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%.
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