Q2 2024 Sophia Genetics SA Earnings Call Transcript
Key Points
- Sophia Genetics SA (SOPH) reported a 5% year-over-year revenue growth in Q2 2024, reaching $15.8 million.
- The company achieved a 12% year-over-year growth in platform analysis volume, excluding COVID-related volume.
- Sophia Genetics SA (SOPH) signed 20 new SOPHiA DDM customers in Q2, indicating strong new business growth.
- Gross margin improved to 68.2% in Q2 2024, up from 66.7% in Q2 2023.
- The company launched new applications, including a minimal residual disease (MRD) application for acute myeloid leukemia and announced collaborations with Microsoft and NVIDIA.
- Q2 2024 revenue came in below expectations due to challenges in the biopharma sector and EMEA region.
- The company faced budget constraints in the biopharma sector, leading to difficulties in signing large contracts and elongating sales cycles.
- Unexpected softness in EMEA, particularly in France, Italy, and Spain, impacted revenue growth.
- Sophia Genetics SA (SOPH) experienced higher-than-expected customer churn, particularly among smaller accounts.
- The company revised its full-year revenue guidance to $65 million to $67 million, down from previous expectations, due to ongoing macroeconomic challenges.
Good morning. My name is Kelvin, and I will be your conference operator for today. At this time, I would like to welcome everyone to the SOPHiA GENETICS second-quarter 2024 earnings conference call. (Operator Instructions) This call is being recorded on Tuesday, August 6, 2024.
I would now like to turn the call over to Kellen Sanger, SOPHiA GENETICS's Head of Strategy and Investor Relations. Please go ahead.
Thank you, and good morning, everyone. Welcome to the SOPHiA GENETICS second-quarter 2024 earnings conference call. Joining me today to discuss the results are Dr. Jurgi Camblong, our Co-Founder and Chief Executive Officer; and Ross Muken, our Chief Financial and Chief Operating Officer.
I'd like to remind you that management will make statements during this call that are forward-looking statements within the meaning of federal securities laws. These statements involve material risks and uncertainties that could cause actual results or events to materially differ from those
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