Sophia Genetics(US:SOPH)2025-08-05 10:35Revenue and Profitability - Revenue for Q2 2025 reached $18.3 million, a 16% increase from $15.8 million in Q2 2024[5] - Gross profit for the six months ended June 30, 2025, was $24.5 million, up from $21.2 million in the same period last year, reflecting a 15% growth[5] - Total revenue for the three months ended June 30, 2025, was $18,323,000, representing a 9.6% increase from $15,808,000 in the same period of 2024; for the six months ended June 30, 2025, total revenue was $36,102,000, up 14.3% from $31,587,000 in 2024[43][44] - Revenue from the SOPHiA DDM Platform for the three months ended June 30, 2025, was $17,880,000, an increase of 16.4% from $15,300,000 in 2024; for the six months, it was $35,225,000, up 14.9% from $30,718,000[44] Losses and Expenses - Operating loss for Q2 2025 was $18.5 million, compared to a loss of $15.0 million in Q2 2024, indicating a 23% increase in losses[5] - The company reported a net loss of $22.4 million for Q2 2025, compared to a loss of $15.2 million in Q2 2024, a 47% increase in net losses[7] - Basic and diluted loss per share for Q2 2025 was $0.33, compared to $0.23 in Q2 2024[5] - For the six months ended June 30, 2025, the loss before tax was $38,534 thousand, compared to a loss of $28,420 thousand for the same period in 2024[14] - The net loss attributed to shareholders for the three months ended June 30, 2025, was $22,414,000, compared to a loss of $15,193,000 in 2024; for the six months, the loss was $39,799,000, up from $28,897,000[46] Assets and Liabilities - Total assets as of June 30, 2025, amounted to $177.6 million, an increase from $155.3 million at the end of 2024, representing a 14% growth[9] - Cash and cash equivalents increased to $94.8 million from $80.2 million, marking an 18% rise[9] - Total liabilities rose to $100.9 million as of June 30, 2025, compared to $58.8 million at the end of 2024, reflecting a 71% increase[9] - The accumulated deficit increased to $480.1 million as of June 30, 2025, from $440.3 million at the end of 2024[9] Cash Flow - Cash used in operating activities for the six months ended June 30, 2025, was $18,818 thousand, an improvement from $25,044 thousand in the prior year[14] - The net cash flow provided by financing activities for the six months ended June 30, 2025, was $32,549 thousand, compared to $12,179 thousand in 2024[14] - As of June 30, 2025, cash and cash equivalents totaled $94,822 thousand, down from $105,396 thousand at the end of the previous year[14] Shareholder Information - As of June 30, 2025, the Company had issued 79,321,220 shares, with 67,579,560 outstanding and 11,741,660 held as treasury shares, compared to 76,898,164 issued shares and 66,208,534 outstanding shares as of June 30, 2024[36] Accounting and Policy Changes - The company has made a change in accounting policy effective January 1, 2025, reclassifying interest paid and received to better reflect cash flows related to borrowings and investments[25] - The total cash flow used in operating activities increased by $1.2 million for the six months ended June 30, 2024, due to the accounting policy change[29] - The company is currently evaluating the impact of IFRS 18, effective January 1, 2027, which may affect the presentation of financial statements[31] Lease and Financing Activities - The Company entered into a 73-month lease for office space in Boston, Massachusetts, with a right-of-use asset recorded at $2.0 million and a lease liability of $1.9 million[47] - On June 25, 2025, the Company drew down $35.0 million from the second tranche of term loans under the Perceptive Credit Agreement, which allows borrowing up to $50.0 million[48][50] - The Company remains in full compliance with all covenants in the Perceptive Credit Agreement as of June 30, 2025[48] Compensation and Expenses - Share-based compensation of $8,191 thousand for the six months ended June 30, 2025, compared to $7,797 thousand in 2024[14] - Key management personnel compensation for the six months ended June 30, 2025, was $9.205 million, an increase from $7.135 million in 2024[64] - Share-based compensation expense totaled $4.356 million for the three months ended June 30, 2025, compared to $4.083 million for the same period in 2024[61] Subsequent Events - There were no material subsequent events reported after the reporting date[65]