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SomaLogic tops Wall Street sales estimates despite growing loss

BOULDER — SomaLogic Inc. (Nasdaq: SLGC) posted revenues in the first quarter of 2023 that surpassed Wall Street analysts’ expectations, sending the company’s stock upwards on Friday despite a balloon net loss compared to the same period last year. 

The Boulder life-sciences firm 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.

Revenue for the first quarter of this year were $20.4 million, down from $23 million in the same period last year. 

Still, the sales figure topped Zacks Consensus Estimate by more than 10%.

Net loss was $34.2 million in the most recent quarter, or a loss of $0.18 per share, as compared to a loss of $4.0 million, or $0.02 per share, in the corresponding period of 2022.

“My focus at SomaLogic is fiscal discipline and commercial execution,” SomaLogic’s interim CEO Adam Taich said in a prepared statement. “We are expanding the ways in which customers can engage with our platform and building our customer base on a global scale. I look forward to working closely with our new board leadership to make the necessary strategic decisions to build a sustainable and profitable business in this dynamic and growing life science industry.”

Looking ahead, SomaLogic expects sales to total $80 million to $84 million for the full 2023 fiscal year. 

The company’s stock price finished trading Friday at $3.06, up 2%.

This article was first published by BizWest, an independent news organization, and is published under a license agreement. © 2023 BizWest Media LLC.

Source: BizWest