SOPHiA GENETICS Reports First Quarter 2025 Results

Core Insights - SOPHiA GENETICS reported a strong start to 2025 with a year-over-year revenue growth of 13%, or 15% on a constant currency basis, driven by new business signed in 2024 [3][7] - The company achieved a record adjusted gross margin of 75.7%, up 520 basis points year-over-year, indicating effective cost management and operational efficiency [3][7] - The company continues to focus on long-term growth prospects, particularly in the U.S. market, where revenue from core genomics customers grew over 30% [3][13] Financial Performance - Revenue for Q1 2025 was $17.8 million, reflecting a 13% increase from $15.8 million in Q1 2024 [7][35] - Adjusted EBITDA loss improved by 24% year-over-year to $9.8 million, demonstrating progress towards profitability [7][33] - The company reaffirms its full-year revenue guidance of $72 million to $76 million, representing a growth of approximately 10% to 17% compared to FY 2024 [7][13] Business Highlights - SOPHiA DDM™ platform performed 93,000 analyses in Q1 2025, marking an 11% year-over-year volume growth [8] - The company onboarded 33 new core genomics customers in Q1 2025, up from an average of 23 customers per quarter in 2024 [8] - Significant demand for new applications, including the Liquid Biopsy application MSK-ACCESS®, has led to a healthy pipeline of over 60 identified opportunities [9][10] Market Expansion - The company expanded its collaboration with AstraZeneca to accelerate the deployment of MSK-ACCESS® globally, now involving 30 sponsored institutions [8] - New customers were signed across various geographies, including notable institutions in Belgium, Canada, and Malaysia [8][9] - The U.S. market continues to show strong business growth, with a focus on operational excellence and sustainable growth strategies [10][11]