6 million in the second quarter of 2022, representing year-over-year growth of 32%. Gross margin was 67% for the second quarter of 2023 compared with 65% for the second quarter of 2022. Adjusted gross profit was $10.5 million, an increase of 34% compared to adjusted gross profit of $7.9 million in the second quarter of 2022. Adjusted gross margin was 70% for the second quarter of 2023 compared to 67% for the second quarter of 2022.
Total operating expenses for the second quarter of 2023 were $30.1 million compared to $31.7 million for the second quarter of 2022.
R&D expenses for the second quarter of 2023 were $8.9 million compared to $9.0 million for the second quarter of 2022.
Sales and marketing expenses for the second quarter of 2023 were $7.2 million compared to $8.2 million for the second quarter of 2022.
General and administrative expenses for the second quarter of 2023 were $14.0 million dollars compared to $14.7 million for the second quarter of 2022.
Operating loss for the second quarter of 2023 was $20.0 million compared to $24.1 million in the second quarter of 2022. Adjusted operating loss for the second quarter of 2023 was $14.6 million compared to $19.6 million for the second quarter of 2022.
Net loss for the second quarter of 2023 was $21.4 million or $0.33 per share compared to $24.7 million or $0.39 per share in the second quarter of 2022.
Cash and cash equivalents were $148.6 million as of June 30, 2023.
2023 Outlook
The company is reaffirming its previously provided guidance of:
- full-year reported revenue growth expected to be at or above 30%;
- full-year constant currency revenue growth excluding COVID-19-related revenue expected to be between 30% and 35%; and
- 2023 operating losses expected to be below 2022 levels.
Constant currency revenue growth excluding COVID-19-related revenue is a non-IFRS measure. See “Presentation of Constant Currency Revenue and Excluding COVID-19-Related Revenue” below for a description of its calculation. The company is unable to provide a reconciliation of forward-looking constant currency revenue growth excluding COVID-19-related revenue to revenue, the most comparable IFRS financial measure, due to the inherent difficulty in forecasting and quantifying the impact of foreign currency translation.
Webcast and Conference Call Information
SOPHiA GENETICS will host a conference call and live webcast to discuss the second quarter of 2023 financial results as well as business outlook on Tuesday, August 8, 2023, at 8:00 a.m. (08:00) Eastern Time / 2:00 p.m. (14:00) Central European Summer Time. The call will be webcast live on the SOPHiA GENETICS Investor Relations website. The conference call can also be accessed live over the phone by dialing 1-800-715-9871 (United States) or 1-646-307-1963 (outside of the United States). Additionally, an audio replay of the conference call will be available on the SOPHiA GENETICS website after its completion.
About SOPHiA GENETICS
SOPHiA GENETICS SA (Nasdaq: SOPH) is a software 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. 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 the company’s financial results, SOPHiA GENETICS has disclosed here and elsewhere in this earnings release the following non-IFRS measures:
- Adjusted gross profit, which the company calculates as revenue minus cost of revenue adjusted to exclude amortization of capitalized research and development expenses;
- Adjusted gross profit margin, which the company calculates as adjusted gross profit as a percentage of revenue;
- Adjusted operating loss, which the company calculates as operating loss adjusted to exclude amortization of capitalized research and development expenses, 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.
These non-IFRS measures are key measures used by SOPHiA GENETICS management and board of directors to evaluate its 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, the company believes that these non-IFRS measures provide useful information to investors and others in understanding and evaluating its operating results in the same manner as its 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 SOPHiA GENETICS’ 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 the company’s business and an important part of its 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 the business; and
- Other companies, including companies in the company’s 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 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
SOPHiA GENETICS operates internationally, and its 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 the company’s 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 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 the company uses the term “constant currency”, it means that it has 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. The company then calculates the difference between the IFRS revenue and the constant currency revenue to yield the “constant currency impact” for the current period.
The company’s management and board of directors use constant currency revenue growth to evaluate 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 customer acquisition efforts and land-and-expand strategy. Accordingly, it believes that this non-IFRS measure provides useful information to investors and others in understanding and evaluating revenue growth in the same manner as the 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 its revenue and could significantly impact 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 other IFRS results.
In addition to constant currency revenue, the company presents constant currency revenue excluding COVID-19-related revenue to further remove the effects of revenues that are derived from sales of COVID-19-related offerings, including a NGS assay for COVID-19 that leverages the SOPHiA DDMTM Platform and related products and solutions analytical capabilities and COVID-19 bundled access products. SOPHiA GENETICS do not believe that these revenues reflect its core business of commercializing its platform because the company’s COVID-19 solution was offered to address specific market demand by its customers for analytical capabilities to assist with their testing operations. The company does not anticipate additional development of its 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 the company does not expect COVID-19-related revenues to constitute in the future, a significant part of its revenue. Accordingly, the company believes that this non-IFRS measure provides useful information to investors and others in understanding and evaluating its revenue growth. However, this non-IFRS measure has limitations, including that COVID-19-related revenues contributed to the company’s 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 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 SOPHiA GENETICS 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 SOPHiA GENETICS’ management’s beliefs and assumptions and on information currently available to the company’s 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 the company’s 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 press release speak only as of its date. We expressly disclaim any obligation or undertaking to update these forward-looking statements contained in this press release to reflect any change in the company’s 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
Katherine Bailon
VP, Investor Relations
[email protected]
Media Contact
Kelly Katapodis
Senior Manager, Media & Communications
[email protected]
| SOPHiA GENETICS SA | ||||||||||||||||
| Interim Condensed Consolidated Statements of Loss | ||||||||||||||||
| (Amounts in USD thousands, except per share data) | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| Three months ended June 30, | Six months ended June 30, | |||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||
| Revenue | $ | 15,054 | $ | 11,667 | $ | 29,020 | $ | 22,528 | ||||||||
| Cost of revenue | (5,007 | ) | (4,047 | ) | (9,279 | ) | (8,197 | ) | ||||||||
| Gross profit | 10,047 | 7,620 | 19,741 | 14,331 | ||||||||||||
| Research and development costs | (8,891 | ) | (8,990 | ) | (18,225 | ) | (18,465 | ) | ||||||||
| Selling and marketing costs | (7,203 | ) | (8,235 | ) | (13,627 | ) | (16,099 | ) | ||||||||
| General and administrative costs | (14,041 | ) | (14,697 | ) | (27,283 | ) | (29,078 | ) | ||||||||
| Other operating income, net | 41 | 223 | 60 | 211 | ||||||||||||
| Operating loss | (20,047 | ) | (24,079 | ) | (39,334 | ) | (49,100 | ) | ||||||||
| Finance expense, net | (1,276 | ) | (608 | ) | (1,582 | ) | (841 | ) | ||||||||
| Loss before income taxes | (21,323 | ) | (24,687 | ) | (40,916 | ) | (49,941 | ) | ||||||||
| Income tax (expense) benefit | (73 | ) | 6 | (180 | ) | (227 | ) | |||||||||
| Loss for the period | (21,396 | ) | (24,681 | ) | (41,096 | ) | (50,168 | ) | ||||||||
| Attributable to the owners of the parent | (21,396 | ) | (24,681 | ) | (41,096 | ) | (50,168 | ) | ||||||||
| Basic and diluted loss per share | $ | (0.33 | ) | $ | (0.39 | ) | $ | (0.64 | ) | $ | (0.78 | ) | ||||
| SOPHiA GENETICS SA | ||||||||||||||||
| Interim Condensed Consolidated Statements of Comprehensive Loss | ||||||||||||||||
| (Amounts in USD thousands) | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| Three months ended June 30, | Six months ended June 30, | |||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||
| Loss for the period | $ | (21,396 | ) | $ | (24,681 | ) | $ | (41,096 | ) | $ | (50,168 | ) | ||||
| Other comprehensive income (loss): | ||||||||||||||||
| Items that may be reclassified to statement of loss (net of tax) | ||||||||||||||||
| Currency translation differences | 3,680 | (5,028 | ) | 5,651 | (6,989 | ) | ||||||||||
| Total items that may be reclassified to statement of loss | 3,680 | (5,028 | ) | 5,651 | (6,989 | ) | ||||||||||
| Items that will not be reclassified to statement of loss (net of tax) | ||||||||||||||||
| Remeasurement of defined benefit plans | (226 | ) | 1,336 | (296 | ) | 1,764 | ||||||||||
| Total items that will not be reclassified to statement of loss | (226 | ) | 1,336 | (296 | ) | 1,764 | ||||||||||
| Other comprehensive income (loss) for the period | $ | 3,454 | $ | (3,692 | ) | $ | 5,355 | $ | (5,225 | ) | ||||||
| Total comprehensive loss for the period | $ | (17,942 | ) | $ | (28,373 | ) | $ | (35,741 | ) | $ | (55,393 | ) | ||||
| Attributable to owners of the parent | $ | (17,942 | ) | $ | (28,373 | ) | $ | (35,741 | ) | $ | (55,393 | ) | ||||
| SOPHiA GENETICS SA | ||||||||
| Interim Condensed Consolidated Balance Sheets | ||||||||
| (Amounts in USD thousands) | ||||||||
| (Unaudited) | ||||||||
| June 30, 2023 | December 31, 2022 | |||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 148,552 | $ | 161,305 | ||||
| Term deposits | — | 17,307 | ||||||
| Accounts receivable | 9,847 | 6,649 | ||||||
| Inventory | 5,458 | 5,156 | ||||||
| Prepaids and other current assets | 4,708 | 5,838 | ||||||
| Total current assets | 168,565 | 196,255 | ||||||
| Non-current assets | ||||||||
| Property and equipment | 7,685 | 7,129 | ||||||
| Intangible assets | 22,818 | 19,963 | ||||||
| Right-of-use assets | 16,347 | 14,268 | ||||||
| Deferred tax assets | 1,964 | 1,940 | ||||||
| Other non-current assets | 5,824 | 4,283 | ||||||
| Total non-current assets | 54,638 | 47,583 | ||||||
| Total assets | $ | 223,203 | $ | 243,838 | ||||
| Liabilities and equity | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 6,553 | $ | 6,181 | ||||
| Accrued expenses | 13,795 | 14,505 | ||||||
| Deferred contract revenue | 7,734 | 3,434 | ||||||
| Lease liabilities, current portion | 3,466 | 2,690 | ||||||
| Total current liabilities | 31,548 | 26,810 | ||||||
| Non-current liabilities | ||||||||
| Lease liabilities, net of current portion | 16,358 | 14,053 | ||||||
| Defined benefit pension liabilities | 3,420 | 2,675 | ||||||
| Other non-current liabilities | 175 | 170 | ||||||
| Total non-current liabilities | 19,953 | 16,898 | ||||||
| Total liabilities | 51,501 | 43,708 | ||||||
| Equity | ||||||||
| Share capital | 4,048 | 3,464 | ||||||
| Share premium | 471,827 | 471,623 | ||||||
| Treasury shares | (657 | ) | (117 | ) | ||||
| Other reserves | 36,383 | 23,963 | ||||||
| Accumulated deficit | (339,899 | ) | (298,803 | ) | ||||
| Total equity | 171,702 | 200,130 | ||||||
| Total liabilities and equity | $ | 223,203 | $ | 243,838 | ||||
| SOPHiA GENETICS SA | ||||||||
| Interim Condensed Consolidated Statements of Cash Flows | ||||||||
| (Amounts in USD thousands) | ||||||||
| (Unaudited) | ||||||||
| Six months ended June 30, | ||||||||
| 2023 | 2022 | |||||||
| Operating activities | ||||||||
| Loss before tax | $ | (40,916 | ) | $ | (49,941 | ) | ||
| Adjustments for non-monetary items | ||||||||
| Depreciation | 2,873 | 1,778 | ||||||
| Amortization | 1,281 | 797 | ||||||
| Finance expense, net | 1,394 | 219 | ||||||
| Expected credit loss allowance | 123 | 158 | ||||||
| Share-based compensation | 7,106 | 7,360 | ||||||
| Movements in provisions and pensions | 478 | 386 | ||||||
| Research tax credit | (600 | ) | (732 | ) | ||||
| Working capital changes | ||||||||
| Increase in accounts receivable | (834 | ) | (791 | ) | ||||
| (Increase) Decrease in prepaids and other assets | (1,061 | ) | 474 | |||||
| Increase in inventory | (268 | ) | (284 | ) | ||||
| Increase in accounts payables, accrued expenses, deferred contract revenue, and other liabilities | 3,749 | 3,543 | ||||||
| Cash used in operating activities | (26,675 | ) | (37,033 | ) | ||||
| Income tax paid | (676 | ) | — | |||||
| Interest paid | (5 | ) | (67 | ) | ||||
| Interest received | 2,243 | 155 | ||||||
| Net cash flows used in operating activities | (25,113 | ) | (36,945 | ) | ||||
| Investing activities | ||||||||
| Purchase of property and equipment | (1,246 | ) | (1,266 | ) | ||||
| Acquisition of intangible assets | (788 | ) | (1,009 | ) | ||||
| Capitalized development costs | (2,842 | ) | (2,774 | ) | ||||
| Proceeds upon maturity of term deposits | 17,546 | 42,337 | ||||||
| Purchase of term deposits | — | (10,585 | ) | |||||
| Net cash flow provided from investing activities | 12,670 | 26,703 | ||||||
| Financing activities | ||||||||
| Proceeds from exercise of share options | 207 | 759 | ||||||
| Payments of principal portion of lease liabilities | (1,761 | ) | (938 | ) | ||||
| Net cash flow used in financing activities | (1,554 | ) | (179 | ) | ||||
| Decrease in cash and cash equivalents | (13,997 | ) | (10,421 | ) | ||||
| Effect of exchange differences on cash balances | 1,244 | (3,640 | ) | |||||
| Cash and cash equivalents at beginning of the year | 161,305 | 192,962 | ||||||
| Cash and cash equivalents at end of the period | $ | 148,552 | $ | 178,901 | ||||
| SOPHiA GENETICS SA | ||||||||||||||||||||||
| Reconciliation of IFRS Revenue Growth to Constant Currency Revenue Growth | ||||||||||||||||||||||
| and Constant Currency Revenue Growth Excluding COVID-19-Related Revenue | ||||||||||||||||||||||
| (Amounts in USD thousands, except for %) | ||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||
| Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||
| 2023 | 2022 | Growth | 2023 | 2022 | Growth | |||||||||||||||||
| IFRS revenue | $ | 15,054 | $ | 11,667 | 29 | % | $ | 29,020 | $ | 22,528 | 29 | % | ||||||||||
| Current period constant currency impact | (202 | ) | — | 416 | — | |||||||||||||||||
| Constant currency revenue | $ | 14,852 | $ | 11,667 | 27 | % | $ | 29,436 | $ | 22,528 | 31 | % | ||||||||||
| COVID-19-related revenue | (72 | ) | (292 | ) | (197 | ) | (623 | ) | ||||||||||||||
| Constant currency impact on COVID-19-related revenue | (8 | ) | — | (3 | ) | — | ||||||||||||||||
| Constant currency revenue excluding COVID-19-related revenue | $ | 14,772 | $ | 11,375 | 30 | % | $ | 29,236 | $ | 21,905 | 33 | % | ||||||||||
| SOPHiA GENETICS SA | |||||||||||||||||
| Reconciliation of IFRS to Adjusted Gross Profit and Gross Profit Margin | |||||||||||||||||
| (Amounts in USD thousands, except percentages) | |||||||||||||||||
| (Unaudited) | |||||||||||||||||
| Three months ended June 30, | Six months ended June 30, | ||||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||||
| Revenue | $ | 15,054 | $ | 11,667 | $ | 29,020 | $ | 22,528 | |||||||||
| Cost of revenue | (5,007 | ) | (4,047 | ) | (9,279 | ) | (8,197 | ) | |||||||||
| Gross profit | $ | 10,047 | $ | 7,620 | $ | 19,741 | $ | 14,331 | |||||||||
| Amortization of capitalized research and development expenses(1) | 496 | 253 | 928 | 451 | |||||||||||||
| Adjusted gross profit | $ | 10,543 | $ | 7,873 | $ | 20,669 | $ | 14,782 | |||||||||
| Gross profit margin | 67 | % | 65 | % | 68 | % | 64 | % | |||||||||
| Amortization of capitalized research and development expenses(1) | 3 | % | 2 | % | 3 | % | 2 | % | |||||||||
| Adjusted gross profit margin | 70 | % | 67 | % | 71 | % | 66 | % | |||||||||
| SOPHiA GENETICS SA | ||||||||||||||||
| Reconciliation of IFRS to Adjusted Operating Loss for the Period | ||||||||||||||||
| (Amounts in USD thousands) | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| Three months ended June 30, | Six months ended June 30, | |||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||
| Operating loss | $ | (20,047 | ) | $ | (24,079 | ) | $ | (39,334 | ) | $ | (49,100 | ) | ||||
| Amortization of capitalized research & development expenses (1) | 496 | 253 | 928 | 451 | ||||||||||||
| Amortization of intangible assets(2) | 179 | 188 | 352 | 346 | ||||||||||||
| Share-based compensation expense(3) | 4,676 | 3,889 | 7,106 | 7,360 | ||||||||||||
| Non-cash pension expense(4) | 84 | 178 | 162 | 372 | ||||||||||||
| Adjusted operating loss | $ | (14,612 | ) | $ | (19,571 | ) | $ | (30,786 | ) | $ | (40,571 | ) | ||||
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 remains a recurring expense for our business as we continue to make contributions to our plans for the foreseeable future.
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More than $9 Million Awarded to High School Scientists and Engineers at the Regeneron International Science and Engineering Fair 2024
Grace Sun, 16, receives $75,000 Top Award for a new kind of organic electrochemical transistor at the world’s largest pre-college science, technology, engineering and math (STEM) competition.
TARRYTOWN, N.Y. and WASHINGTON, May 17, 2024 /PRNewswire/ — Regeneron Pharmaceuticals, Inc. (NASDAQ: REGN) and Society for Science (the Society) announced that Grace Sun, 16, of Lexington, Kentucky, won the $75,000 top award, the George D. Yancopoulos Innovator Award, named in honor of the pioneering drug researcher and Regeneron co-Founder, Board co-Chair, President and Chief Scientific Officer, in the 2024 Regeneron International Science and Engineering Fair (Regeneron ISEF), the world’s largest pre-college science and engineering competition. Other top prizes went to projects in second-order cone programming, microplastics filtration and multi-sensory therapy for dementia.
The top winners were honored during two award ceremonies: the Special Awards on May 16 and the Grand Awards Ceremony on the morning of May 17. In total, over $9 million USD was awarded to the finalists based on their projects’ creativity, innovation and depth of scientific inquiry. The competition featured nearly 2,000 young scientists representing 49 U.S. states and nearly 70 countries, regions and territories across the world.
Grace Sun, 16, of Lexington, Kentucky, won first place and received the $75,000 George D. Yancopoulos Innovator Award for her research on building a better organic electrochemical transistor that she hopes will be used to develop new electronic devices that could help detect and treat serious illnesses like diabetes, epilepsy and organ failure. To overcome the problems that have previously prevented such devices from working effectively inside the body, Grace developed a new way of chemically treating their organic components, which greatly improved their laboratory performance.
Michelle Wei, 17, of San Jose, California, received one of two Regeneron Young Scientist Awards of $50,000 for her research to improve the speed and efficiency of a type of software that is useful in many fields such as machine learning, transportation and financial systems. Michelle’s new approach involved determining a quick approximate solution to the second-order cone programming problem, then splitting the initial cone into smaller cones, which enabled her new algorithm to greatly outperform previous approaches.
Krish Pai, 17, of Del Mar, California, received the second Regeneron Young Scientist Award of $50,000 for his machine-learning research to identify microbial genetic sequences that can be modified to biodegrade plastic. His new software, called Microby, scans databases of microorganisms and determines which ones can be changed genetically to biodegrade plastics. In tests, he identified two microorganisms that can be genetically modified to degrade plastic at a cost he believes would be ten times less than traditional recycling.
“Congratulations to the Regeneron International Science and Engineering Fair 2024 winners,” said Maya Ajmera, President and CEO, Society for Science and Executive Publisher, Science News. “I’m truly inspired by the ingenuity and determination shown by these remarkable students. Coming from around the world with diverse backgrounds and academic disciplines, these students have shown that it is possible to come together in unity to tackle some of the toughest challenges facing our world today, and I could not be prouder.”
Regeneron ISEF provides a global stage for the world’s best and brightest young scientists and engineers. Through this competition, Regeneron and the Society are fostering the next generation of STEM leaders who are pioneering solutions to improve our world. Since 2020, Regeneron has provided STEM experiences to approximately 2.4 million students, on track to meet its goal of 2.5 million by 2025.
“The talent, intelligence and potential of this year’s Regeneron ISEF finalists is truly inspiring, and I congratulate each on their remarkable achievements,” said George D. Yancopoulos, M.D., Ph.D., co-Founder, Board co-Chair, President and Chief Scientific Officer of Regeneron. “Science competitions like ISEF were pivotal in shaping my own career and fueling my passion to fight back against disease. I look forward to seeing these students continue to push the boundaries of science and technology to create positive and sustainable change for all humanity.”
Other top honors from the competition include:
Justin Huang and Victoria Ou, both 17, of Woodlands, Texas, received the Gordon E. Moore Award for Positive Outcomes for Future Generations of $50,000 for their new prototype filtration system that uses ultrasonic waves to remove microscopic plastic particles from water. In lab tests, the acoustic force from the high-frequency sound waves removed between 84% and 94% of the suspended microplastic particles in a single pass. The students are now working to scale up and fine-tune their experimental system.
Ingrid Wai Hin Chan, 17, of Hong Kong, China received the Craig R. Barrett Award for Innovation of $10,000 for her research on using a multi-sensory therapy for dementia patients. Her mixed therapy app would allow patients to practice physical and cognitive skills through a personalized, immersive environment using virtual reality headsets. Ingrid conducted an eight-week study with six people living with dementia and found that the cognitive function of patients who used her prototype improved in several areas. She believes her app could serve as a viable option for dementia patients with limited access to in-person professional therapy.
Tanishka Balaji Aglave, 15, of Valrico, Florida, received the H. Robert Horvitz Prize for Fundamental Research of $10,000 for her investigation into a natural alternative treatment against citrus greening, a disease that threatens citrus farming in many parts of the world and is currently only treated with antibiotics. Tanishka injected the trunks of infected trees with an extract from the curry leaf tree, and found through tests that this potential method could effectively and sustainably manage citrus greening disease.
Maddux Alexander Springer, 18, of Honolulu, Hawaii, received the Peggy Scripps Award for Science Communication of $10,000 for his research into fibropapillomatosis (FP), a disease that is the primary cause of death in green sea turtles. Some turtles he studied in Kaneohe Bay, Hawaii, were stricken with a disease that causes internal and external tumors that inhibit their everyday lives. After analyzing the turtles’ diet of green algae, Maddux concluded that this disease, wastewater, invasive algae and the amino acid arginine all pose a grave risk to these endangered sea creatures.
Ria Kamat, 17, of Hackensack, New Jersey; Anna Oliva, 17, of Houston, TX; and Shuhan Luo, 18, of Worcester, MA, received the Dudley R. Herschbach SIYSS Award, which provides finalists an all-expense paid trip to attend the Stockholm International Youth Science Seminar during Nobel Week in Stockholm, Sweden.
Jack Shannon, 18, of Clane, Kildare, Ireland, and Nikhil Vemuri, 17, of Cary, North Carolina, received the EU Contest for Young Scientists Award. Their projects will represent Regeneron ISEF at the EU Contest for Young Scientists to be held this September in Katowice, Poland.
For more information about the top winners and access to visual assets visit: https://www.societyforscience.org/isef-2024-media-kit.
The full list of Special Award ISEF 2024 Finalists can be found at https://www.societyforscience.org/press-release/regeneron-isef-2024-special-awards-winners.
In addition to the Top Award winners, more than 450 finalists received awards and prizes for their innovative research, including “First Award” winners, who each received a $5,000 prize.
The following lists the First Award winners for each of the 22 categories, from which the Top Awards were chosen:
Animal Sciences, sponsored by Society for ScienceMaddux Alexander Springer, Honolulu, Hawaii
Behavioral and Social Sciences, sponsored by Society for ScienceAndrew Y. Liang, San Jose, California
Biochemistry, sponsored by RegeneronAmy Hong Xiao, Garden City, New York
Biomedical and Health Sciences, sponsored by RegeneronRia Kamat, Hackensack, New Jersey; Kevin Xuan Lei, Shanghai, China
Biomedical Engineering, sponsored by Alfred E. Mann CharitiesAyush Garg, Dublin, California; Divij Motwani, Palo Alto, California; Akash Ashish Pai, Portland, Oregon
Cellular and Molecular Biology, sponsored by RegeneronLara and Maya Sarah Hammoud, Beverly Hills, Michigan
Chemistry, sponsored by Society for ScienceAkilan Sankaran, Albuquerque, New Mexico; Arjun Suresh Malpani and Siddharth Daniel D’costa, Portland, Oregon
Computational Biology and Bioinformatics, sponsored by RegeneronKun-Hyung Roh, Bronx, New York
Earth and Environmental Sciences, sponsored by Google.orgNikhil Vemuri, Durham, North Carolina; Justin Yizhou Huang and Victoria Ou, The Woodlands, Texas
Embedded Systems, sponsored by HPChloe Rae and Sophie Rose Filion, Welland, Ontario, Canada
Energy: Sustainable Materials and Design, sponsored by Siemens EnergyAlia Wahban, Hamilton, Ontario, Canada
Engineering Technology: Statics and Dynamics, sponsored by Howmet Aerospace FoundationChiyo Nakatsuji, Bunkyoku, Tokyo, Japan; Kevin Shen, Olympia, Washington
Environmental Engineering, sponsored by JacobsKrish Pai, San Diego, California; Jack Shannon, Clane, Kildare, Ireland
Materials Science, sponsored by Howmet Aerospace FoundationGrace Sun, Lexington, Kentucky
Mathematics, sponsored by Akamai FoundationAnna Oliva, Houston, Texas
Microbiology, sponsored by Schattner FoundationMatthew Chang, Irvine, California
Physics and Astronomy, sponsored by Richard F. Caris Charitable Trust IIHarini Thiagarajan and Vishal Ranganath Yalla, Bothell, Washington; Shuhan Luo, Worcester, Massachusetts
Plant Sciences, sponsored by Society for SciencePauline Estrada, Fresno, California; Tanishka Balaji Aglave, Dover, Florida
Robotics and Intelligent Machines, sponsored by RegeneronMichal Lajciak, Dubnica nad Vahom, Trenciansky kraj, Slovakia; Anthony Efthimiadis, Oakville, Ontario, Canada
Systems Software, sponsored by MicrosoftMichelle Wei, San Jose, California
Technology Enhances the Arts, sponsored by Society for ScienceAnant Khandelwal, Sritan Motati and Siddhant Sood, Alexandria, Virginia
Translational Medical Science, sponsored by RegeneronZheng-Chi Lee, West Lafayette, Indiana; Ingrid Wai Hin Chan, Hong Kong, China
The full list of all award-winning ISEF 2024 finalists is available here: https://www.societyforscience.org/press-release/regeneron-isef-2024-full-awards.
View all the finalists’ research here: https://projectboard.world/isef.
About the Regeneron International Science and Engineering FairThe Regeneron International Science and Engineering Fair (Regeneron ISEF), a program of Society for Science for over 70 years, is the world’s largest global science competition for high school students. Through a global network of local, regional and national science fairs, millions of students are encouraged to explore their passion for scientific inquiry. Each spring, a group of these students is selected as finalists and offered the opportunity to compete for approximately U.S. $9 million in awards and scholarships.
In 2019, Regeneron became the title sponsor of ISEF to help reward and celebrate the best and brightest young minds globally and encourage them to pursue careers in STEM to positively impact the world. Regeneron ISEF is supported by a community of additional sponsors, including Akamai Foundation, Alfred E. Mann Charities, Aramco, Caltech, Google.org, Gordon and Betty Moore Foundation, Howmet Aerospace Foundation, HP, , Jacobs, King Abdulaziz & his Companions Foundation for Giftedness and Creativity, Microsoft, National Geographic Society, Richard F. Caris Charitable Trust II, Rise, an initiative of Schmidt Futures and the Rhodes Trust, Schattner Foundation, Siemens Energy, Annenburg Foundation, Ballmer Group, Broadcom Foundation, Cesco Linguistic Services, Conrad N. Hilton Foundation, Edison International, Insaco, Oracle Academy, The Eli and Edythe Broad Foundation, The Ralph M. Parsons Foundation and US Army ROTC. Many are entrepreneurs across a wide range of industries. Learn more at https://www.societyforscience.org/isef/.
About Society for ScienceSociety for Science is a champion for science, dedicated to promoting the understanding and appreciation of science and the vital role it plays in human advancement. Established in 1921, Society for Science is best known for its award-winning journalism through Science News and Science News Explores, its world-class science research competitions for students, including the Regeneron Science Talent Search, the Regeneron International Science and Engineering Fair and the Thermo Fisher Scientific Junior Innovators Challenge, and its outreach and equity programming that seeks to ensure that all students have an opportunity to pursue a career in STEM. A 501(c)(3) membership organization, Society for Science is committed to inform, educate and inspire. Learn more at www.societyforscience.org and follow us on Facebook, Twitter, Instagram and Snapchat (Society4Science).
About RegeneronRegeneron (NASDAQ: REGN) is a leading biotechnology company that invents, develops and commercializes life-transforming medicines for people with serious diseases. Founded and led by physician-scientists, our unique ability to repeatedly and consistently translate science into medicine has led to numerous approved treatments and product candidates in development, most of which were homegrown in our laboratories. Our medicines and pipeline are designed to help patients with eye diseases, allergic and inflammatory diseases, cancer, cardiovascular and metabolic diseases, neurological diseases, hematologic conditions, infectious diseases and rare diseases.
Regeneron believes that operating as a good corporate citizen is crucial to delivering on our mission. We approach corporate responsibility with three goals in mind: to improve the lives of people with serious diseases, to foster a culture of integrity and excellence and to build sustainable communities. Regeneron is proud to be included on the Dow Jones Sustainability World Index and the Civic 50 list of the most “community-minded” companies in the U.S. Throughout the year, Regeneron empowers and supports employees to give back through our volunteering, pro bono and matching gift programs. Our most significant philanthropic commitments are in the area of early science education, including the Regeneron Science Talent Search and the Regeneron International Science and Engineering Fair (ISEF).
For more information, please visit www.Regeneron.com or follow Regeneron on LinkedIn, Instagram, Facebook or X.
More information about the top winners and access to visual assets visit: https://www.societyforscience.org/isef-2024-media-kit.
Media ContactsJoseph Brown, [email protected]
Gayle Kansagor, Society for [email protected]
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Artificial Intelligence
J.P. Morgan Life Sciences Private Capital, Blue Horizon Advisors and United Al Saqer Announce Winner of Inaugural 2024 Life Sciences Innovation Summit
In conjunction with Abu Dhabi Global Healthcare Week 2024
ABU DHABI, UAE, May 17, 2024 /PRNewswire/ — J.P. Morgan Life Sciences Private Capital, Blue Horizon Advisors and United Al Saqer Group announced today Rayees Rahman of Harmonic Discovery as the winner of the inaugural J.P. Morgan Asset Management: Life Sciences Innovation Summit. Harmonic Discovery is a precision pharmacology company applying its generative chemistry platform to advance next-generation kinase inhibitors.
In partnership with the Department of Health – Abu Dhabi (DoH), the Summit took place on May 14-15, 2024 at Cleveland Clinic Abu Dhabi and showcased the 11 innovative finalists, as well as highlighted existing innovators and opportunities in the Emirate of Abu Dhabi. The event also featured keynote speeches from Dr. Laurie Glimcher of Dana-Farber Cancer Institute, Dr. Shahrukh Hashmi of the Department of Health – Abu Dhabi, and Dr. David Ho of Columbia University Medical Center and provided attendees networking opportunities to gain valuable insights into the future of life sciences innovation.
In addition, the jury designated Chun-Hao Huang of Algen Biotechnologies as honourable mention. Algen Biotechnologies is a platform therapeutics and drug discovery company using world-leading CRISPR and AI to find treatments for cancer, inflammation and metabolic diseases.
The winners were selected by an esteemed, international panel of judges, which included:Laurie Glimcher, MD, President and CEO at Dana-Farber Cancer InstituteJorge Guzman, MD, CEO at Cleveland Clinic Abu DhabiProf. Shahrukh Khurshid Hashmi, MD, Director of Research, Department of Health, Abu DhabiYasmine Hayek Kobeissi, PhD, CQF, BSc., Executive Director at Blue Horizon AdvisorsAnya Schiess, Managing Partner at J.P. Morgan Life Sciences Private CapitalWalid Zaher, PhD, Co-Founder and CEO, Carexso
Dr. Asma Al Mannaei, Executive Director of the Research and Innovation Centre at the Department of Health – Abu Dhabi said: “Under the directives of the UAE’s wise leadership, and renowned for its world-leading medical infrastructure, Abu Dhabi stands at the forefront of healthcare excellence, offering an unparalleled opportunity for advancement in healthcare for global partners. It was our utmost pleasure hosting the J.P. Morgan Asset Management Life Sciences Innovation Summit 2024 on the sidelines of Abu Dhabi Global Healthcare Week and we commend the winners for their pioneering efforts in driving impactful advancements in healthcare; their dedication to innovation not only transforms the landscape of medicine, but also holds the promise of improving lives worldwide.”
Stephen Squinto, PhD, Chief Investment Officer, J.P. Morgan Life Sciences Private Capital said: “We are thrilled with the level of biotech passion and innovation that we observed at this year’s Summit in Abu Dhabi. The energy was truly palpable we are thrilled to announce Rayees Rahman as the winner of our first Life Sciences Innovation Summit. Harmonic Discovery’s approach embodies the next generation of drug discovery and development. We appreciate the time and effort of all participants and cannot wait for our next event in the region.”
Nabil Kobeissi, Chief Executive Officer of Blue Horizon Advisors, said: “As the main sponsor, we are committed to nurturing and fostering the growth of all 11 finalists in this vibrant biotech ecosystem. This Summit marks the beginning of a transformative journey, and we are confident that it will pave the way for a flourishing hub in the region. We are also pleased to announce that we will commit to invest in and partner with the winner, Harmonic Discovery, to support its future growth in the region.”
Sponsors for the event included J.P. Morgan Life Sciences Private Capital, J.P. Morgan Commercial Bank, Blue Horizon Advisors, United Al Saqer Group, Thermo Fisher Scientific, and Salam Capital. The Summit organisation, logistics and finalist recruitment were facilitated by Lyfebulb.
Of importance, at the Summit, Mr. Mohamed Al Breiki, Executive Director of Sustainable Development at Masdar City, announced that Masdar City Free Zone would award all 11 Finalists complimentary business licenses to further support their establishment in the region. Masdar City is one of the world’s most sustainable urban developments and innovation hubs with a growing focus on life science entrepreneurship in Abu Dhabi.
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Artificial Intelligence
Congregating in the Lion City for a Win-Win Future of Intelligent Computing at the Global Data Center Facility Summit 2024
SINGAPORE, May 17, 2024 /PRNewswire/ — On May 17, 2024, the Global Data Center Facility Summit 2024 was held in Singapore with the theme of “Power the Digital Era Forward.” At the summit, over 600 data center industry leaders, technical experts, and ecosystem partners gathered to discuss new trends and opportunities of the global data center industry in the intelligent computing era. The attendees also got to experience all-scenario, all-ecosystem, and all-service end-to-end (E2E) solutions, share innovative practices of green data centers in the Asia Pacific and Europe, and experience the exhibition vehicle to unveil the mystery of Outdoor PowerPOD that features one power system per container. By fully embracing the intelligent computing era, Huawei strives to power the digital era forward.
Seizing Opportunities Brought by AI and Jointly Building Green & Reliable Computing Infrastructure
At the opening speech, Charles Yang, Senior Vice President of Huawei and President of Marketing, Sales and Services, Huawei Digital Power, noted that since ChatGPT ushered in the AI era, large models keep pushing the limits of computing power and the intelligent computing industry is witnessing an unprecedented construction boom. As predicted, 100 GW will be added to the global data center installed capacity and the market value will exceed US$600 billion in the next five years.
According to Charles, with opportunities come challenges. The primary challenge concerning the data center industry is reliability and electricity. Data centers are scaling up from the MW-level to the GW-level. E2E reliability of data centers is becoming even more important than ever. In response to the opportunities, Huawei will work with customers and partners to expand the industry space.
Steering Data Centers to the AI Era with Product + Service + Ecosystem
During the summit, Sun Xiaofeng, President of Huawei Data Center Facility & Critical Power Business, delivered a speech titled “Power the Digital Era Forward. ” He stated that as AI large models are penetrating, the surging compute demands drive the expansive growth in data center.
To address the challenges, Huawei strives to build product + service + ecosystem E2E data center solutions that feature fast deployment, flexible cooling, green energy, and ultimate reliability.
Fast deployment: Data centers are fully modularized and prefabricated to ensure high quality and efficient construction.Flexible cooling: Air-liquid fusion and integrated cooling source emerges as the optimal cooling architecture for intelligent computing.Green energy: New generation-grid-load-storage integrated solution is built to ensure the sound operations of intelligent computing centers.Ultimate reliability: Data centers are safeguarded through reliable products and preventive protection.Currently, Huawei’s global service network covers more than 170 countries with over 1800 professional engineers, providing 24/7 technical support. With N+ flagship service centers, Huawei has built a one-hour service radius for its customers.
The ecosystem is a key part for a win-win future of intelligent computing. Huawei works with partners to develop comprehensive E2E solutions and provide customers with one-stop data center services.
During the summit, Huawei and the ASEAN Centre for Energy released a white paper on “Building Next Generation Data Center Facility in ASEAN.” The document provides insights into the status quo, challenges, and trends of data centers in the ASEAN region, and emphasizes that efficient and energy-saving products and solutions should be applied. It also proposes future-oriented policy recommendations for data center markets.
In the ecosystem exhibition area, Huawei showcased scenario-based solutions for large-, medium-, and small-sized data centers, and demonstrated data center consulting, design, integrated development, and delivery capabilities with dozens of ecosystem partners including CIMC, Weichai, CSCEC, and Huashi.
On a special note, the Huawei Outdoor PowerPOD exhibition vehicle made its global debut. The Huawei Outdoor PowerPOD features one power system per container, outdoor deployment, plug-and-play, and high protection rating and reliability. It has become the preferred choice for decoupling the power supply architecture.
A single tree cannot make a forest.
AI is presenting great opportunities. By delving into the industry, aggregating partner ecosystems, and making innovations applicable to transformations, Huawei will continue to help customers build reliable computing infrastructure, accelerating the industry to embrace AI and powering the digital era forward.
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