Somalogic implements ‘small reduction’ in staff in effort to ‘right-size’

BOULDER — SomaLogic Inc. (Nasdaq: SLGC), a Boulder-based biotechnology company that went public last year in a merger with a special purpose acquisition company, cut its workforce last month in advance of what company leaders expect could be an economically rocky 2023.

In a regulatory disclosure this week, 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, said it has undergone a “recent right-size of organization to focus on greatest long-term growth opportunities in SomaLogic’s life sciences business while preserving and leveraging the balance sheet to actively expand the portfolio.”

The company has not publicly revealed the precise scope of that “right-sizing” effort. 

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“In December we had a small reduction in personnel, distributed across our remote and onsite workforce,” a company spokeswoman told BizWest in an email. “This difficult choice was driven by a reaction to a tough economic climate predicted in 2023. To align with our current growth expectations in a challenging economy, we needed to revise our plans and refocus our resources on our life-sciences business.”

Somalogic faced a challenging second quarter in 2022 but appeared to be righting the ship a bit financially toward the end of the year.

This week, the company revealed that it expects full-year 2022 revenues to total between $93 million and $98 million, representing roughly 20% year-over-year revenue growth.

“We are pleased to announce preliminary results at the high end of our guidance range, underscoring the immense progress we drove in 2022, with strong double-digit growth, expanding scale, and a robust balance sheet,” SomaLogic CEO Roy Smythe said in a prepared statement. “Following a recent right-size of our organization to focus our internal efforts on our core life sciences business, we look forward to delivering on our strategic priorities into 2023 and beyond. SomaLogic remains uniquely positioned to drive the proteomics market forward and have an incredibly positive impact on biomedical research, health care and human health.”