SomaLogic doubles sales, trims losses in third quarter

BOULDER — After a rocky second quarter, SomaLogic Inc. (Nasdaq: SLGC), a Boulder-based biotechnology company that went public last year in a merger with a special purpose acquisition company, doubled its year-over-year revenue total in the third quarter, trimmed its net losses and is raising its full-year sales guidance. 

Third quarter 2022 revenues were $41.7 million, up from $20 million in the same period last year. 

Somalogic’s net loss was $32.9 million for the three months ended September 30, or a loss of $0.18 per share, as compared to a loss of $41.4 million, or $0.30 per share, in the corresponding period of 2021, the company reported Monday in its quarterly disclosure.

“I’m proud to share a strong third quarter result with over 45% sequential growth in our core life sciences revenue, driven by our expanding customer base and reach into biopharma. We are pleased to have added more than 50 new customers to our platform over the past 12 months,” Somalogic CEO Roy Smythe said in a prepared statement. “We remain committed to the growth of our core life sciences business and will continue to invest strategically in our global commercial organization to ensure we are well positioned to capitalize on the immense opportunities now and ahead in proteomics. At the same time, we are being judicious with our spend and protecting our strong balance sheet by focusing resources on key life science opportunities that will have the highest impact going forward.”

After lowering its full-year revenue guidance in the second quarter, Somalogic has now raised its expectations to a range of $93 million to $98 million.

Source: BizWest

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