Presenting at the 41st Annual J.P. Morgan Healthcare Conference on Thursday, January 12, 2023, at 11:15 a.m. Pacific Time
SomaLogic, Inc., a leader in proteomics technology, announced that preliminary, unaudited revenue for the full year 2022 is expected to be at the high end of its guidance range of $93 to $98 million, reflecting approximately 20% year-over-year revenue growth.
Read More: HotelPlanner And ZentrumHub Partner To Expand Inventory & Distribution Channels
In addition, SomaLogic is pleased to announce several organizational and strategic updates:
- Newly signed agreement with Group 42 Healthcare (“G42”) to use SomaLogic as its sole proteomics provider for a world-class multi-omic research and healthcare initiative, expanding the Company’s reach in international markets. The agreement spans the United Arab Emirates, Kingdom of Saudi Arabia, and the broader MENA region and follows a comprehensive review of proteomics providers during which G42 selected SomaLogic due to its industry-leading proteome coverage, sensitivity, reliability, and low coefficient of variation.
- Recent extension of the contract between Novartis and SomaLogic for the use of the SomaScan Assay and Platform, with SomaLogic remaining Novartis’ primary proteomics platform through 2033. Under this long-standing agreement, SomaLogic has run over 150,000 samples for Novartis to-date (2019 to 2022), delivering high quality proteomics data to support their translational research.
- Recent right-size of organization to focus on greatest long-term growth opportunities in SomaLogic’s life sciences business while preserving and leveraging the balance sheet to actively expand the portfolio. This initiative is consistent with the Company’s previously announced operational efficiency measures. As part of this effort, management is exploring strategic alternatives to accelerate diagnostics growth and drive overall shareholder value.
Read More: SalesTechStar Interview with Koko Zarov, CEO at Nymblr
“We are pleased to announce preliminary results at the high end of our guidance range, underscoring the immense progress we drove in 2022, with strong double-digit growth, expanding scale, and a robust balance sheet,” said Roy Smythe, M.D., Chief Executive Office of SomaLogic. “Following a recent right-size of our organization to focus our internal efforts on our core life sciences business, we look forward to delivering on our strategic priorities into 2023 and beyond. SomaLogic remains uniquely positioned to drive the proteomics market forward and have an incredibly positive impact on biomedical research, healthcare, and human health.”
Management will provide greater detail regarding its financial performance and forward outlook during its fourth quarter and year-end 2022 earnings call to be held later this quarter.
