SomaLogic Q2 Revenue Lags Expectations, Lowers FY22 Outlook

SomaLogic Q2 Revenue Lags Expectations, Lowers FY22 Outlook
  • SomaLogic Inc SLGC reported a second-quarter revenue decline of 28.5% year-over-year to $14.14 million, missing the consensus of $24.82 million. EPS was $(0.13), beating the consensus of $(0.18).
  • The gross margin was 50.0% compared to 59.6% for the corresponding period of 2021.
  • Adjusted EBITDA loss widened to $(46.42) million, from $(10.95) million in 2Q21.
  • Research and development expenses grew by $9 million, and selling, general, and administrative expenses increased by $22 million in the quarter compared to 2Q21.
  • The company had cash, cash equivalents, and current investments of $619.1 million at quarter end.
  • "While we have seen 100% new customer growth over the past 12 months, our reliance on a service business continues to produce variability in our quarterly results. Our second quarter results were further amplified by domestic and global macroeconomics and supply chain challenges slowing sample delivery and customer spend across geographies," stated Roy Smythe, M.D., SomaLogic's Chief Executive Officer.
  • FY22 Outlook: SomaLogic reduced its revenue guidance to $80 - $90 million vs. a consensus of $106.95 million (from prior expectations of $105 million to $110 million) to account for ongoing variability in core service business, macroeconomic and commercial factors
  • Price Action: SLGC shares are trading lower by 15.50% at $3.49 during the post-market session on Monday.

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