Switzerland-based Sophia Genetics SA SOPH, a healthcare tech company, is debuting on Wall Street Friday. Here is what you should know about the company.
Sophia's IPO Terms: Sophia filed a preliminary prospectus on Form F1, earmarked for foreign issuers of equity, on July 2. The company announced the terms of the initial public offering through an amended prospectus filed with the SEC on July 19.
The amended prospectus showed that Sophia proposed to offer 13 million shares ordinary shares at an estimated price range of $17-$19.
The company said it had priced the 13-million share IPO at $18 on Thursday to generate gross proceeds of $234 million.
It expects to use the net proceeds from the offering of about $208.1 million for working capital and other general corporate purposes, including R&D, selling and marketing expenses, and obtaining regulatory clearances or approvals to offer its products as IVD products for diagnostic use.
Sophia's shares will begin trading on the Nasdaq Friday under the ticker symbol "SOPH."
The underwriters for the IPO include JPMorgan, Morgan Stanley, Cowen, and Credit Suisse.
Sophia's Business: The company's proprietary SOPHiA platform is a cloud-based SaaS platform powered by its SOPHiA AI. It standardizes, computes, and analyzes digital health data, generating insights from complex multimodal data sets that have the potential to improve diagnosis, therapy selection, and drug development.
The company said in its F1 filing that its clinical and biopharma applications targeted a $35 billion global total addressable market opportunity in 2020, $14 billion of which was in the U.S. It expects that its platform and insights will enable market opportunity expansion through new applications and product development.
"We started with genomics data and are now integrating electronic health records, radiomics, digital pathology, and proteomics data alongside genomic information. Through this process, we create and grow a global collective intelligence in partnership with our customers," Dr. Jurgi Camblong, CEO of Sophia said.
Sophia's Finances: Sophia reported revenues of $28.4 million for the year ended Dec. 2020, up from $25.36 million in 2019. Revenues for the quarter ended March. 2021 rose 20% year-over-year to $8.98 million. The loss for the quarter narrowed to 26 cents per share from the year-ago quarter's loss of 27 cents per share.
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