SOPHiA GENETICS (SOPH) Q4 2024 earnings summary

Executive summary

• 2024 was a foundational year with $65.2M revenue, record 92 new core genomic customers, and major U.S. market expansion, including partnerships with Mount Sinai and Mayo Clinic.

• SOPHIA GENETICS operates a leading AI-powered platform for precision medicine, serving 800+ healthcare institutions in 70+ countries and analyzing over 350,000 patients annually.

• Strategic partnerships with Memorial Sloan Kettering, AstraZeneca, NVIDIA, and Microsoft are driving innovation and expanding the platform’s reach.

• MSK-Access and MSK-Impact applications, launched in partnership with Memorial Sloan Kettering and AstraZeneca, are driving adoption and expected to be significant growth catalysts in 2025.

• U.S. clinical revenue grew 23% year-over-year, with significant new customer wins and expanded partnerships.

Financial highlights

• 2024 revenue reached $65.2M, up 4% year-over-year, with Q4 revenue at $17.7M; adjusted gross margin improved to 72.8%.

• Adjusted EBITDA loss for 2024 was $40.2M, improving year-over-year; adjusted operating loss improved 20% to $44.8M.

• Cash and equivalents at year-end were $80.2M, with an additional $35M available via credit line.

• Annualized revenue churn remained low at 4%; net promoter score was 67.

• Basic and diluted loss per share for FY 2024 was $(0.95), improved from $(1.22) in FY 2023.

Outlook and guidance

• 2025 revenue expected between $72M–$76M, representing 10–17% growth.

• Adjusted EBITDA loss for 2025 guided to $35M–$39M, with continued gross margin expansion anticipated.

• Growth expected to be back-half weighted as new customers and applications ramp up.

• Company targets adjusted EBITDA breakeven by end of 2026 and positive adjusted EBITDA in H2 2027.

• No material biopharma growth included in 2025 guidance; biopharma seen as a potential accelerator for 2026.