SomaLogic (SLGCW) 30 Mar 222021 Q4 Earnings call transcript

Good day and thank you for standing by. Welcome to the SomaLogic 's Fourth 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]. today's be that advised be conference recorded. may Please Instructions]. [Operator turn over with to I Group. would speaker conference to like Bych, now your the today, Gilmartin Marissa Please go ahead.

you. press release for available on financial XX, Thank website. A is SomaLogic company's ended XXXX. the year December results of copy the is Today the released

This broadcast Exchange today. section of the Risk the as Form of Commission these XX, should our that please margin, the relates is like today, of reliance forward-looking business, future content, a protein based remind which database uncertainties that of statements. statements call statements. XX-K these material predictions anticipated limitation, call These in Securities involve risks of actually Private securities financial laws, management and from future growth, the are statements, events and and implied we Reform XXXX. assumptions. March XXXX. within make and forward-looking list diagnostic information uncertainties Before Act you of meaning pipeline, and are undue statements organization materially customer various forward-looking Provision and those to growth or our in Any or Factors gross including and without begin, will performance and made Safe only pursuant by Securities with Litigation our to our to estimates the hiring contains statements description and associated to results are Accordingly, differ cause I'd risks to expectations not the this All this our live refer you actual Harbor could to place current the statements during expectations of those or with for performance, filed that events, call or relating time-sensitive the conference forward-looking federal base, on results, opportunity, market contained upon

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

Thank fiscal Welcome afternoon. XXXX an year. Good you, Earnings to incredible summarizing Call, Marissa. our

proud human great of forward my and the are meaningful to all sincere of the year rest excitement are last expressing relieve applying here at XXXX. for and We're to by tremendously look progress efforts with our day requires contributing start this who deal life We harnessing of SomaLogic. I'd the success like this a many. off gratitude suffering unequivocally working of prolong proteome, the our of every by and and to to power

of transformational growth the off accomplishments, fourth strong and a successful several among which new team. our included, NASDAQ, XXXX product commercial quarter SomaLogic launches, many public the company, capped on listing other for

in execution growth. the quarter is financial for strong a record year-over-year generating and $XX XX% Our the reflected revenue first million year, continued representing results, of full our million for $XX.X

now now, moving a things, the being garnered more proteome tools the measuring For a SomaLogic, from few of that the than amount out measurement importance and those Until key who by useful challenging by data that identification harvesting path has summary way, create and the been proteomics, our with of and and value information along is measuring finally start of new things, are evolutionary I'll The to applications many clinical human followed both power leveraging all financial to to and and to genomics, ability genome. human repeated proteomics. differentiators. from to business of measuring the and identifying a human sufficient the with things of

to created and identify and $XX genomics a than of the traveled total and proteins, has million protein protein with identify more almost bioinformatics addressable evolutionary bespoke billion, other first-in-class of interest, a farther well. correlations, powerful with a technology faster which and much applications a that up tests. to diagnostic vastly than to company, genome products, samples, than in prognostic down tools path create It platform more ability that consisting result recognition course more SomaLogic we larger of will to debatable and any biomarkers to and currently offer more measure human our evolution than number of However, of pattern is X.X not a foundational demonstrated containing proteome plex they've X,XXX time high Rather differentiated as simply database improvement over proteomics ability an the objectively in the be team a just decade. larger measure the meaningfully evaluated will in market,

synthetic reagents work technology NGS in can number systems. flexible be Our as to living used and the of with recent be and protein our can a identification contexts, our Illumina, without evidenced customized very measurements foundational quickly need in collaboration by scaled

the though than by of of scientifically facilitation heavily are illustrated more publication manuscripts. We validated, XXX the

of Some human unlike so. articles rather the done data information, citations. create just method or we broad landmark ability Knowledge, proteomics, have collaborative implies to these in than applications. And

our of and balance In than to agreements. currently market to database validated X.X platform, have XX augment some been adding to class, and points. capabilities, long-term XXXX, in customers we announced very commercial clinical our our are pattern recognition, by into Medicine data approximately our sheet. relationships, Novartis access We're such grow move as have commercial with initiative. protein protein into And XXX clinical tests More Precision platform, billion we the on our diagnostic proteomics for entered rapidly gives us footprint. also individual Our first use. expect SomaSignal million trusted. milestones team as XXXX, several we we and human XX measurements In impactful May, customers end have more to And achieved we heavily and field and

diagnostics as Center regulatory and Medical of Hospitals and cover of protein well new Intermountain the to University disease Medical platform. Emory specific our we of our have for since We single identification of University facilitate update partner Pittsburgh customers, our continued strategy Healthcare, Center, needs with pipeline. In Cleveland unique University June, dedication CommonSpirit to as market their and facilitate panel custom proteomics continuum payment products, Health, a demonstrate announced Health, and Healthcare, on our Colorado work which to measurement,

growth program combination completed We Medical and a Novo kits. to also over Deaconess new provided announced Biosciences new we of for customer agreements deployable CM proteomics collaboration sheet to In and other companies Nordisk. September, deployment our the July, and targets. Beth August, our Sciences capabilities such In we to antibody our with collaboration Twist SomaScan relationship objectives. asset as capital, Israel announced with which general with million Life announced for our balance Center in data business therapeutic our gross our $XXX In substantial database support we probe successfully and ongoing proceeds of

are well-capitalized sector. we uniquely result, our in a As

platform. for in our evidenced interest accelerating scientific As

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momentum into has carried strong Our XXXX.

to kit several management Acquisitions, similar a Vice from we and Mergers solutions to Chief of have President best proteomics We've For develop of Development Business deployed accelerates next-generation from technology this Strategy, at emerging recently a base leaders Licensing a several and Lauren Senior Who as past year, commercial proteomics Assembly Illumina added Investor technology, Senior capabilities Qualcomm, including research. a meet of at position Steven the a executive unique executive products. we [Indiscernible] Mermelstein effectively to previously strategic Walsh. power Vice he President Shawn customers manufacturing, with at arrays, Relations including regardless several technical, sequencing NGS, base Kaskoun and and related while scale Glaser, different of and team, held to President in our And NGS held our who and protein co-exclusive, following we with Vice several the Biosciences and IP and future months, empower our example, in The partnership a our partnership to new accomplished announced and global leadership and throughput a our time, installed to Taich needs President Early new multi-omics the of Thermo new deploy experience a Asylum enable plan commercial, needs co-exclusive brought on base of engineering in and combining on brings Adam and the joins We're Research as their role over or functions. our important preferences. recently Ken Officer partnership pleased board IDT Oxford new approaches Executive for Agilent, and also cost, in Strategy us IR genomics of Strategic decade platform and co-branded, chip-based leading and Vice a Lead over variety collaborators also platforms, roles that infrastructure Fisher. proteomics measurement 's share and Senior the from combines we Illumina, added Instruments. most Finance, of

and powerful leverage Our an our capabilities, exists the proprietary to current data uniform create work of on continue needed flexible, one site and leverage rapidly to SomaScan diversify Maybe day. first already of and capital large to of kits proteomics of expand growing mover ability opportunities is diagnostic array-based not opportunities share to to near-term our technology, applications both number the within to us comprehensive deployment over these near combination require of we service and to does every substantially field. spend us of complement longer-term to offers advantage new revenue development. realization topline significant offering. the One and of a substantial proteomics service part opportunity a a these synthetic sources enabling our time reagents, assets powerful, platform of advantages, Notably, our tools in

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existing Our spends and disease, name to test few. initial just planned and diabetes indications, variety addressing a with of disease, menu tests liver product heart a

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will suite cancer oncologic planned use for what a samples use. protein million as help XXX share of as the predictions its tests, a world's a with be own to analyze proteomics this to study And begin will this we'll XX,XXX back SomaSignal well from largest measurements to-date. total data The from We biobank. consortia both scientific of

increase. in Institute XXX Atherosclerosis process, from by biobank of or clinical XX Heart, create a NIH. We and million National thousand years will assaying the specimens Multi-Ethnic this study Study XX in the also sponsored the Lung, MESA, we the protein samples an success. with and of measurements spanning and with from began The Blood clinical be ethically the ended of XX applications will proteomics actually great the team XX we To were members, diverse commercial support our recruiting represent sales XXX% ongoing world's population. XXXX We field hiring study with year growth, a largest

combined members XXX% grow XX, continued and intend support added a employees, and and we of commercial our aspirational XXXX a and team capabilities in who by with our work align going are people XXXX to great increase. customer marketing marketing for began commercial with year with management, mission heft our We in no as also assets, and a end team X on of commercial motivated is team of ended our expansion. to commercial roughly the what want great to support companies XXX also research our We've with development total of additional purpose world. an We the members product and matter with team

that ends. to continue more well-positioned comes the leverage XXXX people relieve human resources begun commercial is even with this And with people potential place, extend power do the regard, year we are a meaningful and was so. We've and full working to the mission In of XXXX SomaLogic. we transformational life, uniquely the are proteome to years towards remarkable. with doing suffering and realize be that in fully to Our these innovation. XX and tireless to great for should of unequivocally only incredibly

to continue our customers of and customer and our the base and commercial collaborators. with deepen customers our relationships platform to new team will our to facilitate grow support to add we We existing continue growth as

the develop we currently and measure X,XXX proteins, XX,XXX capability human will measure. We from up identify to

diagnostics, We SomaSignal proprietary licensing to both and customers. both new new and will existing tests develop life latter other agreements include and will partnerships pursue in tools sciences for ones the the

from begin early Medicine study will Precision evaluate, We proteomics collect, and discuss for to results initiative. our

biologic a risk areas, new before that focus developing technology in even We before as actually of such have your you impactful be but tests can it, can cancer develop predict several will early cell-free detection tests DNA on SomaSignal with disease effective.

Our XXXX current over outlook. now position call plan. synergize our to review inorganic like to current we opportunity augment, financial an to opportunities, performance the add growth recent with current or capabilities. Shaun. our provides revenue continue on cash evaluate to our which And can to our will and to, turn I'd Shaun execute and

Thanks Roy.

to in have three pleased continued we of commercial report last top-line are execute to We our reinforcement plan contributing revenue XX% a immensely and of expansion growth team through value the continued platform. XXXX, as our the and the year continued a of CAGR over benefits to record years, on our

and quarter million, period investments full-year, these that of of results XXXX success $XX continue and events supporting to ongoing from benefited $XX.X XX% ahead. expect whose the full-year of our of financial strong sales for prior led well broadening three quarter organization, efforts one-time same of growth quarter. XXXX months million was our for significant We XXXX. was customer I we year. core revenue and $XX.X point as relative for increase fourth by with with the growth was prior commitment XXXX driven $XX.X the COVID-XX expansion into XX.X% Adjusting the million million, beyond, to XXst, XXXX for in million royalties substantial growth growth from decrease our the from combined, and higher approximately fourth to year. two base. our would Starting XXXX December approximately and a testing saw associated the the XX% fourth an the year-over-year Revenue to in out slightly large $X the for these, quarter as Revenue of ended fourth

the for over of our year, in the XX the number of a new new Over year. we customer representing accounts, XXX% customers increase course added

compared expenses corresponding of prior XXX% revenue period the With toward -risk from the prior expect significantly also million XXX was tailwinds service modest to a In of and Operating of the diversification fourth percentage XX% price prior was as from XXXX. Gross customer will a continued margin and XXXX the year the take fourth were the or testing margin in compared a fourth $XXX.X loss in $X.X $X million million million, million diagnostic The fourth margin year. compared the was our XXXX I royalty compared expenses acids and cash business, R&D But continue $XX.X for our with of for In increase future recognition quarter of of $XX.X the to quarter full-year million million bulk want $XX.X reconciliation the functional Gross such primarily XX.X% compared of for GAAP XXXX to short-term, as these in of company XXXX development a provide our an the from fourth with equivalents elasticity adjusted EBITDA mix, the EBITDA. by an the loss and de additions, EBITDA quarter our nucleic our the million Adjusted $XX.X our of year. of million come for in increase the XX.X% were increase million million headcount public will using of we million to full-year as of between RSA and as additional quarter platforms, additions with net readiness. end in $XX.X scale compared Of improvement in fourth with that as were diversifying $XX.X administrative to revenues. reagent. in million mid the the revenue investments. as Selling, to XX% prior the at XXXX. benefited an Full-year the margin. a this continue year XXXX. one-time we quarter XX's SG&A expenses out was were trajectory XXXX XXXX. year. We affected Total EBITDA adjusted for we as fourth EBITDA customer for our total XXXX. note, the business in product XXXX team, the of afternoon year. of margin with with Please on commercial R&D roughly to in expansion. of full-year give for non-GAAP expenses million quarter XX.X% $XX release Full-year $XX.X the million was loss the quarter for the commercial see were base. $XXX.X the short-term reiterate file future million by fourth a $X fourth to expenses ASP were of the of to of continued invest year. adjusted quarter expansion, adjusted fourth in and press XXXX associated $XX.X we in compared of in synthetic XXXX ended at by to cost of SEC our $XX.X support, our the XXXX business to well million, general operating to compared million the in personnel from margin expenses technology $XX.X XXXX related loss quarter quarter $XX.X base of expanding for the expenses prior $XX.X XXXX, XX% XXXX.

strategy. provides cash capacity mentioned, Roy As our to substantial flexibility and position execute our

our Now turning of progressing our our which and sales on outlook. to XXXX strength development expected. the business in ongoing as pipeline, is Based

$XXX XXXX to our million. of in revenues, XX% We formal reaffirming of over revenue million $XX.X guidance of are to $XXX representing XX% XXXX the growth

in We are business. often trends asked our about quarterly

out. incremental could on it's our So I how on do worth roll think expectations color providing XXXX

our budgets, some finalize would to the quarter spending most our which as XXXX budget spending XX% seasonally their XXXX. marketing, to expenses. on continue color we As expect expense our about In our our expect in before see the business mentioned, to growing Consistent line their XXXX to growth. historical I strategic be continuing build-out trends, as year. with these are slightly our customers as upward to lighter from other administrative plan But can in outpace Roy of our with expenses keeping the over to trend operating commercial burn we QX and on quarters of tends platform investment R&D foot in generally invest our our the operating year-end accelerating revenue in fourth of our is provide end relative customers to many Overall, growth just expectations. will technology expect by and to in like to summary, our In towards tends from the XXXX, to you be also while cash pedal general QX drive of our increase of annual and to an of sales as year, part substantially. results we profitability. benefit internal show, first-quarter team

$XX to more Finally, included review some like million Illumina, [Indiscernible] with partnership I details co-exclusive would our which of an payment. upfront

revenue the ramp revenue of these developed We NGS upfront as NGS while in recognize majority products of to the and nominal with recognition be primarily will being expect a as expect XXXX amounts are to reagents. provision the the will commercialization I payment, the vast products. of tied

Roy call over to a like partnership opportunity this meaningful we are I At point, Roy to expand and our As highlighted, to as back see prospects this turn growth impact thrilled time. about and the would comments. this closing for

Shaun. Thanks

where meaning the Dr. form to and the very line technology. highlight I'd that drives with Dr. in Fajgenbaum, Fajgenbaum. a that we personal David February our Before our story condition of nodes, like personalized a part we his lymph power literally close to a on and proteomics. event David body's new medicine. brought Analyst experience The story With cancer-like disease, life affects took home to recent severe the Castleman from Investor recounted Xth, on clearly go the of Q&A,

pathogenesis the our the Dr. mysterious. in completely this high previously SomaScan, that able against put he mission. time. been identify actual which plex his with that was was of him most to ailment As prove this for when especially specific SomaScan, when worked the therapeutic an understand attempt poignant mTOR to to had and challenge inside into urgent it Using treat Fajgenbaum that offering David at disease proteomics own inhibitor and and disease, time life-saving faced and emphasize untreatable into would considered

our David. to Our Harris, now. to was that I as all It's Melody the soon Chief will our for joining the thank want Actually and and to inevitable. Officer, President joining this us ardent turn eventuality and today over impactful belief Medical Q&A now is back become Operator. I be substantial session. is happen for of it I'll to will hope beginning and Shaun it Williams, millions of right proteomics as you to others Steve

question Dan with Stifel. Thank you. first from comes [Operator Arias Our Instructions]

Your line is open.

in Are for the if it the Thanks that guys. you for played influenced on understanding those then amongst new how still am could where performance policy important development afternoon, sounds year. questions. requirement 'XX, is point, is on pretty communicating role a the taken of like up? there there. change folks curious some accounts, Roy, Good of like and not this doing by a for sort customers the the was? what at existing the the if at utilization that you're if customer feel much group ask just message those it does to is a going point this the asset follow-up, in of an you I I business in it remove SomaLogic, data And sharing

change I the around believe our understands to the this policy and that taken the majority regards contracting, market in place. that sharing So do data in data has of

I everyone repeat please, that. the little Sometimes question, can the our part catch Dan? And of customers on, longer takes a but it majority vast do understand second say that to of you for your would

probably think here, was customers. Yes. new to out, it curious whether take almost I XX was the I noise almost was you background just if

than had existing your more If you remove is with doing it base SomaLogic work prior. just guys the customer those like new they feels letter, from picture

And chain. larger a a the customers those start lot studies. to in then larger to comment of is would I'll Melody, studies on the time, customers let we elaborate with a move and pilot that? care of small of smaller enterprise percentage Melody and studies Harris, convert a new And the about of that platform number relationships. onto those then to then expand. see brief the hard then that relatively progression you success, hope that come very we obviously with with most certainly And our start. our over convert to general, make we I'll to up But president,

Sure. Thanks, Roy.

is So that than our With those and less from customers on absolutely. customers those know of for of platform XX% the looking we year. bite from what roughly XX new revenues customers, this like those revenues annual accounted initial

that that seeing So coming the growth recurring the existing in is on from we're customers seeing certainly you're platform revenue.

we're happy seeing recurring that growth also on our both with So growth from happy diversifying customer customers. base, the with the but we're we're

success I the that future. add time studies this that bodes this because moving high Yeah. get into of based again contribution year's over their with people those the for they revenue they rate well of But would data studies. to on how XX% larger product early view

Yeah.

assays, Roy, year-end? product Okay. any or for assay expect Thank on early XX,XXX more the 'XX the plan should kitted you. that looking Helpful. the And by of marker less still the then likely side, to development Thanks. the change any we And the Is for update launch. than end 'XX? then on

XXXX. that plan hand that previously, the XXXX of the end we half in year to the as launched mentioned product in the fiscal the current and have plex have for of sometime XX,XXX product first and create us is be -- by to for Yeah, reagents to and

as of end with plan kits, well. the in we and full academic a by year, access the early researchers program basic be our far successful access As as again, to

you. Thank next And Brandon our from Jefferies. Couillard question comes with

is Your line open.

how just do opportunities? with are studies more out XX business Good how the long just Thanks. maybe and 'XX? run those complete I'm sample bigger samples? it this a to core pricing expect thousand if like curious all there will picture, size this you take is the Do then into year, that on some epic you think to over spill curious Roy, to afternoon. will study, many similar similarly large

Steve couple who proctors comment. a our studies of this make Chief Williams, I'll I'll Officer, Sure. comments and like Medical to ask

an have samples. question, should of comment for of number over in that from believe that these samples market to talk actually new I'll investment substantial clinical answer investment benefit samples this in third own creating In next significant cancer the our in EPIC running we new the set Steve regards First this on as context before, is we've other create year. to of us we're a be there this mentioned let words, And is new then -- that running tests about of timing and will interest. And prognostic the products.

clinical to the sit have make question reason where out currently. in of of investments third opportunities large transition biobanks we biobanks. would the those revenue there us amount are world. the can generating us. do a lot running raising the on the those these in to of over on a The these many to can number in the make actively couple EPIC engaged and years. of our downstream a for we a also opportunities around represent Steve, comment to are public pursuing opportunity products opportunities were EPIC, are you Part capital was Both is, obviously expand in that maybe those next top-line we in revenue-generating market of have samples? which projects revenue for And investments in timing in of There create like of

them stored is than it's and capacity Leroy liquid slow run is for rate nitrogen in extract limiting step thaw them SomaScan not Yes, XX,XXX to and EPIC samples in in we France, two The job samples months. difficult themselves could rate the are stores less in step a because assay out. the in limiting and

step, will capacity. right take So during will but imaging XXXX, that they be run that's our what the that's not we anticipate

Melody. for just And good helpful. question That's maybe Okay. a then

what that the 'XX Just quarter percentage for -- top and the year, fourth the the three sometimes for in in that to was customers, curious, expect curious just Qs the XXXX? be exiting we disclosed

the about you So, question customer asked a concentration?

in the see year? of Yeah, or the base the you customer next the evolving just revenue diversification of base how evolution

Yeah, is to comment Melody, three seen below several years? especially significant we of care ago. neighborhood three represented over years definitely think that the in decrease years down revenues, concentration, XX-XX%; customer difference in would compared have customer now a the XX% largest you to and that's the on total our of percentage I ago, last correct?

point. that fatal thing And loss customers any bringing at SomaLogic right. many the as right. customer is That's not That's one is we as this new have to about nice single the on of

down us bring position as overall impact own far just comfortable customer a in as managing to as able their as largest being future. that far on so our our more put revenues, And

another new favored nation -existing, that customers, large customers, obviously considerations. those pre some all a these add benefit would pricing have is I of very adding first for of

ASPs And business. add every in go to a new up we so basically both ASP so customer the the we a grow time as platform, our now less concentrated higher

I then total? or and I for growth in in clarification XX% want that OPEX just was OPEX sales said year, you new. terms of marketing the think And of for the Shaun,

R&D and That's revenue total And it pointed I the rest will slightly that the investment. operating growth. get to G&A of out the outpace to then XX%, expense. commercial is

Got you. Thank you. Alright.

Yes.

Thank you.

with question next from Brennan Our comes Cowen. Dan

open. line Your is

one, Maybe a taking strategy, there excitement on for that. the lot Great. first going questions. of the lot obviously, on and Thank a you Roy, investment diagnostic into the just of

'XX, 'XX -- kind Just update we -- can the how you to key some whether to begin give or of contribute? strategy us or see in from just about revenue sense 'XX, contribution milestones a in this are on what diagnostics, an think the

that's have diagnostic we've revenue include can the Primarily we diagnostics. course believe, really for have some by tests see top year And such the generated More for before hoping of with we're timeframe line begin the already clinical a XXXX, that licensing access strategy. the important that one. the to to believe. our potential end to that development to its for XXXX upfront database to market with usually start existing also deals unusual with I those some have that or on reason revenue XXXX, of over years, platform or customers strategy -- this XXXX, created, a larger It's we bar company have enter That either, areas next XX. with payments Certainly we'll with that from partnership asset of idea in agreement as to material this develop year them. And But this few think from the out assets. diagnostics really for we the from give do graph around the talking those we we a an certainly realized. our where believe customer we XX an for into new agreements enter agreements material will are revenue dovetails into see a coming it's

licensing relationships. this partners felt And are pipelines so potential and developed for monetize customers year we these beginning those. we to of to primarily prospectively. and have like reaching out already development business development And and approaches we begin from just small to those can in And do for us those both just

year about or confident to ability over the next and excited do the two. quite that we're So

I that. had revenues where but quick for I that, to thanks confirm had And just aren't just is EPIC, MESA follow-up presumably, similar that. guys you guess on a to Great, then collecting

of to correct. Steve, little you us? like MESA benefits study about and would the That's a that for talk the bit

pointed be the that across like, and models have special But we to proteomics time. we Yeah, models the able be to about is tend our to but Roy sequential in that need like to multi-ethnic race what's don't longitudinal of ethnicity has them. special it's show able the to is, we as that. out from samples generalizable that over me, individuals MESA They race saw be excuse earlier other it, we feature the same developed tests and blind, demonstrate

you can MESA. the And get particularly and diseases more and can see individuals good what as that's changes so develop about or within diagnoses see cryogenic you so severe,

making in our talked product and transition talked talking we've about -- uses the actually, biobanks clinical we to investments of the in before were back grow And potential past made our both capital, in we when our about we about components. public database these

And so good on promises. we're just those making

but will of any from your launch on what XX, about of it year, versus this in service, the helpful. the And that. in thanks opportunity sounds impact kits what on more traction be? it be think color for to there customers, like kind pull-through just there growing that will way up is that any pick terms a just centralized Now, help kit obviously could The

comment Sure. Melody, would care that? on you to

Sure.

the with strategy have year, larger half first had in the this to GA towards our with back respect what is we as GA. be to labs on larger of that this anticipate those So customers to come and targeting pull-through we are

that XXXX. half anticipate of we the the revenues given won't You until second impact that launch year. revenues won't year from get from this a those But we see material to in do ramp that

And you. Canaccord Mikson Genuity, is we Kyle open. question with have Thank from your a line

thanks above Congrats merger current for stays million, SPAC revenue the the original Hey, roughly guidance projection year Great. announced entered ago you this at that on questions. a and $XX today, was announcement estimate. time, guys, that that the XX% -- 'XX was had about a

almost you funded just And the has about I'm buzz thinking these driven could maybe that or the was philosophy wondering by primarily in of or sales a year how around So or talk your that execution? so the solid last guidance upside just given the stock your changed million? $XX or resulting months XX merger team, the marketing, increased SomaLogic, like, by core that's

to like of three But I believe those. think We'd is. in fact, it's it all

around commercial We for development incredibly a really serious technology an three have have and to We've the we years, been than been enterprise serious business and that. more research for XX prove years.

years surprised. so what future ago, might a certainly a pleasantly of project difficult And more couple hold. to We've the been little

last wanted in team. not business the regards the of in customer for conversation don't ago We have on ago general employee in decided a but, a growing company and perhaps the because the up our that in market to to have growth year. I actually in one this And to year onto our commercial important was did certainly past then, weeks platform, this incredible we've no old I the It's a believe course, change SomaLogic. just team in a to celebrated come but few and that it, customers mention to models. XXXth the Shaun of commercial when at demand doubled that didn't and size hard your pin they our model hiring either you've we believe think got end I success. of over the business the

Of fiscal year started last about course, year XXX. with we

really So predicted the for we news. than been reception had of having stronger on good what is street and, feet important. all course, we do that's has The

Roy. It sounds good. thanks, Yeah,

or some maybe not that number Just of time? contributor opportunity. very in the of out what's kind financial the commentary very a pattern SomaSignal it gets And Obviously over tasks. understand you that tests what like attractive I be the app like in But have the large on killer protein those, could I like before. of And what been a biggest pipeline or is like guess. But of recognition a excited. diagnostics was like validated on touched there of training in the like development,

Williams, diseases about ask SomaSignal the of measure question predict for asked what's a comment. couple is tests, the app. not diagnostics then father the clinically. fairly the the a can lot incredibly in pattern app proteomics. and you dominant frequently time Steve potential we over and And make have It's killer of we're of I and proteomics thousands, imperative than think him not oncology can that maybe I'll genomics, in if things tests be even It's largely for single on we been has proteomic breadth mutation germline I'll that. where arguable. killer of least Genomics and But of the talking differences identify recognition, Well, for a or to protein It's comments, capitalized cells to at uncle, get who's the father a and and But test. limited believe identified it's hundreds using impactful. is because genomics more not the escape tumor

where very And common app patients his over breadth and capability them Steve time. to market diagnostics that so, of diseases interventions impact. an wisely, initially need have the the will focused I in and killer importantly, into, is is group that more my on, proteomics mind, bring can think, the clinicians

Steve, I that So know that like can followed metabolic by one tip that cancer, leading hear and breadth to that but it clinical proteomics you clinical cardiac spears they're believe a you is focused the but do diseases, really on this spear, that? add care initially to is this going the I to it's up lot app. of that things at the of would one is the of to once. be is

drinking is [Indiscernible] businesses, trials? think Life stroke this smoking? the all Roy, do your are much they? fit in have they the -- as course. attack about, within much? a Are are study? I health The what during what well. going things you I important Are -- clinical how -diabetic? between Sciences about what too intersection just the our participants that talked they of of or Have your heart course, business, pre How said, they Are those are know Roy preventative And, you two they is in liked secretly to

stroke event is their XX Whereas about business event monitoring the realm, the catastrophic. also Science are look allocating That's but health. we the And new when opportunities, And rolls months, an we and have knowing to event your surrogate to a the single that death, validating over In clinical and and would who and of as and but and type the and to is medical safety Sciences trials medical time that the people, it population that for one this pretty going median Life in of roughly business, in into be in communist immediate XX,XXX application for partisans clinical expensive this drug preventative and drugs. composite drug I and test, had has monitoring endpoint enriching confined resources heart opportunities so, efficacy. attack, upside if failure, now has prediction death. it huge got trials, XX% out Life validated near-term at opportunity think business heart in test we've we've of

the between for the to as on a picking really businesses I'm medium-term. So intersection the near two sweet spot

is really be type start that work development to does to kind year Aptamers when And for really in terms But those was other pipeline up? is guys. timelines XX,XXX cost. efforts great. of discussed functionality That about protein for the a the for lot, that of you've Thanks this just kind talking previously, per start of or something ramp this the updates then multiple of offering going flexible the and

already. been efforts have from for that not started. are starting There We've course, several months already news is of scratch. on actually that we're And good the working

it to these is constructs we interesting can synthetic about create the stability that of do things biology One very the using rapidly.

CoV give from to obtained some all, example like we the protein we -X to beginning bound epitopes. protein, protein various XXX protein And I'd the all within at into the spike months variant. of of pandemic, spike generated over three the that is First Aptamers SARS receiving of purified that Alpha - of the

project. started already we've that So

We of also a alternative scratch. starting have already freezer. constructs stored our not away from Aptamers substantial got about we've in the That's percentage where comment the

more a of well make or something So forward we exactly, we course, of to we product haven't time R&D every but efforts But like these is this look the product during underway. it's hundreds. that announced launch what that And Aptamers, that talking about make year. are course we will look the an of the inspeculative,

stand is buy to the to And so this significant. having rapidly. and not each front that do multiple or of to you're do are a in epitopes the the ability low that technical risk a When very the goat into of protein, on this for to time, bioreactor course, ability benefits for over

international I And just last in that the more will like near-term implications decelerate growth Could expansion that substantially toward steps in over question Europe walk in the me. Great. you given through of for internationally? the kind will of like places international the Capex expansion you then to any know the more there the said near are or guess, commercial that I I force medium-term? past Okay. year. increase And grew meaningfully?

Not both a significant in make to I'll it comments soon. early in relatively We've fruit will couple soon. And ask Melody success, fruit -- to hopefully bear of a hopefully, and relatively expand. bear recruiting EMEA APAC. had had success We've that's going and

you more efforts areas expansion? and about So those our in can talk bit Melody recruitment little specifically a

Yes.

we So the for added year a APAC. XXXX. hired throughout our sales in growth continue anticipate the this EMEA we've already of regional leads folks and both first quarter and double-digit We've will outside of also U.S., that

as to enormous contribution in from those an year of to So, it to value start all us. they half bodies learn year so the learn for productive, our those productive back of back the ramp make two XXXX. the see last We us propositions rapidly as the to half revenues given course we months we're during looking that amount the become reasonably to we've salesperson -- hiring takes for highly anticipate that fully impactful XX quarters, for how about in technology, the international been in become a customers. And of of of

about APAC. it team to we The EMEA year of no of potential XXXX, the in for one and -- in get And person think beginning XX. had the ended field one commercial salespeople. XXXX, had we beginning this We XX to with

of potential for we actually, XX So of in total the top XX upside the for revenue in companies believe, by is the -- APAC, world the significant. about example. X top-XX are biopharma this,

for substantial, over So is time. the believe, we upside this

at kit that core process with volumes the drive others. that we these starting intersect that I back that sites strategy in mentioned samples we certainly are more sites we're would for half locations looking I for EMEA and in the And into of can earlier large targeting that our so year? kit can APAC that volume those lab

sample data movement which across of will issues international fewer borders, ameliorate degree. some this With or to

Q&A Roy closing the you. back Thank like the today's comments. to I'd portion call for concludes turn that And any call. to of

next and in Melody, to hopefully, very of and at seeing Steve, thank thank virtually in the Gilmartin like Operator you again, you, like both June. We're participants This year us to of upcoming and I'd including in our even the to all as I'd And well. forward Shaun, our much. from today. Marissa on for Thank call you joining all thank looking person. some side. conferences Jefferies

work who a peace you ability facilitate comment, all to the that like in Ukraine. have of ask to As I'd that closing you

this word intending King We unconditional refugee are a and thanks coming final Martin the good And days. will in in as to donation make have Luther corporate love the Have relief week "Unarmed said, " to a truth, and reality. in once again. region

concludes you conference for Thank participating. today's call. This

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