SomaLogic Inc. (SLGC) stock became bullish after hours following the announcement of its partnership with Illumia. On January 05, the company announced the exclusive multi-year partnership for developing sequencing-based proteomic solutions.
Previously, the stock declined by 9.06% in the regular session, at its close of $10.34. After the emergence of the new, SLGC rebounded in the after-hours, recovering most of its loss. Hence, the stock gained 8.32% in the after-hours at $11.20 on Wednesday.
SomaLogic Inc., the data-driven proteomics technology leader has a market capitalization of $2.06 billion. Currently, the company has 181.17 million shares outstanding in the market.
SLGC’s Partnership with Illumina
According to Wednesday’s announcement, SLGC has entered into a global strategic collaboration with Illumina. Illumina is a global technology leader in next-generation gene sequencing. Both the companies will combine their unique expertise and capabilities by combining their genomics and proteomics technology platforms for developing sequencing-based solutions. Consequently, this will fuel and empower proteomics and multi-omics research throughout the world.
According to the CEO of SLGC, Roy Smythe, SomaLogic and Illumina will lead the upcoming era of proteomics.
As per the terms of the collaboration, the companies will:
- Work on developing next-generation sequencing-based proteomics products that are co-exclusive and co-branded.
- Combine the global commercial infrastructure of Illumina and the unique proteomics platform of SLGC for the purpose.
In addition, the financial terms of the partnership agreement have not been disclosed as of yet. Further, the company will be discussing more details of this partnership along with other business updates in its upcoming presentation. The presentation is due at the 40th Annual J.P. Morgan Healthcare Conference on Tuesday, January 11.
Financial Analysis
On November 15, the company declared its financial results for the three months ended September 30, 2021.
Revenue for the third quarter of 2021 was $20.0 million against $14.2 million in the Q3 of 2020. This shows an increase of 40% year over year.
SLGC suffered a net loss of $41.4 million in Q3 of 2020 against $7.5 million in the year-ago quarter. Resultantly, the net loss per basic and diluted share was $0.55 in Q3 of 2021 against $0.12 in the year-ago period.
In Q3 of 2021, the adjusted EBITDA loss was $31.8 million against that of $5.2 million in the third quarter of 2020.
The company ended the third quarter of 2021, with cash, cash equivalents, and short-term investments of $675.7 million.
