Boston– SOPHiA GENETICS reported a 27 percent increase in second-quarter revenue and raised its full-year 2026 outlook as demand grew across its U.S., liquid biopsy and biopharma businesses.
Revenue for the quarter ended June 30 increased to $23.3 million.
The company reported a net loss of $22.4 million, unchanged from the same period last year. Its adjusted EBITDA loss narrowed 27 percent to $8.8 million.
Reported gross margin declined to 64.6 percent from 67 percent, while adjusted gross margin decreased to 72.1 percent from 74.4 percent.
“We delivered an outstanding second quarter, growing revenue 27% year over year, while also improving adjusted EBITDA loss by 27%,” said Ross Muken, Chief Executive Officer of SOPHiA GENETICS.
Muken said revenue growth was driven by a 60 percent increase in U.S. analysis volume, 70 percent volume growth in liquid biopsy and accelerating demand from biopharmaceutical customers.
The company raised its full-year revenue forecast to between $94 million and $96 million, representing growth of 22 percent to 24 percent. Its previous forecast called for revenue of $92 million to $94 million.
SOPHiA GENETICS expects an adjusted EBITDA loss of between $29 million and $32 million for the year, compared with a loss of $41.5 million in 2025.
The company performed a record 115,000 analyses through its SOPHiA DDM platform during the quarter, an increase of 22 percent from a year earlier.
Its number of core genomics customers increased to 542 as of June 30 from 490 a year earlier. Net dollar retention rose to 117 percent from 107 percent.
SOPHiA GENETICS signed 24 new core genomics customers during the quarter, which it expects will begin generating revenue over the next 12 months.
New customers included Nova Scotia Health Authority for hematology and oncology applications, DB Diagnósticos in Brazil for rare disease testing and IPO Lisboa in Portugal for hereditary cancer services.
U.S. revenue increased 64 percent from a year earlier, while U.S. analysis volume rose 60 percent.
The company completed customer launches with Geisinger Health System for pharmacogenomics, the University of Illinois Chicago for hematology and oncology, and NYU Langone Health for solid tumor testing.
It also entered a collaboration with Children’s Hospital of Philadelphia to develop a next-generation liquid biopsy application for pediatric cancers.
Liquid biopsy revenue increased 80 percent during the quarter.
SOPHiA GENETICS said 80 customers across more than 30 countries have signed agreements to adopt its MSK-ACCESS liquid biopsy application, with more than half still completing implementation.
The company also announced a memorandum of understanding with Memorial Sloan Kettering Cancer Center to create a joint venture combining the cancer center’s clinical expertise with SOPHiA GENETICS’ AI platform.
The proposed venture would establish an “AI Lab of the Future” to develop precision oncology applications, support biopharmaceutical partners and create multimodal clinical intelligence tools.
SOPHiA GENETICS also signed a multiyear agreement with AstraZeneca to launch two companion diagnostic programs, including a decentralized solid tumor test and a hematological oncology test for patients with blood cancer.
The programs are the first companion diagnostic collaborations in the company’s history.
“As I step into the role of CEO, my focus will be on converting our world-class AI platform, a hard-won global network, and a decade of scientific credibility into accelerating, profitable growth for years to come,” Muken said.
The company raised approximately $57.5 million through an oversubscribed public offering during the second quarter. It ended the period with $107.7 million in cash and cash equivalents.
SOPHiA GENETICS also implemented targeted cost reductions, including a modest decrease in headcount and operating expenses, as it used AI-driven productivity improvements to streamline workflows.
The company said it expects to approach adjusted EBITDA breakeven by the end of 2026 and become adjusted EBITDA positive during the second half of 2027.
