IN BRIEF - Daily Camera

IN BRIEF

BOULDER

Backpacker’s Pantry selects natural foods veteran for CEO role

Backpacker’s Pantry, a trade name used by freeze-dried meals company American Outdoor Products Inc., has hired Duane Primozich as its new CEO.

Primozich has held leadership and advisory positions with a host of Boulder area natural and organic food companies and is co-founder of Boulder-based yerba mate tea brand Pixie Mate and two natural foods-focused investment funds.

“We have known for some time that to realize the full potential of this business and our environmental stewardship efforts we would likely have to seek some help from outside the family. This especially came to light over the past few years as greater demands were placed on AOP due to growth, post-COVID complexities and climate change’s adverse impact on the food industry,” said Ron Smith, owner and founder of American Outdoor Products, said in a prepared statement. “What we would never have dreamed of is that the person we’ve been looking for was our close friend and neighbor, Duane. He is like family and brings a wealth of food and leadership experience to our team.”

Somalogic doubles sales, trims losses in third quarter

After a rocky second quarter, SomaLogic Inc. (Nasdaq: SLGC), a Boulder-based biotechnology company that went public last year in a merger with a special purpose acquisition company, doubled its year-over-year revenue total in the third quarter, trimmed its net losses and is raising its full-year sales guidance.

Third quarter 2022 revenues were $41.7 million, up from $20 million in the same period last year.

Somalogic’s net loss was $32.9 million for the three months ended September 30, or a loss of $0.18 per share, as compared to a loss of $41.4 million, or $0.30 per share, in the corresponding period of 2021, the company reported Monday in its quarterly disclosure.

“I’m proud to share a strong third quarter result with over 45% sequential growth in our core life sciences revenue, driven by our expanding customer base and reach into biopharma. We are pleased to have added more than 50 new customers to our platform over the past 12 months,” Somalogic CEO Roy Smythe said in a prepared statement. “We remain committed to the growth of our core life sciences business and will continue to invest strategically in our global commercial organization to ensure we are well positioned to capitalize on the immense opportunities now and ahead in proteomics. At the same time, we are being judicious with our spend and protecting our strong balance sheet by focusing resources on key life science opportunities that will have the highest impact going forward.”

After lowering its full-year revenue guidance in the second quarter, Somalogic has now raised its expectations to a range of $93 million to $98 million.