The following is a summary of the SOPHiA GENETICS SA (SOPH) Q1 2024 Earnings Call Transcript:

Financial Performance:

• SOPHiA GENETICS reported Q1 revenue of $15.8 million, a 13% increase from the same quarter the previous year.

• Adjusted gross margins were above 70% despite a decrease in clinical volume and biopharma demand.

• Adjusted operating loss decreased by 13% year-over-year, reaching $14.1 million.

• There was a 26% year-over-year growth in shipments of partner wet lab components.

• The operating loss in Q1 2024 slightly decreased to $18.8 million from $19.3 million in Q1 2023.

• Adjusted gross profit was $11.1 million, showing a 9.9% increase from Q1 2023.

• Adjusted gross margin for Q1 2024 was 70.5%.

Business Progress:

• Strong growth momentum noted in the U.S market with a 34% increase in analyses volume and a 27% increase in revenue in Q1.

• SOPHiA GENETICS recently onboarded SOPHiA DDM in the oncology operations of the Mayo Clinic.

• A comprehensive deal was signed with Strand Life Sciences in India.

• The company added 27 new logos in Q1, an increase from the 18 new logos from the previous year.

• SOPHiA GENETICS launched a team of specialized subject matter experts to aid new clients.

• The initiation of a breast cancer project and a $50 million debt financing agreement with Perceptive Advisors were announced to accelerate growth.

• The company launched the MSK-ACCESS application and has already onboarded nine customers.

More details: Sophia Genetics IR

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