SomaLogic expects to exceed previous sales projections by at least 10%

BOULDER — SomaLogic Inc., a Boulder-based biotechnology firm on the verge of going public with a merger with special purpose acquisition company CM Life Sciences II (Nasdaq: CMIIU), expects its post-merger revenue figures to be significantly higher than previously anticipated. 

The company, which develops platforms to read thousands of proteins in a patient’s blood or urine sample that may signal illnesses or future health conditions and suggest potential treatments via machine learning, disclosed Monday that it thinks it will beat its previous full-year 2021 revenue guidance of $66.7 million by 10% or more. Gross margins are expected to be more than 500 basis points ahead of past full-year projections of 51%.

“I am beyond pleased with our performance in the first half of 2021 in which we exceeded our expectations with stronger revenue, better gross margins, faster commercial team ramp, and above-plan clinical partnerships,” SomaLogic CEO Roy Smythe said in a statement that accompanied the new revenue guidance. “Given the objective signals of our progress to date, coupled with our confidence in the back half of the year, we now expect full year 2021 revenue and gross margin to be above our previously provided projections.”

After the merger, which is set for a shareholder vote next week, SomaLogic expects to have a cash balance on hand of $685 million.

“As we transition to a public company, we recognize that visibility into these types of business metrics adds to investors’ and stakeholders’ confidence in both our near term prospects as well as our long term robust trajectory,” Smythe said in a statement. “We are confident that our momentum will continue into 2022, positioning SomaLogic well for long term growth and success. We look forward to providing a more detailed update at our inaugural investor event later in 2021.”

CM Life Sciences II is a subsidiary of Casdin Capital LLC, a life-sciences investment group with $1.31 billion in assets under management.
“It was clear from our first engagement that SomaLogic had a differentiated technology platform and would benefit from capital and strategic support to ignite tremendous commercial growth. The recent performance is exceptional and confirms our early view,” Casdin CEO Eli Casdin said in a statement. “With the large infusion of capital and an expanded board of directors comprised of world class industry leaders, the company is uniquely positioned to deliver on the power of proteomics.”

Special purpose acquisition companies, known alternatively as SPACs, are companies set up by investment groups and taken onto a public exchange with no actual business. The entities are designed solely to raise funding and later merge with a company seeking to go public outside of the initial public offering process.

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BOULDER — SomaLogic Inc., a Boulder-based biotechnology firm on the verge of going public with a merger with special purpose acquisition company CM Life Sciences II (Nasdaq: CMIIU), expects its post-merger revenue figures to be significantly higher than previously anticipated. 

The company, which develops platforms to read thousands of proteins in a patient’s blood or urine sample that may signal illnesses or future health conditions and suggest potential treatments via machine learning, disclosed Monday that it thinks it will beat its previous full-year 2021 revenue guidance of $66.7 million by 10% or more. Gross margins are expected to be more than 500 basis points ahead of past full-year projections of 51%.

“I am beyond pleased with our performance in the first half of 2021 in which we exceeded our expectations with stronger revenue, better gross margins, faster commercial team ramp, and above-plan clinical partnerships,” SomaLogic CEO Roy Smythe said in a statement that accompanied the new revenue guidance. “Given the objective signals of our progress to date, coupled with our confidence in the back half of the year, we now expect full year 2021 revenue and gross margin to be above our previously provided projections.”

After the merger, which is set for a shareholder vote next week, SomaLogic expects to have a cash balance on hand of $685 million.

“As we transition to a public company, we recognize that visibility into these types of business metrics adds to investors’ and stakeholders’ confidence in both our near term prospects as well as our long…