- SomaLogic ( NASDAQ: SLGC ) stock tumbled 12% postmarket on Monday after the clinical diagnostics firm slashed its 2022 revenue guidance due to ongoing variability in core service business, macroeconomic and commercial factors.
- SLGC now expects 2022 revenue of $80M-$90M, widely missing consensus estimate of $106.95M. Its prior outlook was $105M-$110M.
- The company reported Q2 EPS of -$0.13 vs. -$0.12 in Q2 2021.
- Revenue fell 28.7% Y/Y to $14.1M, hurt by lower sample volumes and decreased royalty revenue as a function of reduced COVID research funding.
- Q2 results were hurt by "domestic and global macroeconomics and supply chain challenges slowing sample delivery and customer spend across geographies," said CEO Roy Smythe.
- Q2 gross margin was 50% vs. 59.6% in Q2 2021 due to delivery of lower sample volumes and a modest mix impact from decreased royalty revenue.
- SLGC maintained substantial cash, cash equivalents, and current investments of $619.1M at Q2-end.
- The firm plans to cut operating costs by $75M through 2023-end to navigate market.
- Shares of SLGC, which ended 6.8% lower ahead of results, declined 64.5% YTD.
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SomaLogic stock tumbles aftermarket as revenue outlook slashed on macro headwinds