SOPHiA GENETICS SA (SOPH)
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SOPHiA GENETICS, based in Rolle, Switzerland, runs SOPHiA DDM, a cloud platform that analyzes genomic data for hospitals and biopharma companies. Revenue rose 19 percent to $77.3 million in 2025 and 22 percent in the first quarter of 2026. Yet the net loss stayed at $79.0 million, exactly where it stood two years earlier, equity fell from $96.5 million to $47.1 million within twelve months, and in June 2026 the company sold 12,104,900 new shares at $4.75. On top of that sit $50 million of secured debt at no less than 10.25 percent and a patent suit from U.S. rival Guardant Health that targets the very region supplying 72 percent of revenue. Not investment advice — just the question of how much runway is left.
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Basics
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Valuation
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AI Rating
Sells AIDas Produkt selbst ist die KI: SOPHiA GENETICS verkauft mit SOPHiA DDM eine Cloud-Plattform, deren Auswertung genomischer und multimodaler Patientendaten laut Jahresbericht 20-F auf eigenen KI- und Machine-Learning-Algorithmen beruht — 2025 waren das 77,3 Mio. US-Dollar Umsatz aus mehr als 391.000 Analysen.
View the full file — quotes, sources, reviewed filings
„We envision a future in which all clinical diagnostic test data is channeled through a decentralized analytics platform that will provide insights powered by large real-world data sets and AI."
Wir stellen uns eine Zukunft vor, in der alle klinischen Diagnosedaten durch eine dezentrale Analyseplattform laufen, die Erkenntnisse liefert — gestützt auf große Datenbestände aus der Versorgungswirklichkeit und auf künstliche Intelligenz.
„In 2022, we unveiled SOPHiA CarePath, a multimodal module on SOPHiA DDM powered by proprietary artificial intelligence and machine learning algorithms, which also incorporates our original radiomics offering."
2022 stellten wir SOPHiA CarePath vor, ein multimodales Modul auf SOPHiA DDM, das von unseren eigenen Algorithmen für künstliche Intelligenz und maschinelles Lernen angetrieben wird und auch unser ursprüngliches Radiomics-Angebot einschließt.
„We use artificial intelligence, generative artificial intelligence, machine learning and similar tools and technologies (collectively, “AI”) in connection with our business, including in our SOPHiA DDM Platform and related solutions, applications, products and services, and may in the future expand our use of AI."
Wir setzen künstliche Intelligenz, generative künstliche Intelligenz, maschinelles Lernen und ähnliche Werkzeuge und Technologien (zusammen „KI“) in unserem Geschäft ein, einschließlich in unserer SOPHiA-DDM-Plattform und den zugehörigen Lösungen, Anwendungen, Produkten und Diensten, und wir könnten unseren KI-Einsatz künftig ausweiten.
„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."
SOPHiA GENETICS (Nasdaq: SOPH) ist ein KI-natives Gesundheitstechnologie-Unternehmen mit dem Ziel, die Patientenversorgung zu verändern, indem es den Zugang zu datengetriebener Medizin weltweit ausweitet.
Filings Reviewed: 20-F 2026-03-03 · 6-K 2026-05-05 · 6-K 2026-03-03 · 6-K 2026-06-04 · 424B5 2026-06-17 · 6-K 2026-06-22
Rated on July 29, 2026 · How the Rating Is Built
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q2 | -0.15 | 40.00 | 16 | 5.00 | -96.10 | -10 | -12 |
| 2024: Q3 | -0.21 | -50.00 | 16 | -2.80 | -116.30 | -7 | -10 |
| 2024: Q4 | -0.12 | 67.60 | 18 | 4.00 | -85.50 | -11 | -13 |
| 2025: Q1 | -0.18 | -28.60 | 18 | 12.70 | -97.80 | -11 | -12 |
| 2025: Q2 | -0.25 | -66.70 | 18 | 15.90 | -122.30 | -8 | -10 |
| 2025: Q3 | -0.20 | 4.80 | 20 | 22.80 | -102.90 | -9 | -9 |
| 2025: Q4 | -0.17 | -42.40 | 22 | 22.40 | -88.40 | -9 | -9 |
| 2026: Q1 | -0.19 | -5.60 | 22 | 22.00 | -89.10 | -16 | -17 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Assessment: Opportunities & Risks
Revenue rose 19 percent to $77.3 million in 2025 and 22 percent to $21.7 million in the first quarter of 2026. Net dollar retention — how much existing customers pay a year later — climbed from 104 percent (2024) to 115 percent (2025) and 117 percent (first quarter of 2026). A record 124 new core genomics customers signed in 2025.
The platform earns on every analysis without running samples or labs: gross margin of 67.4 percent in 2025, or 74.2 percent adjusted — 1.4 percentage points better than 2024, even as the data volume processed grew 40 percent. The decentralized approach is a genuine differentiator against centralized lab service providers.
The net loss of $79.0 million in 2025 matched 2023 exactly (2024: $62.5 million), and adjusted EBITDA deteriorated from $-40.2 million to $-41.5 million. Operations and investing consumed $17.7 million in the first quarter of 2026. The path to adjusted EBITDA breakeven — which management targets for the end of 2026 — remains unproven.
Equity fell from $96.5 million to $47.1 million within twelve months (December 31, 2025) and further to $45.7 million (March 31, 2026), with net tangible book value of just $9.9 million on that date. Against that sit $50.0 million of secured debt at Term SOFR plus 6.25 percent. The cash only holds because shares were sold twice in 2026 — most recently 12.1 million of them at $4.75.
Guardant Health has been suing since July and August 2025 in the United Kingdom and at the Unified Patent Court in Paris over the MSK-ACCESS liquid biopsy test — in the very market that delivered $55.6 million of $77.3 million, or 72 percent, of 2025 revenue. The first instance in Paris went SOPHiA's way on January 23, 2026, but the appeal is live, the U.K. case is pending and no provision has been recorded.
Disclosure is detailed and candid, PricewaterhouseCoopers has audited since 2020, and there is no going concern qualification. But shares outstanding are up roughly 26 percent since the end of 2024, share-based compensation cost $16.2 million in 2025, and the annual general meeting of June 18, 2026 approved up to $17.5 million of variable pay for 2026 — with only 66.02 percent of the shares represented in favor. Ross Muken took over as chief executive on July 1, 2026 from co-founder Jurgi Camblong, who became chairman of the board.
SOPHiA GENETICS is not selling a story but a running platform: 391,000 analyses in 2025, 528 core genomics customers, 19 percent revenue growth and an adjusted gross margin of 74.2 percent. What it cannot yet do is pay for itself. The 2025 net loss of $79.0 million matched 2023, equity halved within a year to $47.1 million, and the cash holds mainly because 12.1 million new shares went out at $4.75 in June 2026. Add $50.0 million of secured debt at no less than 10.25 percent and a Guardant Health patent suit in exactly the region that supplies 72 percent of revenue. Buying here means buying a good product with an open bill. Not investment advice.
- SOPHiA GENETICS did not come to us through one of our screens — on July 29, 2026 the stock appeared in none of them. It came through the filing stream of the U.S. securities regulator, the SEC: the 424B5 prospectus supplement of June 17, 2026 for the share offering. Screen lists are recalculated daily.
- On valuation: we use the last sale price documented in a filing, $4.93 (closing price of June 16, 2026, cited in the prospectus supplement of June 17, 2026), and 83,895,266 shares — roughly $414 million. Fundamental data show a market value of $467 million as of July 28, 2026; the gap of roughly 13 percent reflects the price move over those six weeks and stays within our tolerance. Both anchors are stated with their dates in the text.
- On data sources: SOPHiA GENETICS is registered with the SEC as a foreign private issuer and therefore files an annual report on Form 20-F and interim reports on Form 6-K — a Form 10-Q does not exist. All quarterly figures in this analysis come from the 6-K as of March 31, 2026 and its exhibits; accounting is IFRS in U.S. dollars even though the company is based in Switzerland.
- Do not confuse the two loss figures: adjusted EBITDA is no side show here. For 2025 the reconciliation strips out $16.2 million of share-based compensation, $9.5 million of depreciation and amortization ($4.0 million on property and equipment, $5.6 million on intangibles) and $2.4 million of litigation expense, among other items. That turns an IFRS loss of $79.0 million into $41.5 million. Both numbers are correct, but only the first one contains the dilution existing shareholders actually bear.
About the Company
SOPHiA GENETICS SA operates as a cloud-native software technology company in the healthcare space. It offers SOPHiA DDM platform, a cloud-native software platform for analyzing data and generating insights from multimodal data sets and diagnostic modalities. Its SOPHiA DDM platform and related solutions, applications, products, and services are used by hospitals, laboratories, and biopharmaceutical companies through its own sales force as well as distributors and industry collaborators in Switzerland, France, Italy, rest of Europe, North America, the United States, Latin America, and the Asia-pacific. The company has a partnership with Synnovis to bring blood-based cancer testing to patients in the United Kingdom. The company was incorporated in 2011 and is based in Rolle, Switzerland.
| IPO Year | 2021 |
|---|
Chart
Interactive price chart (TradingView).
Data as of: July 29, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.