SomaLogic sees 2022 revenue at high-end of $93M-$98M, consensus $95M

In addition, SomaLogic is pleased to announce several organizational and strategic updates: Newly signed agreement with Group 42 Healthcare to use SomaLogic as its sole proteomics provider for a world-class multi-omic research and healthcare initiative, expanding the Company’s reach in international markets. The agreement spans the United Arab Emirates, Kingdom of Saudi Arabia, and the broader MENA region and follows a comprehensive review of proteomics providers during which G42 selected SomaLogic due to its industry-leading proteome coverage, sensitivity, reliability, and low coefficient of variation. Recent extension of the contract between Novartis and SomaLogic for the use of the SomaScan Assay and Platform, with SomaLogic remaining Novartis’ primary proteomics platform through 2033. Under this long-standing agreement, SomaLogic has run over 150,000 samples for Novartis to-date, delivering high quality proteomics data to support their translational research. 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. This initiative is consistent with the Company’s previously announced operational efficiency measures. As part of this effort, management is exploring strategic alternatives to accelerate diagnostics growth and drive overall shareholder value. "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," said Roy Smythe, M.D., Chief Executive Office of SomaLogic. "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, healthcare, and human health."