Page 1

TM somalogic SomaLogic Reports Third Quarter 2021 Financial Results November 15 , 2021 • Increase of 40 % in third quarter revenue to $ 20.0 million over the corresponding period in 2020 • Increase of 112 % in year - to - date revenue to $ 58.6 million over the corresponding period in 2020 • Raising 2021 full year revenue guidance to $ 77-79 million • Addition of 61 new customer accounts expands and diversifies customer base ● Expansion of leadership team with senior life science executives • Substantial cash and investments of $ 676 million enabling continued growth acceleration initiatives • Company to host conference call today at 8:00 a.m. ET BOULDER , Colo . , Nov. 15 , 2021 ( GLOBE NEWSWIRE ) -- SomaLogic , Inc. , a leader in Al - data driven proteomics technology , today reported financial results for the quarter ended September 30 , 2021 . " I am pleased to announce third quarter results that exceeded our expectations and complement our growing team as we continue to out - execute on our key priorities and mission to deliver on the power of proteomics , " said Roy Smythe , M.D. , SomaLogic's Chief Executive Officer . " As we continue to expand our commercial capabilities , grow our customer base , and deepen our collaborations with strategic partners , we are updating our 2021 revenue guidance to $ 77- $ 79 million . It is early days for our business and the field , and we believe our market leading position , accelerating revenue growth , and $ 676 million in cash and equivalents uniquely position us to drive advancements in the field and remain the proteomics leader into the coming year and beyond . " Recent Strategic Highlights • Announced strategic collaboration with UPMC as part of SomaLogic's SomaSignal TM Proteomics for Precision Medicine Initiative , the first large - scale , clinically focused partnership effort aimed at equipping healthcare providers with the power of proteomic technology to inform decisions at the point of care • Entered into a collaboration with Twist Bioscience Corporation to discover novel therapeutic targets and antibodies utilizing Somalogic's SomaScanTM platform • Strengthened senior leadership team with the appointments of Shaun Blakeman ( Chief Financial Officer ) , Todd Johnson ( Executive Vice President of Business Development and Strategy ) and Ruben Gutierrez , J.D. ( General Counsel ) Third Quarter 2021 Financial Results Year - to - date revenue for the period ended September 30 , 2021 was $ 58.6 million , an increase of $ 31.0 million , or 112 % , compared to the corresponding period of 2020. Revenue for the three months ended September 30 , 2021 was $ 20 million , a 40 % increase from $ 14.2 million in the corresponding period of 2020. Growth was driven by a 3x increase in our field sales team over the prior year enabling the addition of 61 new customers and diversifying our foothold into the pharma , research , and academic spaces . Year - to - date gross margin for the period ended September 30 , 2021 has exceeded our expectations at 61 % , compared to 55 % for the corresponding period of 2020. Margin expansion was driven by significant increases in customer volume with higher selling prices , higher royalty earnings , and collaboration revenue . Gross margin for the three months ended September 30 , 2021 was 56 % compared to 65 % for the corresponding period of 2020. The third quarter of 2020 included a one - time , non - cash adjustment to inventory . Expenses in research and development grew by $ 9.1 million in the nine - month period and $ 8.7M in the three - month period ended September 30 , 2021 , primarily driven by a one - time , non - cash stock compensation charge of $ 6.5M for a secondary sale of stock and options as well as incremental headcount hires to drive expansion of our database content . Selling , general and administrative expenses grew by $ 21.5 million and $ 12.3 million in the nine- and three - month periods ended September 30 , 2021 , respectively . Net loss was $ 41.4 million in the third quarter of 2021 , or a loss of $ 0.55 per share , as compared to a loss of $ 7.5 million , or $ 0.12 per share , in the corresponding period of 2020. For the nine - month period ended September 30 , 2021 , net loss was $ 64.2M , or a loss of $ 1.01 per share , as compared to a loss of $ 44.1 million , or $ 0.72 per share in the corresponding period of 2020. Losses included significant non - cash charges . Included within our net losses were $ 5.7 million and $ 8.1 million related to a mark - to - market adjustment on the fair value of the earn - out liability and warrants ; as well as a $ 6.5 million stock compensation expense for the secondary sale of stocks and options . Adjusted EBITDA was negative $ 31.8 million in the third quarter of 2021 compared with negative $ 5.2 million in the corresponding period of 2020. For the nine - months ended September 30 , 2021 , adjusted EBITDA was negative $ 52.3 million compared with a negative $ 32.7M in the corresponding period of the prior year . Please see the reconciliation of non - GAAP Adjusted EBITDA to net loss below . Cash , cash equivalents , and short - term investments were $ 675.7 million as of September 30 , 2021 . 2021 Financial Guidance Based on ongoing strength in the underlying business , SomaLogic is raising revenue guidance for the full year 2021 to range of $ 77 million to $ 79 million , which represents 38 % to 41 % growth over the company's 2020 revenue . Updated guidance reflects an increase of 5-8 % from our prior