SomaLogic (SLGCW) 15 Nov 212021 Q3 Earnings call transcript

Ladies and gentlemen, thank you for standing by and welcome to SomaLogic third quarter 2021 earnings conference call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions]. Please be advised that today's conference is being recorded. to Marissa conference Bych, like first to now today, speaker Investor would hand over the our I Relations. Please go ahead.

Thank joining us. the company's results you the press all SomaLogic copy available XXXX. thank months financial on is XX, three for you. released the of September A website. release This And morning, ended for

of involve Litigation market and content Reform predictions various for organization performance, Any estimates Securities our gross database pipeline, which or All to we these those this in I'd uncertainties should like call meaning events, to including, will anticipated Safe future events those relates margin, during and cause materially current Act performance growth, or are could these to and reliance statements growth forward-looking XXXX. that expectations statements our within of statements future begin, to forward-looking expectations statements. limitation, forward-looking the contained management to financial the are pursuant results actual that from or Before diagnostic this implied undue our federal without on of are statements. place These statements results Accordingly, differ in upon hiring, base, protein opportunity, not Harbor by of relating forward-looking provisions based laws, securities make you assumptions. the statements. remind customer or you risks and made call Private material that

filed live Securities Exchange accurate the conference please refer November to time-sensitive as section and For This Form XXXX. of Factors today, risks call uncertainties business, with of and only information and our the a and the list the XX, is today. contains description broadcast, XX-Q associated Commission of Risk with our

by update Roy over now otherwise. because Executive statements, Smythe, disclaims future to Officer. any revise except the new projections financial call forward-looking to of turn or or I law, or will whether any or as required information, intention obligation, SomaLogic events, Chief

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revenue $XX completion And we're time Finally, again We'll achieve to combination analyst that now line Prior and we'll projections exceeded insights protected top hear our look we transition, million ago, we our million. of an in and on as we these planning details the investor will our provide A we I business report. soon. you you your to $XX all for momentarily, want this that projections. from on gave guidance interest. greatly we year. of during are much Shaun north expand public very revenue would few to and revising additional day further months thank

it I'll Officer, over turn Shaun So, Financial now Chief to Blakeman. Shaun?

recently like September our To I'd on Roy. subsequent under summarize listing you, II, on the begin, X closed our new highly Thank NASDAQ our completed SLGC. and with CM Sciences to which Life symbol, merger successful ticker exchange

mentioned, metrics Roy second that about our and of by off guidance why are the million. we're successfully expect with transaction this start proceeds highlighting reflect ahead of we business. pleased and raising approximately total time year the why strength of a our I'd continued we by we As expectations very like that talking to are closed important strength some $XXX

which sales growth we revenue growth Even customers, across disproportionately a driving compared XXXX and base and is we that first our broader on creating year-to-date broadly diversified channels. our are the the to are XXX% by of pipeline. new months all, over are we of First all more of seeing growth addition nine growing significantly, more

QX we more accounts which added driver our added is this year. And this aggressive XX XX and the ramp. is we year-to-date new new year-to-date have fact, team than alone, last accounts in commercial year, In of XXX%

XXXX team We to our going team, the continue which XX aggressive investment we've than executed from trends sales through and on tripled we have this employees we XX year-to-date will XXXX. on are more build commercial strong commercial believe to our in

million our turn from million, financial was months to XX% same XXXX Revenue period me prior three results XX, let Now, the the third the for year. $XX $XX.X ended a increase September quarter. for of the in

base. revenue mentioned, quarter Gross growth increase was third our the in third prior the already of and the for compared aggressive was our I driven XX% of As associated by the margin XX% organization to sales the of quarter customer XXXX growth in year.

of of our commercial functional of support $X.X to technology to invest stock related adjusted million XX% in a quarter in expenses in million from for these noted includes included Sales, quarter improved and XXX% release, R&D as our for primary for readiness. the secondary and is a a years, business compensation $XX.X that to administrative our which third $XX.X million The million $X.X were were a However, increases quarter Total with non-cash the team are inventory. in platforms, headcount our quarter $XX.X service XXXX. It options, the XXXX XXXX XXXX noting press continue is EBITDA. gross the over the additions two public the were to third million, of expense million to compared mid and quarter third non-cash company non-recurring million one-time of stock the margins of plus have in worth operating $X.X excluded with compared related quarter adjustment solid range. but third general the customer of third we XXXX, $XX.X increase diversification, past third a expenses our XXXX sale at core third and XXXX. of the as expenses steadily in drivers quarter

earnout the for a to was fair related extinguishment see of adjusted like morning XX% XX% is they equivalents of on Please cash forward, loss the going can SEC behind this and adjusted release important and compares Following assumptions significantly, quarter. GAAP between EBITDA these for debt estimates of the particular SPAC compensation ended note or that, EBITDA. our sheet also quarter between these our shares with to lie It above of period. the $XXX a million and valuations liabilities for of charges specifically items. to on EBITDA a as This loss non-GAAP At the loss XXXX like short-term explain of our closing our over million Based as impact We for $XX in that change, adjustments would our and on stock file on X-K albeit the and quarter warrants $XX.X the of value, this year-ago secondary as balance swing ongoing in on cash, million non-cash for loss to our I with growth investments. to to press of over of back comments. and merger I XXXX million non-GAAP net $XX.X the we XXXX EBITDA QX revenue loss business, the initiating third related representing adjusted of selling for adjusted Roy $X.X to revenue, strength Combined, formal results. to $XX.X the are of $XX turn call million million. XX% point, reconciliation an account guidance for million. to would

successful, proteomics the and thanks products would these you'll and from years see to months Thanks, Shaun. today of already set benefit coming give serve and and better some over and developed background a deepening you so those SomaLogic. solutions, comprehensive capabilities us who updates on for increasingly to And the time We've broadening much them.

up questions. all and investment real have to of with well partners, opportunity an an which as in customers you extend relieve a I With opportunity opportunity suffering and meaningful We and for human as to collaborators life, am work that, grateful we'll open our community to have. to personally it objective the

Shaun President Operator? Officer, for Chief is Melody our and call Williams. the portion session Steve our Chief Dr. Operating Officer, question-and-answer the of Medical and Joining I and Harris,

[Operator Instructions].

Dan first from Cowen. Brennan comes Your with question

about guidance and impact laid in subsequent and trajectory And can you're it ranges of now have you give customer on on team The to given this expected you the the trends, has sales know, taking expanding different stock Maybe the business spoke progressing a particularly raising just quarter. better you summer two Congrats than which is has initially angle, raised I been the sense again. forecasts to out been a in commercial you Shaun, filing XXXX that application great. the then exceeding date? that, would the just you and what us by guidance the

We of really attribute the the guidance really two upward and growth things. two revisions and is in our three projections XXXX things. One to –

obviously The alluded and year, as you've team alluded commercial over strong it to larger first was year. staff our fairly is least that's Xx of has to correlation, field a than or last that's we've last well, the business. team. the at just pipeline And the about new there and growth simple new a is addition been between generated of There

variety other be we component, In data predict is on have second large changes the fee model hopeful the samples. that obviously, then for that our would that to primarily impact. we The changes our then, would growth third exactly made the market I new around is to business words, ran that model But, to And rights a proteomics general And to customers made adding to restriction business and and some removing discovery last the field. large impact primarily we those allowing a year. for from to in general us related what we products provide over centered be. announcing that And that to the couldn't just thing, put a for were when have in to basically, service of platform the the changes panels believe, we out. we were in data no, and would have interest these we a the the market that regards

So nothing three things. to those really than more complex that. It's related really it's

as So you the you filing of of as of Novartis from then, then customers company, we some and how out? larger key a you pharma contribution give we of versus disclosed or the customers Amgen look of have. contracts notable kind out, the contribution the your being the as biopharma were sense just some customer And quarter? Can alluded in that of a look contribution and customers. of kind diagnostics us some academia sense to change large of get does the to this the

those biopharma that because couple Classically, I revenue that what hand that's with will that, ratio put of we've years, a the investigator because large to ratio of added, required both a to investigator, predict that has we've bring over as do say could the that in XX/XX. increases customers platform. last growing think I, year, the team, to mentioned, hand over basic customer see both and basic the we maintained and some on combat that products in has to with been of our ratio I the obviously, academic field to revenue new biopharma time. can't sectors, we been over happen over in last And certainly research. would number about additional disproportionate into basic in customers year research last market the that component just of the

back bringing as well over a of at three-year on we've some onto And Novartis the contracts XXXX. the large added over I two as the of three us deal more We are volume time. the focused see longer-term assiduously bringing platform. XX-year with to those platform year, think We onto additional end you'll biopharma signed organizations to last well. contracts higher And

like – presume, growth the This given the the is year-to-date, I'm XXXX today. everything seen in the know of for to forecasts think out in sales the not you've sales given like just then think strength XX%, XX% I year-over-year XXXX. some given this year-to-date, I is were strength implying about wondering, SPAC growth business somewhere XXXX. XXXX, would you're But that Any filing, I and the way pull organic I'm forward. not in guiding you've like management discussed. forecast a laid

think So, to those the any you just we out originally exit back a asking year that in about this the way trajectory filing? as high way of laid versus sales forecasts

years, XXXX very for we've Shaun will it XXXX. high that high this I'll level, a year then made two are any and over the about we make bring we some and comment, talk to XXXX onto trajectory confident changes next level the team over field turn for make as and very waiting business to seen XXXX? for guidance our model around add those the year. to that over comments about additional customers optimistic a I'll At philosophy continue last of guidance Shaun, us and again, platform, have to been the we which

next XXXX up, behind that more forward that like you question our I also customer the it few to we would to that. to and you Certainly, about guidance is in our the details sometime in point commercial look talking diversification the the does with expanding months that diversified relate giving affect like numbers. follow is commercial teams – that and I'd that think I to new which you're had, team with is how pipeline out of and what the seeing remarkable you that our growth

although that large our our quarters, we'll can And continue. have also in diversified that benefits of base clip. you customer with see we're contracts a certain continue we aggressively customer in to filling So, fast benefit past, have expect those the that new in right, at and to we

we're really of those but quarters it be So, expansion or two rapid customer to you with good continue backfilling see where going happening, we diversified three to I think from our benefit will base. our things

changed bit good business be the might and President the the a Melody? This Melody on COO, specifically over concentration to comment Harris, more our has last a opportunity how year. of little for

those of with to in to we're year, are those we're come new as customers, first is, the wanting XX test see additional try seeing increasing. the time customers good that last addition news the the excited initial runs super those The platform. Over with

in. they then, And customers. as through see we're bites larger them starting come taking come they're as to repeat So,

good about So the We've excited diversification. also seen very growth. we're

with contract As our you those of fueling know, new business and we past, fall concentration been That's this regular were. actually seeing previously we're in that a taking had that is customers with the large Amgen space Novartis. Novartis up our Novartis year, in with between where but from and lot revenue the

is falling to customers. the increasing. other Yeah, year-over-year from is contribution relative the Novartis a the contribution on basis Actually,

large less had platform, the as few customers to much forward concentrated there, continue even we the benefit contracts Melody as the and on elucidated move that all years, So, over well. there's though becoming is bring as of, the these last business we've new

going one time for want and the get of use in $XX it? diagnostics fair meaningful to how you in, Like, could Any could characterize to think sure however as about today. diagnostics contributing what to spending out you a billion to uniqueness the months? driver you you're a just say, mind, just if of can and much TAM. of traction how near be if trials or I don't next, diagnostics over If intermediate amount quite way more and on this be real in look But translational, the is the it's there spent or platform, the how wondering Roy, not to XX whether I'm this clinical traditional we be, given kind term. TAM XX the the time meaningful revenue

for is back step what doing, problems driver. making revenue approach management the this is about In just an of to will of predictions And health population about time, accurate be patients. in one groups and major a of talk moment capable diagnostic this Dan, incredible

to a license and you're that be So, their in And cardiovascular of to imagine the that you've cost diabetics, of imagine identify determine long-term XXXX Medicare high event plan XX,XXX forth. change got a on complications bear year course, those to you and run very able and their large that that take be the individuals those every drug then down so to prevent and of and what were and to those curve regimen could tell to make other if test ability event and risk on prevents whom just running the patients you managing risk bend considerably. you someone at your that actually for a then, top they're individual managing Advantage thought

was So, medically, be should clinician for And a years. these time, XX transformational. tests over I

so, And I say lightly. don't that

step get next through what stepping platform practice. diagnostic to a new that have to through the years, doing the Over two we'll is clinical into you be hoops

created this initiative. for we've Proteomics Precision So, health

we then, that few are Steve doing data is on collecting proof utility in where And another have we're those. for assets I'll already. They'll the trials. these to thing be be huge a ask And We more also is number already proof partners. We'll we benefits Williams filings. then regulatory comment minute trials. enrolling a these a have in of six of adding and these. on Intermountain

are first-in-class have assets. I as We've got, our unique XXX than already that XX tests in are These We validated. mentioned, more pipeline.

and already And some bit time. as partners are through other for in development who so, are of benefits speaking diversify, to little trials? as licensing can addition, those expressed on partner are talk have taking then, these we're you us an And we where these, proof those taking these Williams, two being a market, thinking interest really conversations some combination a in hard Steve utility we we about having proof market real to well. in the about how we

dual in both we to is that I the near like tests these think have use the they that way of in markets. term a think

validated the most So, non-alcoholic prediction another, our about development and and competition, and response. differentiated NASH think drug is steatohepatitis. clients events development the tests and And if tests, stratifying is their catastrophic to measurements you for they attractive uses clinical the have cardiovascular of a exploratory get are leading that's the patients' from be into phase formula X,XXX trials near-term those accelerate which very monitor used both one to path protein that get of of entry response. monitoring can during who And

those of stroke act about with who information, population, people a information. finds risk And a start higher death, six like will clinicians have asked using slightly studies, objective or Roy use. we than have that clients, of in the kind clinical months. use these clients typical me to that, have, dual population. of speak XX them new upon But this is of health. that the providing people pharma for these it the let's forget out and to chance one show two do they within are can to intending And actually a we really key And in who turns in prediction this and failure is a So, heart about was this studies diabetes, heart what that's there Precision not with XX% tests. Proteomics attack, we're And have about what that

destiny, a the death. So, it's XX%, the communist happens one in it is event chance after about they widely months there people could of that not can five rate. And and that in sample. event these actually be it. protective very XX/XX of the we XX about are type new kinds reduce has are to of that events, The is that people, one used, there cardio out but used And these exciting thing drugs not change

believe studies, this costs can we we the And that's pressure Intermountain opportunity. like concordant way a blood mentioned drug And nearly already And that don't want process approaches are side the So, on provide. of of drug measurable relating what's can SGLTXs And effects you is, not high them we the isn't a achieve people they're that what group, those the and don't starting, said, in because Roy we we're cost can you cholesterol existing know. measure huge their typically risk. we those like get you newer not today from prescription these risk actually who Can six on has newer is thing residual where treat reason accurately XX%? those of them with prescribing. It's of a The there XXX% the put started, people in mechanism. The and GLPXs, them. there's up the and just primary someone I drugs and endpoint when as effective to rates is drugs? no studies allocation drugs assessing on to

as studies leads complete we about two existing next risk years, can So, concordant those to one of effective we're achieve that really cost see is to the within more excited prescribing that. application And we what drugs? you'll

question Your Arias Dan Stifel. comes from with next

the development those of next XXXX have that you that? commercialization on platform incremental I XX,XXX year, we enables, today, then any loose from plex for capabilities? you you when Roy, and And see think analysis that timelines coming do the do demand about scope do can to believe, the going of where

course, our of of that demand X,XXX called use that associations, then, very medicines new no excited to widen. moving from gap newer from forward. to and, proteomics were find appears new of already to XX,XXX, going understanding for medications to you lead at And kind to like which scale. effective at are develop can XX,XXX to be protein We they biology, the and other an human biopharma that X,XXX, is almost we're information content things development not to more content. beyond move There customers the drive enterprise to X,XXX pQTLs, measuring proteins the At up commercial that's fact this And if of shocking think therapeutics. and about gene more and all potentially vaccines, better what of and insatiable can

that we access to continue that, to higher year, content. the appear have of insatiable three would the be biopharma those in customers. the say our from demand to does large an they at reason that there I least us write actually if So, their last customers have for asked is content contracts And into

as the to once the to that that least forth measure that capability match in have XXX during collateral aptamers, shift about and XX,XXX these our we or be – we new of of to of we these year proteins, product. – XXX call quarter. of a far content, are should That XXXX. them early ligands new creating are will of about so productize reaching the timeline, synthesizing So, And XX,XXX commercialize mark, XXXX you before that as new we it get fiscal the level be can aptamer and likely currently still proteins, ourselves that you for at some because to

XXXX. of portfolio, if XXXX. in all become two quarters of go capability That'll part things in product So, first the well, our

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how of of more where the think about you you drive do it the work? might where process development the to versus comes should you load partners carry more activity the or when know spend just of some how those on can you but Dan's sort minute touched I So you questions, plans on we an during additional handle the and of points have

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you. a of Smythe. back that Thank session I'll And call the to hand includes question-and-answer today's Roy call.

Great.

and really SomaLogic. for again we with recent us information share So, appreciate today to progress being us everybody some at

holds our We or and accomplishments, in-person recent unique of future or We are and excited capabilities what very see position San would for for company unique you both also excited relatively market. soon, all in in hope and least for its Francisco of and this some and be the perhaps to elsewhere. at great, the you grateful

much. very thanks So

Thank for this participating. Ladies gentlemen, you concludes and conference today's call.

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