Sophia Genetics, Fulgent Genetics, and Veracyte reported first-quarter financial results in recent days, with Sophia and Veracyte seeing year-over-year revenue growth while Fulgent experienced a revenue drop due to less COVID-19 testing.
Sophia on Tuesday said it booked first-quarter revenue of $14 million, representing year-over-year growth of 29%. Constant currency year-over-year revenue growth excluding COVID-19-related revenues was 37%.
Its net loss in the first quarter narrowed to $19.7 million, or a loss of $.31 per share, compared to a loss of $25.5 million, or a loss of $.40 per share, in the prior-year quarter; adjusted net loss per share was $.26.
At the end of the quarter, the firm had $161.9 million in a cash and cash equivalents. Sophia reiterated full-year 2023 guidance, saying it expects revenue growth to be at or above 30%.
Fulgent Genetics
Fulgent Genetics on Friday reported first-quarter revenue of $66.2 million, a drop of 79% from $320.3 million in the prior-year quarter but higher than its Q1 guidance.
Nonetheless, for the three months ended March 31, core revenue grew 150% year-over-year, the firm said. Core revenue excludes revenue from COVID-19 testing products and services including COVID-19 NGS testing revenue.
Fulgent, a firm with clinical diagnostic and therapeutic development businesses, reported a first-quarter net loss of $15.3 million, or a loss of $.52 per share, compared to net income of almost $154.0 million, or $4.93 per share, in the prior-year quarter. Adjusted loss per share in Q1 was $.22.
At the end of the quarter, Fulgent Genetics had cash and cash equivalents of $66.2 million. The firm said it expects full-year 2023 core revenue of $250 million. It did not provide an estimate of 2023 COVID-19 revenues. For Q2, it anticipates core revenue of approximately $62 million.
Veracyte
Veracyte last Thursday reported first-quarter revenue of $82.4 million, up 22% compared to the first quarter of 2022. Total test volume rose to 28,788, an increase of 24% compared to the first quarter of 2022.
For the quarter ended March 31, Veracyte's net loss narrowed to $8.1 million, or a loss of $.11 per share, compared to a loss of $14.5 million, or a loss of $.20 per share, in the prior-year quarter.
At the end of the quarter, the firm had cash and cash equivalents of $177.9 million.
The global cancer diagnostics firm raised its full-year 2023 total revenue guidance to $330 million to $340 million, representing year-over-year growth of 11% to 15%, and an improvement compared to prior guidance of $325 million to $335 million.
