SOPHiA GENETICS reported its financial results for the third quarter ended September 30, 2024, with total revenue reaching $15.853 million, a decrease from $16.303 million in the prior year's third quarter. Despite this, clinical growth reaccelerated, driven by a 16% year-over-year increase in analysis volume across most key geographies. This growth was partially offset by expected softness within the BioPharma segment.
The company demonstrated operational efficiency improvements, with adjusted gross margins expanding to 73.1% during the quarter. Cash burn significantly improved by 39% year-over-year, reducing to $9.6 million, reflecting disciplined cost management. SOPHiA GENETICS also signed 20 new customers, including major wins in the U.S., U.K., and Brazil, indicating strong new business momentum.
New applications, such as the Liquid Biopsy application MSK-ACCESS® powered with SOPHiA DDM™, attracted 18 new customers since its launch in Q2. The company also launched its Solid Tumor testing counterpart, MSK-IMPACT® powered with SOPHiA DDM™. The loss for the period was $(18.438) million, compared to $(13.824) million in Q3 2023, resulting in a basic and diluted loss per share of $(0.28) versus $(0.21) in the prior year period.
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