2024-05-12 02:46:08 ET
SOPHiA GENETICS SA (SOPH)
Q1 2024 Earnings Conference Call
May 7, 2024 08:00 AM ET
Company Participants
Kellen Sanger - Head, Strategy and IR
Jurgi Camblong - Co-Founder and CEO
Ross Muken - CFO and COO
Conference Call Participants
Conor McNamara - RBC Capital Markets
Yuko Mihara - Morgan Stanley
Vivian Bais - BTIG
Presentation
Operator
Good day everyone. My name is Jamie and I'll be your conference operator today. At this time, I'd like to welcome everyone to the SOPHiA GENETICS First Quarter 2024 Earnings Conference Call. At this time, all participants will be in a listen-only mode. [Operator Instructions] Please note this event is being recorded.
At this time, I'd like to turn the floor over to Kellen Sanger, SOPHiA GENETICS' Head of Strategy and Investor Relations. You may begin.
Kellen Sanger
Thank you and good morning everyone. Welcome to the SOPHiA GENETICS first quarter 2024 earnings conference call. Joining me today to discuss our results are Dr. Jurgi Camblong, our Co-Founder and Chief Executive Officer; and Ross Muken, our Chief Financial Officer 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 meanings of Federal Securities laws. These statements involve material risks and uncertainties that could cause actual results or events to materially differ from those anticipated, and you should not place undue reliance on forward-looking statements.
Additional information regarding risks, uncertainties, and factors that could cause results to differ appears in the press release of SOPHiA GENETICS issued today and in the documents and reports filed by SOPHiA GENETICS from time-to-time with the Securities and Exchange Commission.
During this call, we will present both IFRS and non-IFRS financial measures. A reconciliation of IFRS to non-IFRS measures is included in today's earnings press release, which is available on our website.
With that, I'll now turn the call over to Jurgi.
Jurgi Camblong
Thanks Kellen and good morning everyone. I will start off the call today by providing an update on our progress in Q1, including details on the performance of our clinical and biopharma businesses. I will then turn the call over to Ross, who will provide a closer look at our Q1 financials and our outlook for 2024.
In Q1, the performance of the business was marked by strong forward-looking indicators such as bookings and new logos, but lighter than expected revenue. Total revenue for the quarter was $15.8 million, up 13% from $14 million in Q1 2023, and analyses volume was approximately 84,000, up 9% from the prior year period.
The lighter than expected start for the year can be attributed to three primary drivers. First, as with any consumption-based business, we expect to see volatility from time-to-time. In this case, we saw lower-than-expected analyses volume in January across nearly all applications, but particularly within EMEA, which can likely be attributed to exaggerated seasonal consumption trends....
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SOPHiA GENETICS SA (SOPH) Q1 2024 Earnings Call Transcript