SomaLogic shrank losses, nearly tripled revenue in runup to merger

BOULDER — SomaLogic Inc. (Nasdaq: SLGC), a Boulder-based biotechnology company that went public this month in a merger with a special purpose acquisition company, saw its net losses shrink and its sales multiply in the six months ending June 30.

The company posted losses of $22.8 million in the first half of 2021, down from losses of $36.6 million during the same period last year.

Sales during the first half of the year were $38.6 million, up from $13.4 million in the year-ago period.

SPONSORED CONTENT

Federal District Court Rules Corporate Transparency Act Unconstitutional . . . But Most Small Businesses Must Still Comply

Lyons Gaddis Real Estate and Business Attorney Cameron Grant shares important details of the Corporate Transparency Act (CTA).

“Our strong first half performance reflects our team’s dedication and execution across key drivers of the business as well as the rapidly growing global interest in proteomics products and services,” SomaLogic CEO Roy Smythe said in a statement accompanying the firm’s earnings report. “We announced multiple developments in the first half of 2021 to enhance our positioning for the future, including customizable and targeted content protein panels from our industry-leading 7,000-plex assay, a collaboration agreement with Novo Nordisk to support drug development, and formal partnerships with several world-class clinical care and medical research centers. We have doubled our sales force since the beginning of the year and are targeting a substantial ramp into the second half of 2021. The future is bright for SomaLogic.”

SomaLogic, 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, will begin trading publicly under the ticker symbol SLGC this month following a merger with a SPAC called CM Life Sciences II.

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.

As a result of the merger, SomaLogic got a cash infusion of about $630 million. 

The company disclosed last month 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%.

© 2021 BizWest Media LLC