Exhibit 99.1
Index to Consolidated Financial Statements
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SOPHiA GENETICS SA
Unaudited Interim Condensed Consolidated Financial Statements
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SOPHiA GENETICS SA, Rolle
Interim Condensed Consolidated Statements of Loss
(Amounts in USD thousands, except per share data)
(Unaudited)
Three months ended June 30,Six months ended June 30,
Notes    2023202220232022
Revenue5$15,054 $11,667 $29,020 $22,528 
Cost of revenue(5,007)(4,047)(9,279)(8,197)
Gross profit10,047 7,620 19,741 14,331 
Research and development costs(8,891)(8,990)(18,225)(18,465)
Selling and marketing costs(7,203)(8,235)(13,627)(16,099)
General and administrative costs(14,041)(14,697)(27,283)(29,078)
Other operating income, net41 223 60 211 
Operating loss(20,047)(24,079)(39,334)(49,100)
Finance expense, net(1,276)(608)(1,582)(841)
Loss before income taxes(21,323)(24,687)(40,916)(49,941)
Income tax (expense) benefit(73)6 (180)(227)
Loss for the period$(21,396)$(24,681)$(41,096)$(50,168)
Attributable to the owners of the parent$(21,396)$(24,681)$(41,096)$(50,168)
Basic and diluted loss per share7$(0.33)$(0.39)$(0.64)$(0.78)
The notes form an integral part of these unaudited interim condensed consolidated financial statements.


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SOPHiA GENETICS SA, Rolle
Interim Condensed Consolidated Statements of Comprehensive Loss
(Amounts in USD thousands)
(Unaudited)
Three months ended June 30,Six months ended June 30,
2023202220232022
Loss for the period$(21,396)$(24,681)$(41,096)$(50,168)
Other comprehensive income (loss):
Items that may be reclassified to statement of loss (net of tax)
Currency translation differences3,680 (5,028)5,651 (6,989)
Total items that may be reclassified to statement of loss3,680 (5,028)5,651 (6,989)
Items that will not be reclassified to statement of loss (net of tax)
Remeasurement of defined benefit plans(226)1,336 (296)1,764 
Total items that will not be reclassified to statement of loss(226)1,336 (296)1,764 
Other comprehensive income (loss) for the period$3,454 $(3,692)$5,355 $(5,225)
Total comprehensive loss for the period$(17,942)$(28,373)$(35,741)$(55,393)
Attributable to owners of the parent$(17,942)$(28,373)$(35,741)$(55,393)
The notes form an integral part of these unaudited interim condensed consolidated financial statements.
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SOPHiA GENETICS SA, Rolle
Interim Condensed Consolidated Balance Sheets
(Amounts in USD thousands)
(Unaudited)
Notes    June 30, 2023    December 31, 2022
Assets
Current assets  
Cash and cash equivalents$148,552 $161,305 
Term deposits— 17,307 
Accounts receivable5,69,847 6,649 
Inventory5,458 5,156 
Prepaids and other current assets4,708 5,838 
Total current assets168,565 196,255 
Non-current assets
Property and equipment7,685 7,129 
Intangible assets22,818 19,963 
Right-of-use assets816,347 14,268 
Deferred tax assets1,964 1,940 
Other non-current assets5,824 4,283 
Total non-current assets54,638 47,583 
Total assets$223,203 $243,838 
Liabilities and equity
Current liabilities
Accounts payable$6,553 $6,181 
Accrued expenses13,795 14,505 
Deferred contract revenue7,734 3,434 
Lease liabilities, current portion83,466 2,690 
Total current liabilities31,548 26,810 
Non-current liabilities
Lease liabilities, net of current portion816,358 14,053 
Defined benefit pension liabilities3,420 2,675 
Other non-current liabilities175 170 
Total non-current liabilities19,953 16,898 
Total liabilities51,501 43,708 
Equity
Share capital4,048 3,464 
Share premium471,827 471,623 
Treasury shares(657)(117)
Other reserves36,383 23,963 
Accumulated deficit(339,899)(298,803)
Total equity171,702 200,130 
Total liabilities and equity$223,203 $243,838 
The notes form an integral part of these unaudited interim condensed consolidated financial statements.
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SOPHiA GENETICS SA, Rolle
Interim Condensed Consolidated Statements of Changes in Equity
(Amounts in USD thousands)
(Unaudited)

ShareShareTreasuryOtherAccumulated
Notes    capital    premium    sharesreserves    deficit    Total
As of January 1, 2023 $3,464 $471,623 $(117)$23,963 $(298,803) $200,130 
Loss for the period — — — — (41,096)(41,096)
Other comprehensive income— — — 5,355 — 5,355 
Total comprehensive income— — — 5,355 (41,096)(35,741)
Share-based compensation10— — — 7,106 — 7,106 
Transactions with owners
Vesting of restricted stock units— — 41 (41)— — 
Issuance of shares to be held as treasury shares584 — (584)— — — 
Exercise of share options— 204 3 — — 207 
As of June 30, 2023 $4,048  $471,827  $(657)$36,383 $(339,899) $171,702 
ShareShareTreasuryOtherAccumulated
NotescapitalpremiumSharesreservesdeficitTotal
Balance as of April 1, 2023 $3,464 $471,771 $(112)$28,292 $(318,503) $184,912 
Loss for the period— — — — (21,396)(21,396)
Other comprehensive income— — — 3,454 — 3,454 
Total comprehensive income— — — 3,454 (21,396)(17,942)
Share-based compensation10— — — 4,676 — 4,676 
Transactions with owners
Vesting of restricted stock units— — 39 (39)— — 
Issuance of shares to be held as treasury shares584 — (584)— — — 
Exercise of share options— 56 — — — 56 
As of June 30, 2023 $4,048  $471,827  $(657)$36,383 $(339,899) $171,702 






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ShareShareTreasuryOtherAccumulated
NotescapitalpremiumSharesreservesdeficitTotal
As of January 1, 2022 $3,328 $470,887 $— $12,539 $(211,354) $275,400 
Loss for the period— — — — (50,168)(50,168)
Other comprehensive loss— — — (5,225)— (5,225)
Total comprehensive loss— — — (5,225)(50,168)(55,393)
Share-based compensation10— — — 7,360 — 7,360 
Transactions with owners
Vesting of restricted stock units— — 3 (3)— — 
Issuance of shares to be held as treasury shares136 — (136)— — — 
Exercise of share options— 736 12 — — 748 
As of June 30, 2022 $3,464 $471,623 $(121)$14,671 $(261,522)$228,115 

ShareShareTreasuryOtherAccumulated
NotescapitalpremiumSharesreservesdeficitTotal
Balance as of April 1, 2022 $3,464 $470,943 $(133)$14,477 $(236,841)$251,910 
Loss for the period— — — — (24,681)(24,681)
Other comprehensive loss— — — (3,692)— (3,692)
Total comprehensive loss— — — (3,692)(24,681)(28,373)
Share-based compensation10— — — 3,889 — 3,889 
Transactions with owners
Vesting of restricted stock units— — 3 (3)— — 
Exercise of share options— 680 9 — — 689 
As of June 30, 2022 $3,464 $471,623 $(121)$14,671 $(261,522)$228,115 
The notes form an integral part of these unaudited interim condensed consolidated financial statements.
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SOPHiA GENETICS SA, Rolle
Interim Condensed Consolidated Statements of Cash Flows
(Amounts in USD thousands)
(Unaudited)
Six months ended June 30,
Notes20232022
Operating activities  
Loss before tax$(40,916)$(49,941)
Adjustments for non-monetary items
Depreciation2,873 1,778 
Amortization1,281 797 
Finance expense, net1,394 219 
Expected credit loss allowance6123 158 
Share-based compensation107,106 7,360 
Movements in provisions and pensions478 386 
Research tax credit(600)(732)
Working capital changes
Increase in accounts receivable(834)(791)
(Increase) Decrease in prepaids and other assets(1,061)474 
Increase in inventory(268)(284)
Increase in accounts payables, accrued expenses, deferred contract revenue, and other liabilities3,749 3,543 
Cash used in operating activities(26,675)(37,033)
Income tax paid(676)— 
Interest paid(5)(67)
Interest received2,243 155 
Net cash flows used in operating activities(25,113)(36,945)
Investing activities
Purchase of property and equipment(1,246)(1,266)
Acquisition of intangible assets(788)(1,009)
Capitalized development costs(2,842)(2,774)
Proceeds upon maturity of term deposits17,546 42,337 
Purchase of term deposits— (10,585)
Net cash flow provided from investing activities12,670 26,703 
Financing activities
Proceeds from exercise of share options207 759 
Payments of principal portion of lease liabilities(1,761)(938)
Net cash flow used in financing activities(1,554)(179)
Decrease in cash and cash equivalents(13,997)(10,421)
Effect of exchange differences on cash balances1,244 (3,640)
Cash and cash equivalents at beginning of the year161,305 192,962 
Cash and cash equivalents at end of the period$148,552 $178,901 
The notes form an integral part of these unaudited interim condensed consolidated financial statements.
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SOPHiA GENETICS SA, Rolle
Notes to the Unaudited Interim Condensed
Consolidated Financial Statements
1. Company information
General information
SOPHiA GENETICS SA and its consolidated subsidiaries (NASDAQ: SOPH) (“the Company”) is a cloud-native software company in the healthcare space, incorporated on March 18, 2011, and headquartered in Rolle, Switzerland. The Company is dedicated to establishing the practice of data-driven medicine as the standard of care in health care and for life sciences research. The Company has built a software platform capable of analyzing data and generating insights from complex multimodal datasets and different diagnostic modalities. This platform, commercialized as “SOPHiA DDM TM,” standardizes, computes and analyzes digital health data and is used in decentralized locations to break down data silos. The Company collectively refers to SOPHiA DDM TM Platform and related products and solutions as “SOPHiA DDM Platform.”
On June 26, 2023, during the Company’s Annual General Meeting, the move of the statutory seat from Saint-Sulpice, Canton Vaud, Switzerland to Rolle, Canton Vaud, Switzerland was approved.
As of June 30, 2023, the Company had the following wholly owned subsidiaries:
Name Country of domicile
SOPHiA GENETICS S.A.S. France
SOPHiA GENETICS LTD UK
SOPHiA GENETICS, Inc. USA
SOPHiA GENETICS Intermediação de Negócios LTDA Brazil
SOPHiA GENETICS PTY LTDAustralia
SOPHiA GENETICS S.R.L. Italy
All intercompany transactions and balances have been eliminated in consolidation.
The Company’s Board of Directors approved the issue of the unaudited interim condensed consolidated financial statements on August 8, 2023.
Basis of preparation
Compliance with International Financial Reporting Standards
These unaudited interim condensed consolidated financial statements, as of and for the three months and six months ended June 30, 2023, of the Company have been prepared in accordance with International Accounting Standard (“IAS”) 34, Interim Financial Reporting (“IAS 34”) as issued by the International Accounting Standards Board (“IASB”) and should be read in conjunction with the audited consolidated financial statements as of and for the year ended December 31, 2022.
Accounting policies
The significant accounting policies adopted in the preparation of these unaudited interim condensed consolidated financial statements are the same as those applied in the Company’s annual consolidated financial statements as of and for the year ended December 31, 2022, and have been consistently applied, unless otherwise stated. Where expense is definitively calculated only on an annual basis, as is the case for income taxes and pension costs, appropriate estimates are made for interim reporting periods.
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Income tax expense
Taxes on income in the interim periods are accrued using the tax rates that would be applicable to the expected annual profit or loss of each of the Company entities.
Post-employment defined benefit plan expense
Post-employment defined benefit plan expense in interim reporting periods is recognized on the basis of the current year cost estimate made by the actuaries in their annual report as of the end of the preceding year. Potential remeasurement gains or losses from the defined benefits plan are estimated based on the relevant indexes at the end of the reporting period and recorded in the Company’s statements of comprehensive loss.
Designated cash
In July 2021, the Company designated $30 million to a separate bank account to be used exclusively to settle potential liabilities arising from claims against Directors and Officers covered under the Company’s Directors and Officers Insurances Policy (“D&O Policy”). Setting up the designated account has significantly reduced the premiums associated with the D&O Policy. In June 2023, the Company approved the reduction of the designated cash amount from $30 million to $15 million as a result of the Company’s updated D&O policy. The updated D&O policy and reduction of designated cash are effective in July 2023. The Company expects to continue to designate this cash balance for this sole use under the current and updated D&O Policy.
Recent new accounting standards, amendments to standards, and interpretations
New standards, amendments to standards, and interpretations issued recently effective
There are no new IFRS standards, amendments or interpretations that are mandatory as of January 1, 2023 that are relevant to the Company.
New standards, amendments to standards, and interpretations issued not yet effective
In January 2020, IASB issued amendments to paragraphs 69 to 76 of IAS 1, Presentation of Financial Statements (“IAS 1”), to specify the requirements for classifying liabilities as current or non-current, effective for annual reporting periods beginning on or after January 1, 2024. The Company expects the amendment to have an immaterial impact on the financial statements.
There are no other IFRS or IFRS Interpretations Committee interpretations that are not yet effective and that could have a material impact to the interim condensed consolidated financial statements.
Critical estimates and judgement
The preparation of the unaudited interim condensed consolidated financial statements in conformity with IAS 34 requires management to make judgements, estimates and assumptions. Information regarding accounting areas where such judgements, estimates and assumptions are of particular significance is set out in the annual financial statements under “Critical estimates and judgements”.
Going concern basis
These unaudited interim condensed consolidated financial statements have been prepared on a going concern basis.
Translation of foreign currency
Items included in the financial statements of each of the Company’s entities are measured using the currency of the primary economic environment in which the entity operates (“functional currency”). The Company’s reporting currency of the Company’s consolidated financial statements is the United States Dollar (“USD”). Assets and liabilities denominated in foreign currencies are translated at the month-end spot exchange rates, income statement accounts are translated at average rates of exchange for the period presented, and equity is
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translated at historical exchange rates. Any translation gains or losses are recorded in other comprehensive income (loss). Gains or losses resulting from foreign currency transactions are included in net income.
Historical cost convention
The financial statements have been prepared on a historical cost basis except for certain assets and liabilities, which are carried at fair value.
Issued share capital
As of June 30, 2023, the Company had issued 76,898,164 shares, of which 65,032,799 are outstanding, and 11,865,365 are held by the Company as treasury shares. As of June 30, 2022, the Company had issued 66,453,719 shares, of which 64,153,719 are outstanding, and 2,300,000 were held by the Company as treasury shares.
Treasury shares
During the first quarter of 2022, the Company issued 2,540,560 common share options to SOPHiA GENETICS LTD pursuant to a share delivery and repurchase agreement, which were immediately exercised, and repurchased the shares to hold as treasury shares for the purposes of administering the Company's equity incentive programs. During the second quarter of 2023, the Company issued 10,500,000 common share options to SOPHiA GENETICS LTD pursuant to a share delivery and repurchase agreement, which were immediately exercised, and repurchased the shares to hold as treasury shares. As of June 30, 2023, the Company held 11,865,365 treasury shares. As of June 30, 2022, the Company held 2,300,000 treasury shares.
Treasury shares are recognized at acquisition cost and recorded as treasury shares at the time of the transaction. Upon exercise of share options or vesting of restricted stock units, the treasury shares are subsequently transferred. Any consideration received is included in shareholders’ equity.
2. Fair Value
As of June 30, 2023, the carrying amount was a reasonable approximation of fair value for the following financial assets and liabilities:
Financial assets
•Cash and cash equivalents
•Term deposits
•Accounts receivable
•Other non-current assets—lease deposits and lease receivable
Financial liabilities
•Accounts payable
•Accrued liabilities
In the three months ended June 30, 2023, there were no significant changes in the business or economic circumstances that affected the fair value of the Company’s financial assets and financial liabilities.
3. Financial Risk Management
In the course of its business, the Company is exposed to a number of financial risks including credit and counterparty risk, funding and liquidity risk and market risk (i.e. foreign currency risk and interest rate risk). The unaudited interim condensed consolidated financial statements do not include all financial risk management information and disclosures required in the annual financial statements and should be read in conjunction with the Company’s consolidated financial statements as of December 31, 2022. There have been no significant changes in financial risk management since year-end.
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4. Segment Reporting
The Company operates in a single operating segment. The Company’s financial information is reviewed, and its performance assessed as a single segment by the senior management team led by the Chief Executive Officer (“CEO”), the Company’s Chief Operating Decision Maker (“CODM”).

5. Revenue

Disaggregated revenue

When disaggregating revenue, the Company considered all of the economic factors that may affect its revenues. The Company assess its revenues by four geographic regions Europe, the Middle East, and Africa (“EMEA”); North America (“NORAM”); Latin America (“LATAM”); and Asia-Pacific (“APAC”). The following tables disaggregate the Company's revenue from contracts with customers by geographic market (in USD thousands):

Three months ended June 30,Six months ended June 30,
2023202220232022
EMEA$10,784 $8,541 $20,890 $16,616 
NORAM2,487 1,558 4,664 3,193 
LATAM937 687 1,913 1,360 
APAC846 881 1,553 1,359 
Total revenue$15,054 $11,667 $29,020 $22,528 

Revenue streams
The Company’s revenue from contracts with customers has been allocated to the revenue streams indicated in the table below (in USD thousands):

Three months ended June 30,Six months ended June 30,
2023202220232022
SOPHiA DDM Platform$14,587 $11,223 $28,336 $21,653 
Workflow equipment and services467 444 684 875 
Total revenue$15,054 $11,667 $29,020 $22,528 
Contract assets and liabilities
The timing of revenue recognition and billings can result in accrued contract revenue, which are presented within accounts receivable in the unaudited interim condensed consolidated balance sheet.
Accrued contract revenue
Accrued contract revenue is related to unbilled revenue for which performance obligations are satisfied prior to being due and are recorded in accounts receivable. As of June 30, 2023, and December 31, 2022, accrued contract revenue was $4.0 million and $1.5 million, respectively. The Company recorded no loss allowance related to the accrued contract revenue as of June 30, 2023 and December 31, 2022.
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6. Accounts receivable
The following table presents the accounts receivable and lease receivable less the expected credit loss (in USD thousands):
June 30, 2023December 31, 2022
Accounts receivable$6,898 $6,060 
Accrued contract revenue4,003 1,499 
Lease receivable158 185 
Allowance for expected credit losses(1,212)(1,095)
Net accounts receivable$9,847 $6,649 
The Company records increases to, reversals of, and write-offs of the allowance for expected credit losses as “Selling and Marketing” expenses within its interim condensed consolidated statements of profit and loss. The following table provides a rollforward of the allowance for expected credit losses for the six months ended June 30, 2023 and 2022, that is deducted from the amortized cost basis of accounts receivable to present the net amount expected to be collected (in USD thousands):
20232022
As of January 1$1,095 $1,676 
Increase786 280 
Reversals(665)(128)
Write-off(51)— 
Currency translation differences47 (76)
As of June 30$1,212 $1,752 

As of June 30, 2023 and December 31, 2022, the Company’s largest customer’s balance represented 9% and 15% of accounts receivable, respectively. All customer balances that individually exceeded 1% of accounts receivable in aggregate amounted to $4.3 million and $5.4 million as of June 30, 2023 and December 31, 2022, respectively.
7. Loss per share
The Company’s shares are comprised of ordinary shares. Each share has a nominal value of $0.05 (CHF 0.05). The basic loss per share is calculated by dividing the net loss attributable to shareholders by the weighted average number of shares in issue during the period excluding treasury shares, which are shares owned by the Company. The table presents the loss for the three and six months ended June 30, 2023 and 2022, respectively (in USD thousands, except shares and loss per share):
Three months ended June 30,Six months ended June 30,
2023202220232022
Net loss attributed to shareholders$(21,396)$(24,681)$(41,096)$(50,168)
Weighted average number of shares in issue64,498,686 64,089,566 64,371,485 63,991,145 
Basic and diluted loss per share$(0.33)$(0.39)$(0.64)$(0.78)
For the three and six months ended June 30, 2023 and 2022, the potential impact, on the calculation of loss per share, of the existing potential ordinary shares related to the share option plans is not presented, as the impact would be to dilute a loss, which causes them to be deemed “non-dilutive” for the purposes of the required disclosure.
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8. Leases
Rolle office
On January 25, 2022, the Company entered into an amendment to the lease for office space in Rolle, Switzerland. The amendment provides the Company with an additional floor of approximately 21,258 square feet with lease commencement initiating on April 1, 2022. Upon commencement of the lease, the Company recorded a right-of-use asset of $4.5 million and a lease liability of $4.5 million.

On June 1, 2023, the Company entered into a 108-month lease for office space in Bidart, France primarily to support the expansion of the research and development department. The lease in total is for approximately
13,509 square feet. Upon commencement of the lease, the Company recorded a right-of-use asset of $2.3 million and a lease liability of $2.3 million. The expected lease commitments resulting from this contract are $0.1 million in 2023 and $0.3 million from 2024 onward.
9. Borrowings
Revolving credit facility
On June 21, 2022 the Company entered into a credit agreement (“the Credit Facility”) with Credit Suisse SA for up to CHF 5.0 million. Borrowings under the credit facility will bear interest at a rate to be established between the Company and Credit Suisse SA at the time of each draw down. Borrowings under the Credit Facility have no restrictions related to its use. As of June 30, 2023, the Company had no borrowings outstanding under the Credit Facility.
10. Share-based compensation
Stock Options
Share-based compensation expense for all stock awards consists of the following (in USD thousands):

Three months ended June 30,Six months ended June 30,
2023    2022    20232022
Research and development$1,010 $755 $1,557 $1,140 
Sales and marketing496 378 378 768 
General and administrative3,170 2,756 5,171 5,452 
Total$4,676 $3,889 7,106 7,360 
11. Related party transactions
Related parties comprise the Company’s executive officers and directors, including their affiliates, and any person that directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control of, the Company.
Key management personnel are comprised of six Executive Officers and Directors and seven Non-Executive Directors as of June 30, 2023. Key management personnel were comprised of six Executive Officers and Directors and seven Non-Executive Directors as of June 30, 2022.
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Compensation for key management and non-executive directors recognized during the periods comprised (in USD thousands):
Three months ended June 30,Six months ended June 30,
2023202220232022
Salaries and other short-term employee benefits$1,116 $533 $1,667 $1,086 
Pension costs64 49 116 99 
Share-based compensation expense3,076 2,491 4,796 4,760 
Other compensation86 80 202 153 
Total$4,342 $3,153 $6,781 $6,098 
12. Events after the reporting date

The Company has evaluated, for potential recognition and disclosure, events that occurred prior to the date at which the unaudited interim condensed consolidated financial statements were approved to be issued. There were no material subsequent events.
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