SomaLogic reported Thursday after the close of the market that its first quarter 2022 revenues grew 22 percent year over year, driven by assay services.

For the three months ended March 31, the Boulder, Colorado-based company posted revenues of $23.0 million, up from $18.9 million in the year-ago period, missing the consensus Wall Street estimate of $23.2 million.

Assay services revenue was $18.8 million, up from $14.6 million in Q1 2021. Product revenue was $453,000, more than double the $193,000 reported in Q1 2021. Collaboration revenue was flat at $763,000.

SomaLogic’s net loss during the quarter was $4.0 million, or $.02 per share, compared to a net loss of $9.5 million, or $.08 per share, in Q1 2021, beating the consensus Wall Street estimate of a $.16 loss per share. The firm used approximately 182.1 million weighted-average shares to calculate per-share loss for the quarter compared to about 114.5 million weighted-average shares in the year-ago period.

The company’s R&D expenses rose to $13.8 million, up 70 percent from $8.1 million a year ago. SG&A expenses were $30.8 million, more than double the $12.8 million reported a year ago. The increase in operating expenses was driven by “investments we are making to enable our growth acceleration initiatives,” the firm said in a statement.

SomaLogic ended the quarter with $438.1 million in cash and cash equivalents, and $209.8 million in short-term investments.

The company maintained its guidance for full-year 2022 revenues in the range of $105 million to $110 million, or between 29 percent and 35 percent growth.

In September, SomaLogic completed a merger with a special purpose acquisition company in a move that raised $630 million in gross proceeds and took it public.

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