SomaLogic, Inc.

Good afternoon, and welcome to SomaLogic's first quarter 2023 earnings conference call. At this time, all participants are in a listen-only mode. We will be facilitating a question and answer session towards the end of today's call. As a reminder, this call is being recorded for replay purposes. I would now like to turn the call over to Marissa Veitsch with Gilmartin Group Investor Relations for introductory comments.

Thank you. Today, SelmaLogic released financial results for the quarter ended March 31, 2023. A copy of the press release is available on the company's website. Before we begin, I'd like to remind you that management will make forward-looking statements during this call within the meaning of federal securities laws, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any statements contained in this call that relate to expectations or predictions how future events, results, or performance are forward-looking statements. All forward-looking statements, including without limitation, those relating to our market opportunity, growth margin and future financial performance, protein content and database growth, customer base, diagnostic pipeline, expectations for hiring, and growth in our organization are based upon our current estimates and various assumptions. These statements involve material risks and uncertainties that could cause actual results or events to materially differ from those anticipated or implied by these forward-looking statements. Accordingly, you should not place undue reliance on these statements. For a list and description of the risks and uncertainties associated with our business, please refer to the risk factor section of our latest Form 10-K or 10-Q filed with the Securities and Exchange Commission. This conference call contains time-sensitive information and is accurate only as of the live broadcast today, May 11, 2023. SelmaLogic disclaims any intention or obligation, except as required by law, to update or revise any financial projections or forward-looking statements, whether because of new information, future events, or otherwise. I will now turn the call over to Adam Page, Interim Chief Executive Officer.

Thank you all for joining us this afternoon. It has been a busy six weeks since stepping into the CEO role. There's work to do and decisions to make, but I remain excited to lead SummaLogic into this next phase with a talented and dedicated team. During my portion of the call today, I'll provide a brief overview of our first quarter results and some of my early impressions before turning the line to Sean, our CFO, who will then review our financial results for the first quarter. In our last call, we announced significant changes to the leadership and the board and committed to focusing resources to serve our life sciences customers. The changes are centered around a simple objective, driving accelerated and predictable growth while improving operational rigor and significantly reducing spend. We are leading innovators in the proteomics market, and we know what we need to do to execute on this objective. Revenue for the first quarter was $20.4 million, tracking in line with our full-year outlook. In addition, our expense reduction initiatives are on track, and we continue to actively assess opportunities to take our cost discipline further, reflecting our commitment to running the business efficiently with a focus on disciplined cash management to maintain the strength of our balance sheet. Plenty of work remains ahead, Somalogic is just starting to become a scaled global commercial enterprise. In recent years, the transition has been too slow and the spend too high, and we are focused on fundamentally changing that dynamic. Translating our assets, most importantly, our innovative technology, into sustainable revenue growth requires commercial execution, and as part of that process, thoughtful customer engagement. This takes time and requires some shifts in how we develop and deliver innovation, support, and service across the SomaLogic platform. Today, we are focused on expanding our commercial base, where we saw nice traction over the course of the first quarter. We continue to see ample opportunity to scale our existing customers while we grow and diversify our biopharma engagements across clinical, translational, and early discovery projects. Our operations are currently focused in North America, but we see significant opportunity to expand to new customers domestically and in EMEA and APEC. To this end, we recently announced a key partnership with BioStar, a Shanghai-based leader in life sciences, to support our commercial rollout in China. This builds on our partnership with G42, our first authorized site in the Middle East, which we announced earlier this year. An important contributor to commercial excellence is offering solutions to customers that meet their specific needs. To accomplish this, we are making our platform more accessible, in large part by accelerating our authorized site or kits offering, so that institutions around the world can run the SomaScan assay in their own lab. We expect to double the number of our sites by the end of 2023. We also remain on track with our partnership with Illumina, to deliver the SomaScan assay utilizing Illumina's market-leading install base of next-generation sequencers with the full force of Illumina's commercial team equipped and incentivized to market and sell our proteomics platform. We continue to expect early access to begin in 2024. Bolstering our suite of solutions is our ongoing work to bring more comprehensive, biologically relevant information to customers. As we drive forward in content leadership, we are pleased to reiterate that our SomaScan 10k Plex solution is on track for a fourth quarter rollout. As I mentioned in my opening remarks, our balance sheet and cash position remain a key differentiator for our business, especially in this current market environment. Today, while we remain heads down on operational and commercial execution, The board and I are actively evaluating inorganic opportunities, including those that could fundamentally change our business profile. In closing, six weeks in, I have continued confidence in positioning Somalogic to increase revenue and improve margins while spending less capital. It's a simple statement that requires hard work and discipline, but we are focused on delivering against these objectives and building shareholder value. I will now turn the call to Sean Blakeman, CFO, to review our financial performance and outlook. Thanks, Adam.