Somalogic, Inc. (NASDAQ:SLGC) Q2 2023 Earnings Conference Call August 14, 2023 4:30 PM ET

Company Participants

Marissa Bych - Group Investor Relations

Adam Taich - Interim CEO

Eliot Lurier - Interim CFO

Conference Call Participants

Kyle Mikson - Canaccord Genuity

Daniel Brennan - TD Cowen

Daniel Arias - Stifel, Nicolaus & Company

Brandon Couillard - Jefferies

Operator

Good afternoon, and welcome to SomaLogic's Second Quarter 2023 Earnings Conference Call. [Operator Instructions]. As a reminder, this call is being recorded for replay purposes. I would now like to turn the call over to Marissa Bych with Gil Martin, Group Investor Relations for introductory comments.

Marissa Bych

Great. Thank you. Today, SomaLogic released financial results for the quarter ended June 30, 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 of future events, results or performance are forward-looking statements. All forward-looking statements, including, without limitation, those relating to our market opportunity, gross 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 listing description of the risks and uncertainties associated with our business, please refer to the Risk Factors section of our latest Form 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, August 14, 2023. SomaLogic 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.

And with that, I will now turn the call over to Adam Taich, Interim Chief Executive Officer.

Adam Taich

Good afternoon, and thank you for joining SomaLogic's Second Quarter 2023 Conference Call and my first full quarter since assuming the interim CEO role in late March. From Day 1, my focus has been on bringing consistent commercial execution and operating discipline to the organization with an emphasis on driving revenue while reducing spend. Our results this quarter demonstrate early progress on both of these objectives. Although substantial work remains ahead, we are taking the steps necessary to ensure SomaLogic is in a position to capture a greater share of the growing high-plex proteomics market.