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SomaLogic grows sales by 45% in second quarter

BOULDER — SomaLogic Inc. (Nasdaq: SLGC) grew its year-over-year sales by 45% in the second quarter but losses also ticked up in that period.

Revenue for the three months ended June 30, 2023 were $20.5 million, up from $14.1 million in the second quarter of 2022. 

SomaLogic’s net loss for the quarter was $24.8 million, up from a loss of $23.0 million in the second quarter of 2022. 

“Our second quarter results are in line with our expectations despite navigating operational changes and a dynamic macroeconomic backdrop. While our progress this quarter in both core assay services and distributed kits is encouraging, there is still more work to be done,” SomaLogic CEO Adam Taich said in a prepared statement. “We have the benefit of a strong cash position, yet remain fully committed to spending discipline and continued operational rationalization to maximize SomaLogic’s long-term position in a growing proteomics market.”

SomaLogic develops platforms to read thousands of proteins in a patient’s blood or urine sample that may signal illnesses or future health conditions and suggest potential treatments via machine learning.

Looking ahead, SomaLogic expects revenue for the full 2023 fiscal year to range from $80 to $84 million.

SomaLogic’s stock price finished trading Tuesday up 6.4% at $2.16.

Source: BizWest