SOMALOGIC Reports Q2 FY2023 Earnings Results
August 20, 2023
🌥️Earnings Overview
SOMALOGIC ($NASDAQ:SLGC) announced its financial results for the second quarter of FY2023, which concluded on June 30th 2023. The company experienced a remarkable growth in revenue, with total income rising to USD 20.5 million – a 44.8% increase from the same period of the prior year. Unfortunately, net income saw a slight decrease to USD -24.8 million, from the -23.0 million reported in Q2 FY2022.
Price History
On Monday, SOMALOGIC reported its second quarter earnings results for FY 2023. The stock opened at $2.0 and closed at the same price, down 1.9% from its previous closing price of $2.1. This caused a decline in the stock’s market value as investors reacted negatively to the news. This was attributed to higher costs associated with research and development, as well as the impact of the pandemic on their operations.
This decrease was mainly due to lower demand for their products as the pandemic disrupted their supply chain. Overall, SOMALOGIC’s earnings results for the second quarter of FY 2023 were mixed, with revenue and cash flow both decreasing while expenses were up substantially. Investors responded negatively to the news, causing the stock to close at the same price it opened at on Monday. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Somalogic. More…
| Total Revenues | Net Income | Net Margin |
| 101.39 | -141.17 | -145.9% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Somalogic. More…
| Operations | Investing | Financing |
| -133.68 | 65.62 | 0.72 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Somalogic. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 585.75 | 70.59 | 2.74 |
Key Ratios Snapshot
Some of the financial key ratios for Somalogic are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| – | – | -99.1% |
| FCF Margin | ROE | ROA |
| -137.2% | -12.0% | -10.7% |
Analysis
Here at GoodWhale, we have conducted an in-depth analysis of SOMALOGIC‘s fundamentals. After careful consideration, our Risk Rating revealed that SOMALOGIC is a high risk investment and should be approached with caution. Upon further inspection, our experts have identified two risk warnings in the company’s balance sheet and cashflow statement. If you would like to find out more, please register with us and we will be able to provide you with a detailed report outlining all the risks associated with SOMALOGIC. More…
Peers
The biotechnology industry is growing rapidly and is becoming increasingly competitive. SomaLogic Inc is a leading player in this industry, and is up against some stiff competition from Cue Health Inc, Vynleads Inc, and Winsan (Chengdu) Medical Science and Technology Co Ltd. All of these companies are vying for a share of the biotechnology market, and each has its own unique strengths and weaknesses. SomaLogic Inc has a strong R&D department and is able to bring new products to market quickly. However, its competitors are not far behind, and are constantly innovating and introducing new products and technologies. It is important for SomaLogic Inc to stay ahead of the competition, and to continue to innovate and introduce new products and services in order to maintain its position as a leader in the biotechnology industry.
– Cue Health Inc ($NASDAQ:HLTH)
Cue Health Inc is a diagnostics company that develops, manufactures, and markets point-of-care molecular tests. The company’s products are used to detect and manage a variety of conditions, including infectious diseases, cancer, and genetic disorders. Cue Health Inc’s market cap is 528.91M as of 2022. The company’s Return on Equity is -2.34%.
– Vynleads Inc ($OTCPK:VYND)
Vynleads Inc is a lead generation company that provides businesses with access to potential customers. The company has a market cap of 3.19M as of 2022 and a return on equity of 28.69%. Vynleads Inc helps businesses generate leads through its online platform and offers a variety of lead generation services. The company has a strong focus on customer satisfaction and has a proven track record of generating quality leads.
– Winsan (Chengdu) Medical Science And Technology Co Ltd ($SHSE:600767)
Winsan (Chengdu) Medical Science And Technology Co Ltd is a medical technology company that develops and manufactures medical devices and equipment. The company has a market cap of 1.93B as of 2022 and a Return on Equity of 3.09%. Winsan (Chengdu) Medical Science And Technology Co Ltd is a medical technology company that develops and manufactures medical devices and equipment. The company has a market cap of 1.93B as of 2022 and a Return on Equity of 3.09%.
Summary
SOMALOGIC reported impressive revenue growth for the second quarter of FY2023, with total revenue increasing by 44.8% compared to the same period in the previous year. However, net income for the quarter decreased slightly from the -23.0 million reported in the same quarter last year to -24.8 million. Investors may find the company’s revenue growth promising, but should examine the current net income figures before making an investing decision. Further analysis of SOMALOGIC’s financials is recommended in order to make an informed investment decision.
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