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Sophia Genetics(SOPH) - 2023 Q1 - Quarterly Report
2023-05-08 16:00
Revenue and Profitability - Revenue for Q1 2023 was $13,966 thousand, a 28.9% increase from $10,861 thousand in Q1 2022[5] - Gross profit for the period was $9,694 thousand, compared to $6,710 thousand in the same period last year, reflecting a 44.5% increase[5] - Revenue from the SOPHiA DDM Platform was $13.749 million, up from $10.431 million, indicating a growth of 31.5% year-over-year[36] - Total revenue for the three months ended March 31, 2023, was $13.966 million, representing a 28.9% increase from $10.861 million in the same period of 2022[35] Loss and Financial Performance - Operating loss decreased to $19,287 thousand in Q1 2023 from $25,021 thousand in Q1 2022, representing a 22.0% improvement[5] - Loss for the period was $19,700 thousand, down from $25,487 thousand in Q1 2022, indicating a 22.8% reduction[7] - The net loss attributed to shareholders for the three months ended March 31, 2023, was $19.700 million, an improvement from a net loss of $25.487 million in the same period of 2022[41] - Total comprehensive loss for Q1 2023 was $17,799 thousand, compared to $27,020 thousand in Q1 2022, a decrease of 34.2%[7] Cash Flow and Assets - Cash and cash equivalents at the end of Q1 2023 were $160,762 thousand, slightly down from $161,305 thousand at the end of 2022[10] - Total assets decreased to $232,058 thousand as of March 31, 2023, from $243,838 thousand at the end of 2022[10] - Accounts receivable increased to $7.696 million as of March 31, 2023, compared to $6.060 million as of December 31, 2022, reflecting a 26.9% rise[40] - The Company had no borrowings outstanding under its credit facility as of March 31, 2023[43] Shareholder Information - The company reported a basic and diluted loss per share of $0.31 for Q1 2023, an improvement from $0.40 in Q1 2022[5] - The weighted average number of shares in issue increased to 64,242,871 as of March 31, 2023, compared to 63,891,630 in the prior year[41] - The Company held 2,072,700 treasury shares as of March 31, 2023, down from 2,483,000 shares held as of March 31, 2022[30] Compensation and Expenses - Share-based compensation expense totaled $2.430 million for the three months ended March 31, 2023, compared to $3.471 million in the same period of 2022, indicating a decrease of 30%[44] - Total compensation for key management and non-executive directors decreased to $2,439,000 in Q1 2023 from $2,520,000 in Q1 2022, a decline of approximately 3.2%[47] - Share-based compensation expense reduced to $1,720,000 in Q1 2023 from $1,900,000 in Q1 2022, representing a decrease of about 9.5%[47] - Salaries and other short-term employee benefits slightly decreased to $551,000 in Q1 2023 compared to $553,000 in Q1 2022, a decline of approximately 0.4%[47] - Pension costs increased to $52,000 in Q1 2023 from $50,000 in Q1 2022, reflecting a growth of 4%[47] - Other compensation rose significantly to $116,000 in Q1 2023 from $17,000 in Q1 2022, marking an increase of approximately 582.4%[47] Other Information - The Company operates in a single operating segment, with financial performance assessed as such by senior management[34] - There were no material subsequent events reported after the reporting date[48]
Sophia Genetics(SOPH) - 2022 Q4 - Earnings Call Transcript
2023-03-07 19:05
SOPHiA GENETICS SA (NASDAQ:SOPH) Q4 2022 Results Earnings Conference Call March 7, 2023 8:00 AM ET Company Participants Katherine Bailon - Vice President, Investor Relations Jurgi Camblong - Founder and Chief Executive Officer Ross Muken - Senior Vice President and Chief Financial Officer Conference Call Participants Tejas Savant - Morgan Stanley Richard Hilliker, Jr. - Credit Suisse Mark Massaro - BTIG Marta Nazarovets - J.P. Morgan Operator Good morning and welcome to SOPHiA GENETICS' Fourth Quarter Fisca ...
Sophia Genetics(SOPH) - 2022 Q4 - Annual Report
2023-03-06 16:00
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark One) o REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (For the fiscal year ended December 31, 2022) Rue du Centre 172 CH-1025 Saint-Sulpice Switzerland +41 21 694 10 60 (Address of principal executive offices) Ross Muken OR o TRANSITION REPORT PURSUANT TO SECTION 13 O ...
Sophia Genetics(SOPH) - 2022 Q4 - Annual Report
2023-03-06 16:00
Consolidated Financial Statements of SOPHiA GENETICS SA for the year ended December 31, 2022 SOPHiA GENETICS SA Saint-Sulpice Report of the statutory auditor to the General Meeting on the consolidated financial statements 2022 Report of the statutory auditor to the General Meeting of SOPHiA GENETICS SA Saint-Sulpice Report on the audit of the consolidated financial statements Opinion We have audited the consolidated financial statements of SOPHiA GENETICS SA and its subsidiaries (the Group), which comprise ...
Sophia Genetics(SOPH) - 2022 Q3 - Earnings Call Transcript
2022-11-12 18:31
Financial Data and Key Metrics Changes - Total revenue for Q3 2022 grew approximately 12% year-over-year to $11.6 million from $10.4 million in Q3 2021, despite significant foreign exchange headwinds impacting growth by approximately 2,100 basis points [57] - Excluding COVID-related revenues, constant currency revenue growth was approximately 40% for the quarter [57] - Gross profit in Q3 2022 was $7.3 million, an increase of approximately 11% compared to $6.5 million in Q3 2021, with a gross margin of 63% [62] - Net loss for Q3 2022 was $23.3 million or a loss of $0.36 per share compared to a loss of $21.2 million or $0.35 per share in Q3 2021 [70] Business Line Data and Key Metrics Changes - Total recurring platform customers grew to 383 in Q3 2022, up from 375 in Q3 2021 [18] - Total platform analysis volume remained flat at approximately 62,000, but excluding COVID-related volumes, it grew approximately 11% [60] - The oncology portfolio saw triple-digit growth in HRD analysis volume, with strong contributions from solid tumors [20] Market Data and Key Metrics Changes - North America remains a key focus, with significant potential for growth, estimated at $8 million [13] - Strong contributions were noted from LATAM and APAC, while EMEA underperformed mainly due to challenges in Turkey [20] - The company is experiencing robust customer adoption globally, with 17 new logos added in Q3 [12] Company Strategy and Development Direction - The company is committed to expanding its menu of offerings, focusing on innovation and partnerships to enhance its platform [41] - A strategic collaboration with Memorial Sloan Kettering Cancer Center aims to leverage their proprietary NGS assays and clinical genomic database [28][31] - The company is focused on advancing its biopharma strategy, emphasizing the importance of multimodal data integration and partnerships [43] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to grow sustainably despite macroeconomic challenges, highlighting strong demand for its offerings [9][72] - The company reaffirmed its guidance for constant currency revenue growth in the range of 30% to 35% for the full year 2022 [71] - Management welcomed increased regulatory requirements, viewing them as a potential driver for market growth and adoption of digital technologies [40] Other Important Information - The company is actively monitoring market conditions and focusing on moderating operating expenses as it approaches profitability [69] - The partnership with Microsoft is expected to yield operational efficiencies and enhance the company's cloud capabilities [63][55] Q&A Session Summary Question: Implications of updated FDA guidance on regulatory cost burden for CarePath - Management indicated that there is no immediate impact on plans for CarePath, which is primarily a clinical research tool [78] Question: Operational benefits from the multiyear partnership with Microsoft - The partnership is expected to improve overall cloud costs and enhance operational efficiencies, with plans to promote the combined offerings [80] Question: Update on HRD strength in solid tumors and clinical versus biopharma mix - Management noted strong market traction for HRD capabilities, with ongoing development and deployment across multiple centers [84] Question: Sustainability of 30% to 35% constant currency growth into 2023 - Management expressed confidence in maintaining this growth range, supported by strong momentum in the biopharma sector [93] Question: Update on North America traction and expected growth range - Management reported good traction in North America, with expectations for continued growth aligned with previous guidance [94] Question: Competitive landscape evolution due to increased regulatory requirements - Management acknowledged that using directly sourced data is a key differentiator, but did not elaborate on specific competitive dynamics [98]
Sophia Genetics(SOPH) - 2022 Q3 - Quarterly Report
2022-11-07 16:00
Exhibit 99.1 Index to Consolidated Financial Statements Table of Contents | | Unaudited Interim Condensed Consolidated Financial Statements | F-2 | | --- | --- | --- | | – | Unaudited Interim Condensed Consolidated Statements of Loss | F-3 | | – | Unaudited Interim Condensed Consolidated Statements of Comprehensive Loss | F-4 | | – | Unaudited Interim Condensed Consolidated Balance Sheets | F-5 | | – | Unaudited Interim Condensed Consolidated Statements of Changes in Equity | F-6 | | – | Unaudited Interim C ...
Sophia Genetics(SOPH) - 2022 Q2 - Earnings Call Presentation
2022-09-12 17:57
Investor Presentation Second Quarter Fiscal 2022 Cautionary Notices This presentation contains statements that constitute forward-looking statements. All statements other than statements of historical facts contained in this presentation, including statements regarding our future results of operations and financial position, business strategy, products and technology, as well as plans and objectives of management for future operations, are forward-looking statements. Forwardlooking statements are based on o ...
Sophia Genetics(SOPH) - 2022 Q2 - Earnings Call Transcript
2022-08-13 21:48
SOPHiA GENETICS SA (NASDAQ:SOPH) Q2 2022 Results Conference Call August 9, 2022 8:30 AM ET Company Participants Jennifer Pottage - Head, IR Dr. Jurgi Camblong - Co-Founder and CEO Ross Muken - CFO Conference Call Participants Julia Qin - JP Morgan Vidyun Bais - BTIG Kyle Boucher - Cowen Operator Good day, and welcome to the SOPHiA GENETICS Second Fiscal Quarter 2022 Earnings Conference Call. [Operator Instructions] I would now like to turn the conference over to Jennifer Pottage, Head of Investor Relations. ...
Sophia Genetics(SOPH) - 2022 Q2 - Quarterly Report
2022-08-08 16:00
[Unaudited Interim Condensed Consolidated Financial Statements](index=2&type=section&id=Unaudited%20Interim%20Condensed%20Consolidated%20Financial%20Statements) [Unaudited Interim Condensed Consolidated Statements of Loss](index=3&type=section&id=Unaudited%20Interim%20Condensed%20Consolidated%20Statements%20of%20Loss) The company reported increased revenue but also significantly higher operating and net losses for the three and six months ended June 30, 2022, compared to the prior year periods Key Financial Performance (USD thousands) | Metric | 3 Months Ended June 30, 2022 | 3 Months Ended June 30, 2021 | 6 Months Ended June 30, 2022 | 6 Months Ended June 30, 2021 | | :--- | :--- | :--- | :--- | :--- | | Revenue | $11,667 | $10,178 | $22,528 | $19,154 | | Gross profit | $7,620 | $6,230 | $14,331 | $11,847 | | Operating loss | $(24,079) | $(15,924) | $(49,100) | $(29,978) | | Loss for the period | $(24,681) | $(18,390) | $(50,168) | $(31,058) | | Basic and diluted loss per share | $(0.39) | $(0.38) | $(0.78) | $(0.64) | - Operating loss for the six months ended June 30, 2022, increased by **63.8%** to **$(49,100) thousand** from $(29,978) thousand in the prior year period[5](index=5&type=chunk) - Research and development costs for the six months ended June 30, 2022, rose to **$(18,465) thousand** from $(12,565) thousand in the same period of 2021, indicating increased investment[5](index=5&type=chunk) [Unaudited Interim Condensed Consolidated Statements of Comprehensive Loss](index=4&type=section&id=Unaudited%20Interim%20Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Loss) The company's total comprehensive loss significantly widened for the three and six months ended June 30, 2022, due to increased net loss and negative currency translation differences Key Comprehensive Loss Data (USD thousands) | Metric | 3 Months Ended June 30, 2022 | 3 Months Ended June 30, 2021 | 6 Months Ended June 30, 2022 | 6 Months Ended June 30, 2021 | | :--- | :--- | :--- | :--- | :--- | | Loss for the period | $(24,681) | $(18,390) | $(50,168) | $(31,058) | | Currency translation differences | $(5,028) | $2,302 | $(6,989) | $(4,721) | | Total comprehensive loss for the period | $(28,373) | $(16,088) | $(55,393) | $(35,779) | - Currency translation differences shifted from a gain of **$2,302 thousand** in Q2 2021 to a loss of **$(5,028) thousand** in Q2 2022, contributing to the increased comprehensive loss[7](index=7&type=chunk) [Unaudited Interim Condensed Consolidated Balance Sheets](index=5&type=section&id=Unaudited%20Interim%20Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2022, total assets decreased compared to December 31, 2021, primarily due to a reduction in cash, cash equivalents, and term deposits Key Balance Sheet Items (USD thousands) | Metric | June 30, 2022 | December 31, 2021 | | :--- | :--- | :--- | | Total assets | $277,222 | $320,173 | | Cash and cash equivalents | $178,901 | $192,962 | | Term deposits | $37,712 | $72,357 | | Total current assets | $234,596 | $282,855 | | Total liabilities | $49,107 | $44,773 | | Total equity | $228,115 | $275,400 | - Cash and cash equivalents decreased by **$14,061 thousand** from December 31, 2021, to June 30, 2022[10](index=10&type=chunk) - Total equity decreased by **$47,285 thousand** from December 31, 2021, to June 30, 2022, largely due to the accumulated deficit[10](index=10&type=chunk) [Unaudited Interim Condensed Consolidated Statements of Changes in Equity](index=6&type=section&id=Unaudited%20Interim%20Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Equity) Total equity decreased to $228,115 thousand by June 30, 2022, primarily due to the period's net loss and other comprehensive loss Changes in Equity (USD thousands) | Metric | As of January 1, 2022 | As of June 30, 2022 | | :--- | :--- | :--- | | Total Equity | $275,400 | $228,115 | | Loss for the period | — | $(50,168) | | Other comprehensive loss | — | $(5,225) | | Share-based compensation | — | $7,360 | | Exercise of share options | — | $748 | - Share-based compensation contributed **$7,360 thousand** to equity for the six months ended June 30, 2022[11](index=11&type=chunk) - The accumulated deficit increased from **$(211,354) thousand** at January 1, 2022, to **$(261,522) thousand** by June 30, 2022[11](index=11&type=chunk) [Unaudited Interim Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Unaudited%20Interim%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2022, the company saw increased cash used in operations, a positive shift in investing activities, and an overall decrease in cash Cash Flow Summary (USD thousands) | Activity | 6 Months Ended June 30, 2022 | 6 Months Ended June 30, 2021 | | :--- | :--- | :--- | | Net cash flows used in operating activities | $(36,945) | $(26,345) | | Net cash flow provided from (used in) investing activities | $26,703 | $(2,956) | | Net cash flow provided from (used in) financing activities | $(179) | $533 | | Decrease in cash and cash equivalents | $(10,421) | $(28,768) | | Cash and cash equivalents at end of period | $178,901 | $42,487 | - Cash used in operating activities increased by **$10,600 thousand**, from $(26,345) thousand in 2021 to $(36,945) thousand in 2022[15](index=15&type=chunk) - Investing activities saw a substantial positive swing, primarily due to **$42,337 thousand** in proceeds from maturity of term deposits and short-term investments in 2022[15](index=15&type=chunk) [Notes to the Unaudited Interim Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20the%20Unaudited%20Interim%20Condensed%20Consolidated%20Financial%20Statements) [1. Company information](index=9&type=section&id=Note%201%20-%20Company%20information) This section provides an overview of SOPHiA GENETICS SA, including its business, accounting practices, recent corporate actions, and details on its share capital [General information](index=9&type=section&id=General%20information) - SOPHiA GENETICS SA is a cloud-native software company in healthcare, headquartered in Saint-Sulpice, Switzerland, focused on data-driven medicine through its SOPHiA DDM Platform[17](index=17&type=chunk) [Basis of preparation](index=9&type=section&id=Basis%20of%20preparation) - The unaudited interim condensed consolidated financial statements are prepared in accordance with International Accounting Standard (IAS) 34, Interim Financial Reporting[19](index=19&type=chunk) [Accounting policies](index=9&type=section&id=Accounting%20policies) - Significant accounting policies are consistent with the annual consolidated financial statements as of December 31, 2021, with appropriate estimates made for interim income taxes and pension costs[20](index=20&type=chunk)[21](index=21&type=chunk)[22](index=22&type=chunk) [Designated cash](index=10&type=section&id=Designated%20cash) - In July 2021, the Company designated **$30 million** to a separate bank account to settle potential liabilities from claims against Directors and Officers, reducing D&O Policy premiums[23](index=23&type=chunk) [Recent accounting new standards, amendments to standards, and interpretations](index=10&type=section&id=Recent%20accounting%20new%20standards%2C%20amendments%20to%20standards%2C%20and%20interpretations) - Recent IFRS amendments (Annual Improvements 2018–2020, IFRS 3, IAS 16, IAS 37) had **no impact** on the financial statements[24](index=24&type=chunk) - Amendments to IAS 1 regarding liability classification (effective January 1, 2023) are expected to have an **immaterial impact**[25](index=25&type=chunk) [Critical estimates and judgement](index=10&type=section&id=Critical%20estimates%20and%20judgement) - The preparation of financial statements requires management to make significant judgments, estimates, and assumptions[27](index=27&type=chunk) [Going concern basis](index=10&type=section&id=Going%20concern%20basis) - The unaudited interim condensed consolidated financial statements have been prepared on a going concern basis[28](index=28&type=chunk) [Translation of foreign currency](index=10&type=section&id=Translation%20of%20foreign%20currency) - The Company's reporting currency is the United States Dollar (USD); assets and liabilities are translated at month-end spot rates, income statement accounts at average rates, and equity at historical rates[29](index=29&type=chunk) [Historical cost convention](index=11&type=section&id=Historical%20cost%20convention) - The financial statements are prepared on a historical cost basis, with exceptions for certain assets and liabilities carried at fair value[30](index=30&type=chunk) [Share split](index=11&type=section&id=Share%20split) - On June 30, 2021, the Company effected a **one-to-twenty share split** of its outstanding shares, with all share and per share amounts retroactively adjusted[31](index=31&type=chunk) [Initial public offering](index=11&type=section&id=Initial%20public%20offering) - The Company completed its IPO in July 2021 on Nasdaq (SOPH) at $18.00 per share, raising **$211.7 million** net proceeds[32](index=32&type=chunk) - A concurrent private placement with a GE Healthcare affiliate raised **$19.6 million**, and underwriters exercised a greenshoe option for an additional **$8.5 million**[33](index=33&type=chunk)[34](index=34&type=chunk) [Issued share capital](index=11&type=section&id=Issued%20share%20capital) - As of June 30, 2022, the Company had **66,453,719 shares issued**, with 64,153,719 outstanding and 2,300,000 held as treasury shares[35](index=35&type=chunk) [Treasury shares](index=11&type=section&id=Treasury%20shares) - The Company held **2,300,000 treasury shares** as of June 30, 2022, acquired in Q1 2022 for equity incentive programs; no treasury shares were held in 2021[36](index=36&type=chunk) [2. Fair Value](index=11&type=section&id=Note%202%20-%20Fair%20Value) The carrying amounts of the Company's financial assets and liabilities were considered a reasonable approximation of their fair value as of June 30, 2022 - The carrying amount was a reasonable approximation of fair value for financial assets including cash and cash equivalents, term deposits, accounts receivable, and other non-current assets[38](index=38&type=chunk)[39](index=39&type=chunk) - No significant changes in business or economic circumstances affected the fair value of the Company's financial assets and liabilities during the three and six months ended June 30, 2022[40](index=40&type=chunk) [3. Financial Risk Management](index=12&type=section&id=Note%203%20-%20Financial%20Risk%20Management) The Company is exposed to various financial risks but reported no significant changes in its financial risk management since the prior year-end - The Company is exposed to credit and counterparty risk, funding and liquidity risk, and market risk (foreign currency risk and interest rate risk)[41](index=41&type=chunk) - There have been **no significant changes** in financial risk management since December 31, 2021[41](index=41&type=chunk) [4. Segment Reporting](index=12&type=section&id=Note%204%20-%20Segment%20Reporting) SOPHiA GENETICS SA operates and is managed as a single operating segment - The Company operates in a **single operating segment**[42](index=42&type=chunk) - Financial information is reviewed and performance assessed as a single segment by the senior management team, led by the Chief Executive Officer (CODM)[42](index=42&type=chunk) [5. Revenue](index=12&type=section&id=Note%205%20-%20Revenue) The Company's revenue increased across all geographic regions and primary revenue streams for the six months ended June 30, 2022, compared to the prior year [Disaggregated revenue](index=12&type=section&id=Disaggregated%20revenue) Revenue by Geographic Market (USD thousands) | Region | 6 Months Ended June 30, 2022 | 6 Months Ended June 30, 2021 | | :--- | :--- | :--- | | EMEA | $16,616 | $15,253 | | NORAM | $3,193 | $2,073 | | LATAM | $1,360 | $1,034 | | APAC | $1,359 | $794 | | Total | $22,528 | $19,154 | - North America (NORAM) revenue grew by **54%** for the six months ended June 30, 2022, compared to the same period in 2021[43](index=43&type=chunk) [Revenue streams](index=13&type=section&id=Revenue%20streams) Revenue by Stream (USD thousands) | Revenue Stream | 6 Months Ended June 30, 2022 | 6 Months Ended June 30, 2021 | | :--- | :--- | :--- | | SOPHiA Platform | $21,653 | $18,562 | | Workflow equipment and services | $875 | $592 | | Total revenue | $22,528 | $19,154 | - SOPHiA Platform revenue increased by **16.6%** for the six months ended June 30, 2022, compared to the prior year[45](index=45&type=chunk) [Contract assets and liabilities](index=13&type=section&id=Contract%20assets%20and%20liabilities) Contract Assets and Liabilities (USD thousands) | Item | June 30, 2022 | December 31, 2021 | | :--- | :--- | :--- | | Accrued contract revenue | $1,000 | $700 | | Deferred contract costs | <$100 | $100 | [6. Accounts receivable](index=13&type=section&id=Note%206%20-%20Accounts%20receivable) Net accounts receivable increased slightly as of June 30, 2022, while the concentration of receivables with the largest customer decreased significantly Accounts Receivable (USD thousands) | Item | June 30, 2022 | December 31, 2021 | | :--- | :--- | :--- | | Accounts receivable | $8,228 | $7,717 | | Lease receivable | $171 | $237 | | Allowance for expected credit losses | $(1,752) | $(1,676) | | Net accounts receivable | $6,647 | $6,278 | Roll-forward of Allowance for Expected Credit Losses (USD thousands) | Item | 6 Months Ended June 30, 2022 | 6 Months Ended June 30, 2021 | | :--- | :--- | :--- | | As of January 1 | $1,676 | $2,664 | | Increase | $280 | $742 | | Reversals | $(128) | $(1,077) | | Currency translation differences | $(76) | $(70) | | As of June 30 | $1,752 | $2,003 | - The largest customer's balance represented **9%** of accounts receivable as of June 30, 2022, down from **18%** as of December 31, 2021[50](index=50&type=chunk) [7. Loss per share](index=14&type=section&id=Note%207%20-%20Loss%20per%20share) The basic and diluted loss per share increased for the three and six months ended June 30, 2022, reflecting a higher net loss and more shares in issue Loss Per Share Data (USD thousands, except per share data) | Metric | 3 Months Ended June 30, 2022 | 3 Months Ended June 30, 2021 | 6 Months Ended June 30, 2022 | 6 Months Ended June 30, 2021 | | :--- | :--- | :--- | :--- | :--- | | Net loss attributed to shareholders | $(24,681) | $(18,390) | $(50,168) | $(31,058) | | Weighted average number of shares in issue | 64,089,566 | 48,917,028 | 63,991,145 | 48,468,831 | | Basic and diluted loss per share | $(0.39) | $(0.38) | $(0.78) | $(0.64) | - The weighted average number of shares in issue for the six months ended June 30, 2022, increased by approximately **32%** compared to the same period in 2021[52](index=52&type=chunk) - Potential ordinary shares from share option plans were deemed **non-dilutive** for the periods presented due to the Company's loss position[52](index=52&type=chunk) [8. Leases](index=14&type=section&id=Note%208%20-%20Leases) The Company amended its Rolle office lease in January 2022, resulting in the recognition of a new right-of-use asset and corresponding lease liability - On January 25, 2022, the Company amended its lease for office space in Rolle, Switzerland, adding approximately **21,258 square feet**[53](index=53&type=chunk) - Upon commencement of the additional lease on April 1, 2022, the Company recorded a right-of-use asset of **$4.5 million** and a lease liability of **$4.5 million**[53](index=53&type=chunk) [9. Borrowings](index=14&type=section&id=Note%209%20-%20Borrowings) The Company entered into a new revolving credit facility for up to CHF 5.0 million in June 2022 but had no outstanding borrowings as of June 30, 2022 - On June 21, 2022, the Company entered into a credit agreement for a revolving credit facility of up to **CHF 5.0 million** with Credit Suisse Group AG[54](index=54&type=chunk) - As of June 30, 2022, the Company had **no outstanding borrowings** under the Credit Facility[54](index=54&type=chunk) [10. Share-based compensation](index=14&type=section&id=Note%2010%20-%20Share-based%20compensation) Share-based compensation expense significantly increased across all functional areas for the three and six months ended June 30, 2022, compared to the prior year Share-based Compensation Expense (USD thousands) | Functional Area | 6 Months Ended June 30, 2022 | 6 Months Ended June 30, 2021 | | :--- | :--- | :--- | | Research and development | $1,140 | $142 | | Sales and marketing | $768 | $296 | | General and administrative | $5,452 | $1,398 | | Total | $7,360 | $1,836 | - Total share-based compensation expense for the six months ended June 30, 2022, increased by over **300%** compared to the same period in 2021[56](index=56&type=chunk) [11. Related party transactions](index=15&type=section&id=Note%2011%20-%20Related%20party%20transactions) Compensation for key management personnel significantly increased for the six months ended June 30, 2022, driven by a substantial rise in share-based compensation Key Management Compensation (USD thousands) | Compensation Type | 6 Months Ended June 30, 2022 | 6 Months Ended June 30, 2021 | | :--- | :--- | :--- | | Salaries and other short-term employee benefits | $1,086 | $852 | | Pension costs | $99 | $35 | | Share-based compensation expense | $4,760 | $1,266 | | Other compensation | $153 | $90 | | Total | $6,098 | $2,243 | - Total compensation for key management personnel increased by **171.8%** for the six months ended June 30, 2022, compared to the prior year[58](index=58&type=chunk) - A change in the CEO's option strike price in March 2021 resulted in an additional **$0.1 million** incremental cost recognized over the vesting period[58](index=58&type=chunk) [12. Events after the reporting date](index=15&type=section&id=Note%2012%20-%20Events%20after%20the%20reporting%20date) The Company determined there were no material subsequent events requiring recognition or disclosure in these interim financial statements - No material subsequent events were identified after the reporting date up to the date the unaudited interim condensed consolidated financial statements were available for issue[59](index=59&type=chunk)
Sophia Genetics(SOPH) - 2022 Q1 - Earnings Call Transcript
2022-05-14 16:09
SOPHiA GENETICS SA (NASDAQ:SOPH) Q1 2022 Earnings Conference Call May 10, 2022 8:30 AM ET Company Participants Jennifer Pottage - Head of IR Jurgi Camblong - Co-Founder, CEO and Director Ross Muken - Senior VP and CFO Conference Call Participants Dan Brennan - Cowen Tejas Savant - Morgan Stanley Julia Chen - JPMorgan Operator Thank you for standing by, and welcome to the SOPHiA GENETICS First Quarter Fiscal 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the sp ...