SOPHiA GENETICS Reports First Quarter 2026 Results
BOSTON and ROLLE, Switzerland, May 5, 2026 /PRNewswire/ -- SOPHiA GENETICS (Nasdaq: SOPH), a global leader in Ai-driven precision medicine, today reported financial results for the first quarter ended March 31, 2026.
First Quarter 2026 Financial Results
"We started 2026 strong, delivering 22% year-over-year revenue growth and a record 108,000 genomic analyses on SOPHiA DDM TM," said Jurgi Camblong, PhD., Chief Executive Officer and Co-Founder of SOPHiA GENETICS. "Demand for our platform continues to grow, as U.S. hospitals and laboratories increasingly look to launch Ai-powered precision medicine capabilities, and customers across the globe continue to show strong interest in new applications such as Liquid Biopsy and Enhanced Exomes."
Camblong added, "Looking ahead, new business momentum remains strong. Exciting new applications, continued U.S. expansion, and rising interest from BioPharma provide major catalysts for future growth. Accelerating growth, in combination with our strong gross margin performance and persistent focus on operational excellence, position us well to deliver meaningful operating leverage as the year progresses."
Business Highlights
Expanding with existing customers
Landing new customers to fuel future growth
Accelerating growth in the U.S. market
Scaling growth with new applications
Building BioPharma partnerships
Driving operational excellence
2026 Financial Outlook
Based on information as of today, SOPHiA GENETICS is reaffirming the following guidance:
Earnings Call and Webcast Information
SOPHiA GENETICS will host a conference call and live webcast to discuss the first quarter 2026 results on Tuesday, May 5, 2026, at 8:00 a.m. (08:00) Eastern Time / 2:00 p.m. (14:00) Central European Time. The call will be webcast live on the SOPHiA GENETICS Investor Relations website, ir.sophiagenetics.com. Additionally, an audio replay of the conference call will be available on the SOPHiA GENETICS website after its completion.
Non-IFRS Financial Measures
Other than with respect to revenue, the Company only provides guidance on a non-IFRS basis. The Company does not provide a reconciliation of forward-looking adjusted gross margin (non-IFRS measure) to gross margin (the most comparable IFRS financial measure), due to the inherent difficulty in forecasting and quantifying amortization of capitalized research & development expenses that are necessary for such reconciliation. In addition, the Company does not provide a reconciliation of forward-looking adjusted EBITDA (non-IFRS measure) to loss for the period (the most comparable IFRS financial measure), due to the inherent difficulty in forecasting and quantifying depreciation expense, amortization of capitalized research & development expenses and intangible assets, interest income, interest expense, fair value adjustments on warrants, income taxes, foreign exchange gains or losses, share-based compensation expenses, social charges on share-based compensation, the non-cash portion of pensions paid in excess of actual contributions, certain transaction costs and litigation expenses that are necessary for such reconciliation.
To provide investors with additional information regarding the company's financial results, SOPHiA GENETICS has disclosed here and elsewhere in this earnings release the following non-IFRS measures:
These non-IFRS measures are key measures used by SOPHiA GENETICS management and board of directors to evaluate its operating performance and generate future operating plans. The exclusion of certain expenses facilitates operating performance comparability across reporting periods by removing the effect of non-cash expenses and certain variable charges. Accordingly, the company believes that these non-IFRS measures provide useful information to investors and others in understanding and evaluating its operating results in the same manner as its management and board of directors.
These non-IFRS measures have limitations as financial measures, and you should not consider them in isolation or as a substitute for analysis of SOPHiA GENETICS' results as reported under IFRS. Some of these limitations are:
Because of these limitations, you should consider these non-IFRS measures alongside other financial performance measures, including various cash flow metrics, net income and other IFRS results.
The tables below provide the reconciliation of the most comparable IFRS measures to the non-IFRS measures for the periods presented.
Presentation of Constant Currency Revenue
SOPHiA GENETICS operates internationally, and its revenues are generated primarily in the U.S. dollar, the euro and Swiss franc and, to a lesser extent, British pound, Australian dollar, Brazilian real, Turkish lira and Canadian dollar depending on the company's customers' geographic locations. Changes in revenue include the impact of changes in foreign currency exchange rates. We present the non-IFRS financial measure "constant currency revenue" (or similar terms such as constant currency revenue growth) to show changes in revenue without giving effect to period-to-period currency fluctuations. Under IFRS, revenues received in local (non-U.S. dollar) currencies are translated into U.S. dollars at the average monthly exchange rate for the month in which the transaction occurred. When the company uses the term "constant currency", it means that it has translated local currency revenues for the current reporting period into U.S. dollars using the same average foreign currency exchange rates for the conversion of revenues into U.S. dollars that we used to translate local currency revenues for the comparable reporting period of the prior year. The company then calculates the difference between the IFRS revenue and the constant currency revenue to yield the "constant currency impact" for the current period.
The company's management and board of directors use constant currency revenue growth to evaluate growth and generate future operating plans. The exclusion of the impact of exchange rate fluctuations provides comparability across reporting periods and reflects the effects of customer acquisition efforts and land-and-expand strategy. Accordingly, it believes that this non-IFRS measure provides useful information to investors and others in understanding and evaluating revenue growth in the same manner as the management and board of directors. However, this non-IFRS measure has limitations, particularly as the exchange rate effects that are eliminated could constitute a significant element of its revenue and could significantly impact performance and prospects. Because of these limitations, you should consider this non-IFRS measure alongside other financial performance measures, including revenue and revenue growth presented in accordance with IFRS and other IFRS results.
The table below provides the reconciliation of the most comparable IFRS growth measures to the non-IFRS growth measures for the current period.
About SOPHiA GENETICS
SOPHiA GENETICS (Nasdaq: SOPH) is an Ai-native healthcare technology company on a mission to transform patient care by expanding access to data-driven medicine globally. It is the creator of SOPHiA DDM™, an Ai platform that analyzes complex genomic and multimodal data to generate real-time, real-world insights for a broad global network of hospital, laboratory, and biopharma institutions. For more information, visit SOPHiAGENETICS.COM and connect with us on LinkedIn.
Forward-Looking Statements
This press release contains statements that constitute forward-looking statements. All statements other than statements of historical facts contained in this press release, including statements regarding SOPHiA GENETICS future results of operations and financial position, business strategy, products and technology, partnerships and collaborations, as well as plans and objectives of management for future operations, are forward-looking statements. Forward-looking statements are based on SOPHiA GENETICS' management's beliefs and assumptions and on information currently available to the company's management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors, including those described in the company's filings with the U.S. Securities and Exchange Commission. No assurance can be given that such future results will be achieved. Such forward-looking statements contained in this press release speak only as of its date. We expressly disclaim any obligation or undertaking to update these forward-looking statements contained in this press release to reflect any change in the company's expectations or any change in events, conditions, or circumstances on which such statements are based, unless required to do so by applicable law. No representations or warranties (expressed or implied) are made about the accuracy of any such forward-looking statements.
SOPHiA GENETICS SA
Interim Condensed Consolidated Statements of Loss
(Amounts in USD thousands, except per share data)
(Unaudited)
Three months ended March 31,
2026
2025
Revenue
$ 21,688
$ 17,779
Cost of revenue
(6,939)
(5,571)
Gross profit
14,749
12,208
Research and development costs
(9,460)
(9,118)
Selling and marketing costs
(8,813)
(7,534)
General and administrative costs
(13,759)
(11,600)
Other operating income, net
—
8
Operating loss
(17,283)
(16,036)
Interest income
289
450
Interest expense
(1,667)
(659)
Fair value adjustments on warrant obligations
(92)
(38)
Foreign exchange losses, net
(316)
(599)
Loss before income taxes
(19,069)
(16,882)
Income tax expense
(253)
(503)
Loss for the period
(19,322)
(17,385)
Attributable to the owners of the parent
(19,322)
(17,385)
Basic and diluted loss per share
$ (0.27)
$ (0.26)
SOPHiA GENETICS SA
Interim Condensed Consolidated Statements of Comprehensive Loss
(Amounts in USD thousands)
(Unaudited)
Three months ended March 31,
2026
2025
Loss for the period
$ (19,322)
$ (17,385)
Other comprehensive (loss) income:
Items that may be reclassified to statement of loss
Currency translation adjustments
(530)
2,586
Total items that may be reclassified to statement of loss
(530)
2,586
Items that will not be reclassified to statement of loss (net of tax)
Remeasurement of defined benefit plans
123
47
Total items that will not be reclassified to statement of loss
123
47
Other comprehensive (loss) income for the period
$ (407)
$ 2,633
Total comprehensive loss for the period
$ (19,729)
$ (14,752)
Attributable to owners of the parent
$ (19,729)
$ (14,752)
SOPHiA GENETICS SA
Interim Condensed Consolidated Balance Sheets
(Amounts in USD thousands)
(Unaudited)
March 31, 2026
December 31, 2025
Assets
Current assets
Cash and cash equivalents
$ 65,392
$ 70,289
Accounts receivable
14,312
15,001
Inventory
7,086
6,351
Prepaids and other current assets
9,021
7,438
Total current assets
95,811
99,079
Non-current assets
Property and equipment
5,096
5,665
Intangible assets
35,824
35,891
Right-of-use assets
11,701
12,382
Deferred tax assets
1,813
1,831
Other non-current assets
6,750
8,183
Total non-current assets
61,184
63,952
Total assets
$ 156,995
$ 163,031
Liabilities and equity
Current liabilities
Accounts payable
$ 12,668
$ 8,960
Accrued expenses
13,437
20,736
Deferred contract revenue
15,946
16,720
Lease liabilities, current portion
2,713
2,700
Warrant obligations
1,831
1,412
Total current liabilities
46,595
50,528
Non-current liabilities
Borrowings
47,844
47,733
Lease liabilities, net of current portion
11,868
12,587
Defined benefit pension liabilities
4,098
4,162
Other non-current liabilities
902
876
Total non-current liabilities
64,712
65,358
Total liabilities
111,307
115,886
Equity
Share capital
4,814
4,814
Share premium
488,423
473,675
Treasury shares
(1,007)
(1,218)
Other reserves
92,056
89,150
Accumulated deficit
(538,598)
(519,276)
Total equity
45,688
47,145
Total liabilities and equity
$ 156,995
$ 163,031
SOPHiA GENETICS SA
Interim Condensed Consolidated Statements of Cash Flows
(Amounts in USD thousands)
(Unaudited)
Three months ended March 31,
2026
2025
Operating activities
Loss before tax
$ (19,069)
$ (16,882)
Adjustments for non-monetary items
Depreciation
1,079
985
Amortization
1,672
1,312
Finance expense, net
1,426
925
Fair value adjustments on warrant obligations
92
38
Expected credit loss allowance increase (reversal)
30
(20)
Share-based compensation
3,313
3,835
Movements in provisions and pensions
25
57
Research tax credit
(173)
(172)
Loss on disposal of property and equipment
3
—
Working capital changes
Decrease (increase) in accounts receivable
469
(2,961)
Decrease (increase) in prepaids and other assets
189
393
Decrease (increase) in inventory
(867)
972
Increase (decrease) in accounts payables, accrued expenses,
deferred contract revenue, and other liabilities
(3,275)
813
Cash used in operating activities
(15,086)
(10,705)
Income tax paid
(34)
(45)
Net cash flows used in operating activities
(15,120)
(10,750)
Investing activities
Purchase of property and equipment
(878)
—
Acquisition of intangible assets
(32)
(46)
Capitalized development costs
(1,960)
(1,445)
Interest received
289
452
Net cash flow used in investing activities
(2,581)
(1,039)
Financing activities
Proceeds from exercise of share options
463
40
Interest paid
(1,348)
(567)
Proceeds from sale of common stock in at-the-market offering,
net of transaction costs
14,496
—
Payments of principal portion of lease liabilities
(569)
(463)
Net cash flow provided by/(used in) financing activities
13,042
(990)
Increase (decrease) in cash and cash equivalents
(4,659)
(12,779)
Effect of exchange differences on cash balances
(238)
1,081
Cash and cash equivalents at beginning of the period
70,289
80,226
Cash and cash equivalents at end of the period
$ 65,392
$ 68,528
SOPHiA GENETICS SA
Reconciliation of IFRS Net Loss to Adjusted EBITDA
(Amounts in USD thousands)
(Unaudited)
Three months ended March 31,
2026
2025
IFRS loss for the period
$ (19,322)
$ (17,385)
Exclude the impact of:
Depreciation
$ 1,079
$ 985
Amortization (3)(4)
1,672
1,312
Interest income
(289)
(450)
Interest expense
1,667
659
Fair value adjustments on warrant obligations
92
38
Foreign exchange losses (gains), net
316
599
Income tax expense
253
503
Share-based compensation expense (1)
3,313
3,835
Social charges related to share-based compensation (7)
1,068
355
Non-cash pension expense (2)
91
86
Transaction costs (5)
168
—
Litigation expenses (6)
689
—
Adjusted EBITDA
$ (9,203)
$ (9,463)
SOPHiA GENETICS SA
Reconciliation of IFRS Revenue Growth to Constant Currency Revenue Growth
(Amounts in USD thousands, except for %)
(Unaudited)
Three months ended March 31,
2026
2025
Growth
IFRS revenue
$ 21,688
$ 17,779
22 %
Current period constant currency impact
(1,482)
—
Constant currency revenue
$ 20,206
$ 17,779
14 %
SOPHiA GENETICS SA
Reconciliation of IFRS to Adjusted Gross Profit and Gross Profit Margin
(Amounts in USD thousands, except percentages)
(Unaudited)
Three months ended March 31,
2026
2025
Revenue
$ 21,688
$ 17,779
Cost of revenue
(6,939)
(5,571)
Gross profit
$ 14,749
$ 12,208
Amortization of capitalized research and development expenses (3)
1,602
1,241
Adjusted gross profit
$ 16,351
$ 13,449
Gross profit margin
68.0 %
68.7 %
Amortization of capitalized research and development expenses (3)
7.4 %
7.0 %
Adjusted gross profit margin
75.4 %
75.7 %
Notes to the Reconciliation of IFRS to Adjusted Financial Measures Tables
SOURCE SOPHiA GENETICS