NEW YORK & BOULDER, Colo.– CM Life Sciences II (NASDAQ: CMIIU) and SomaLogic, Inc. (“SomaLogic” or the “Company”), a leader in AI-data driven proteomics technology, today announced that with the approach of the business combination closing, the Company expects projected financial results to be above the previous projections disclosed on March 29, 2021. Full year 2021 revenue is expected to exceed previous full year projections of $66.7 million by 10% or higher. Full year 2021 gross margins are expected to be more than 500 basis points ahead of previously provided full year projections of 51%.
“I am beyond pleased with our performance in the first half of 2021 in which we exceeded our expectations with stronger revenue, better gross margins, faster commercial team ramp, and above-plan clinical partnerships,” said Roy Smythe, M.D., SomaLogic’s Chief Executive Officer. “Given the objective signals of our progress to date, coupled with our confidence in the back half of the year, we now expect full year 2021 revenue and gross margin to be above our previously provided projections.”
“As we transition to a public company, we recognize that visibility into these types of business metrics adds to investors’ and stakeholders’ confidence in both our near term prospects as well as our long term robust trajectory. We are confident that our momentum will continue into 2022, positioning SomaLogic well for long term growth and success. We look forward to providing a more detailed update at our inaugural investor event later in 2021.”
SomaLogic, Inc. expects the business combination with CM Life Sciences II to result in a proforma cash balance, net of transaction expenses, of approximately $685 million (comprised of existing cash on hand at closing, a $375 million PIPE and approximately $275 million in cash from the trust assuming no redemptions). This offers significant financial flexibility for the Company to invest in expanded strategic priorities and pursue both organic and inorganic opportunities to drive strong multi-year growth.
“It was clear from our first engagement that SomaLogic had a differentiated technology platform and would benefit from capital and strategic support to ignite tremendous commercial growth. The recent performance is exceptional and confirms our early view,” said Eli Casdin, CEO of CM Life Sciences II. “With the large infusion of capital and an expanded board of directors comprised of world class industry leaders, the Company is uniquely positioned to deliver on the power of proteomics.”
Today’s update follows the joint release from CM Life Sciences II (NASDAQ: CMIIU) and SomaLogic, Inc. on August 16, 2021, announcing that the registration statement for their business combination has been declared effective by the US Securities Exchange Commission (“SEC”), with a CM Life Sciences II special meeting date set for August 31, 2021 for shareholders of record as of July 2, 2021 and the transaction expected to close promptly thereafter.
