What happened
Shares of SomaLogic (SLGC) were up more than 11% as of Tuesday at 11:15 a.m. ET. The biotech company reported second-quarter earnings after the markets closed on Monday. The healthcare stock is down more than 9% this year. The move was considerable considering the stock was trading at $1.99 a share on Monday, just a penny above its 52-week low.
So what
SomaLogic makes life sciences tools, specifically platforms for high-throughput proteomics analysis, research, and clinical applications. Proteomics is the science of large-scale experimental analysis of proteins and proteomes, increasingly used by pharmaceutical companies. The company reported second-quarter revenue of $20.5 million, up 45% year over year, and its earnings per share (EPS) loss was $0.13, equal to the same period a year ago. The company also reiterated full-year guidance of revenue between $80 million and $84 million, which would be a drop from the $97.7 million in revenue it reported in 2022.
SomaLogic pointed out strong progress in core assay services and distributed kits. It also said it is on track to launch its SomaScan 10,000 protein assay by the end of the year. It also said its collaboration with Illumina on a next-generation sequencing-based proteomics kit is on track to launch next year.
Now what
SomaLogic's revenue growth has slowed this year. From 2017 to 2022, it improved yearly revenue with a compound annual growth rate of 35%. So, it is encouraging to see the company get back to improved revenue, year over year. The company is a good long-term prospect. The launch for its SomaScan could be a big deal. SomaLogic said that it currently measures the most proteins, 7,000 in every sample, of any multiplexed platform on the market.
