Sophia Genetics Sa ( (SOPH) ) has released its Q3 earnings. Here is a breakdown of the information Sophia Genetics Sa presented to its investors.
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SOPHiA GENETICS SA is a cloud-native healthcare technology firm that leverages AI to provide data-driven medical insights, focusing on genomics for cancer and rare disorders, with operations spanning globally across hospitals, laboratories, and biopharma institutions.
In its third quarter of 2024, SOPHiA GENETICS reported a slight dip in revenue to $15.9 million, a 2.8% decrease year-over-year. Despite this, the company achieved record analysis volumes and improved cash burn significantly, showcasing strong operational management.
Key financial highlights include a gross margin improvement to 73.1% on an adjusted basis, and a notable reduction in operating losses and cash burn by 10.4% and 39.1% respectively, year-over-year. The company also expanded its customer base with 20 new signings and strengthened its product offerings, with new applications like MSK ACCESS® and MSK-IMPACT® gaining traction.
Looking ahead, the company remains optimistic with its reaffirmed full-year guidance, expecting revenue growth of 4% to 7% for 2024. The management is particularly enthusiastic about the adoption of new diagnostic applications which are expected to be significant growth drivers in both clinical and biopharma sectors.
