SOPH SOPHiA GENETICS SA
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Executive Summary
SOPHiA GENETICS reported Q1 2026 revenue of $21.7 million, up 22% YoY, driven by 16% growth in platform analysis volume and a $1.5 million FX benefit. However, the IFRS net loss widened to $19.3 million (from $17.4 million) as operating expenses grew 13%, including $0.7 million in Guardant litigation costs. The company reaffirmed FY 2026 revenue guidance of $92-$94 million and expects to approach adjusted EBITDA breakeven by end of 2026. The strong top-line growth is offset by deepening losses and ongoing patent litigation risk.
Actionable Insight
Strong 22% revenue growth and improving NDR (117%) signal accelerating commercial momentum, but widening losses and $15.1M quarterly cash burn raise sustainability questions. Monitor the Guardant Health patent litigation outcome in the UK and EU, which could impact MSK-Access liquid biopsy revenue. The $54.9M cloud hosting commitment and $50M debt with SOFR+6.25% interest create fixed cost pressure. The stock may trade on revenue trajectory vs. cash runway; watch Q2 for evidence of operating leverage from the April headcount reduction.
Key Facts
- Q1 2026 revenue: $21.7 million, up 22% YoY from $17.8 million
- IFRS net loss: $19.3 million, up 11% YoY from $17.4 million
- Adjusted EBITDA loss: $9.2 million, improving 3% YoY from $9.5 million
- Platform analysis volume: 107,576, up 16% YoY
- Core genomics customers: 537, up from 490 YoY
- Net dollar retention: 117%, up from 103% YoY
- Cash and cash equivalents: $65.4 million, down from $70.3 million at Dec 31, 2025
- FY 2026 guidance reaffirmed: revenue $92-$94 million, adjusted EBITDA loss $29-$32 million
- Guardant Health patent litigation ongoing; $0.7 million in legal expenses in Q1
- ATM offering raised $14.5 million net proceeds in Q1 2026
Financial Impact
Revenue grew $3.9M YoY, but net loss increased $1.9M. Cash burn from operations was $15.1M in Q1.
Risk Factors
- Guardant Health patent litigation could result in injunctive relief blocking MSK-Access sales in UK/EU
- Cash burn of $15.1M per quarter with $65.4M cash on hand implies ~4 quarters of runway without additional financing
- $54.9M minimum cloud hosting commitment through 2030 creates fixed cost overhang
- Potential loss of FPI status could increase compliance costs and require additional exchange listings
- Interest expense on $50M debt at SOFR+6.25% will increase if rates rise
Market Snapshot
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001840706-26-000177 |
| Document: sophiageneticssaex993q12026.htm | 0001840706-26-000177 |
| Document: sophiageneticssaex992q12026.htm | 0001840706-26-000177 |
| Document: q12026sophiageneticssa6-k.htm | 0001840706-26-000177 |
| Document: 0001840706-26-000177-index-headers.html | 0001840706-26-000177 |
| Document: 0001840706-26-000177-index.html | 0001840706-26-000177 |
| Document: 0001840706-26-000177.txt | 0001840706-26-000177 |
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Jun 4, 2026
5d ago
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6-K
| $4.96 $5.00 | ▲ +0.81% | ▲ +3.40% | $5.28 (+6.45%) |
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Jun 1, 2026
8d ago
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Insider Cluster
| $4.99 $4.94 | ▼ −1.00% | ▼ −1.15% | $5.28 (+5.81%) |
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May 20, 2026
20d ago
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Insider Cluster
| $5.05 $4.88 | ▼ −3.37% | ▼ −3.81% | $5.28 (+4.55%) |
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May 19, 2026
21d ago
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6-K
| $4.68 $4.87 | ▲ +4.06% | ▲ +3.02% | $5.28 (+12.82%) |
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May 8, 2026
4w ago
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6-K
| $5.15 $4.79 | ▼ −6.99% | ▼ −7.22% | $5.28 (+2.52%) |
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May 5, 2026
5w ago
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6-K
| $5.07 $5.02 | ▼ −0.99% | ▼ −2.37% | $5.28 (+4.14%) |
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Apr 14, 2026
8w ago
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Insider Cluster
| $4.96 $5.07 | ▼ −2.22% | ▼ −1.44% | $5.28 (−6.45%) |
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Apr 8, 2026
8w ago
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144
| $4.73 $4.70 | ▼ −0.63% | ▼ −0.57% | $5.28 (+11.63%) |
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Apr 7, 2026
9w ago
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Insider Cluster
| $4.90 $4.86 | ▼ −0.82% | ▼ −3.36% | $5.28 (+7.76%) |
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Apr 6, 2026
9w ago
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Insider Cluster
| $4.95 $4.90 | ▲ +1.01% | ▲ +1.07% | $5.28 (−6.67%) |
US Market Status
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