SomaLogic Inc. (Nasdaq: SLGC), a Boulder-based biotechnology company that went public last year in a merger with a special purpose acquisition company, grew its revenues by more than 20% in the first quarter of 2022 and cut its losses by more than half.
Sales for the most recent period were $23.0 million, a 21.8% increase from $18.9 million in the corresponding period of 2021.
SomaLogic posted a net loss of $4 million, or 2 cents per share, compared to a loss of $9.5 million or 8 cents per share in the first quarter of 2021.
SomaLogic, which 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, set its 2022 revenue guidance at a range of $105 million to $110 million.
“Our successful first quarter has kickstarted another exciting year for SomaLogic as we continue to apply the power of the human proteome to improve health and disease management,” SomaLogic CEO Roy Smythe said in a statement. “We have already reached several milestones critical to providing a variety of protein identification and measurement solutions to our customers and collaborators while expanding our database to develop impactful first-in-class diagnostic test applications. Our healthy cash position of more than $645 million enables us to make the strategic investments needed to become the most comprehensive proteomics company in the world.”
The positive momentum toward profitability appears to have excited investors as SomaLogic’s stock broke out of a prolonged slump during early trading Friday.
After shedding roughly 40% of its value in early May, SomaLogic’s stock price was nearing $6 per share Friday morning, up more than 25%.
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