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Singular Genomics Reports Recent Highlights and Second Quarter 2024 Financial Results

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Singular Genomics Systems (Nasdaq: OMIC) reported Q2 2024 financial results and recent highlights. The company recognized revenue of $0.7 million, shipped 2 G4 systems, and advanced development of the G4X Spatial Sequencer. Key financial metrics include:

- Gross profit: -$0.2 million
- Operating expenses: $22.6 million
- Net loss: $21.3 million (-$8.57 per share)
- Cash, equivalents, and short-term investments: $133.2 million

The company launched a Spatial Sequencing Technology Access Services program and opened a Spatial Research Grant award program. Singular Genomics also amended a long-term lease obligation, reducing obligations by approximately $50 million.

Singular Genomics Systems (Nasdaq: OMIC) ha riportato i risultati finanziari del secondo trimestre 2024 e i recenti sviluppi. L'azienda ha registrato entrate pari a 0,7 milioni di dollari, ha spedito 2 sistemi G4 e ha progredito nello sviluppo del Sequenziatore Spatial G4X. I principali indicatori finanziari includono:

- Utile lordo: -0,2 milioni di dollari
- Spese operative: 22,6 milioni di dollari
- Perdite nette: 21,3 milioni di dollari (-8,57 dollari per azione)
- Liquidità, equivalenti e investimenti a breve termine: 133,2 milioni di dollari

L'azienda ha lanciato un programma di accesso ai servizi di tecnologia di sequenziamento spaziale e ha aperto un programma di concessione di borse per la ricerca spaziale. Singular Genomics ha anche modificato un'obbligazione di leasing a lungo termine, riducendo gli obblighi di circa 50 milioni di dollari.

Singular Genomics Systems (Nasdaq: OMIC) informó sobre los resultados financieros del segundo trimestre de 2024 y los últimos acontecimientos. La compañía reconoció ingresos de 0,7 millones de dólares, envió 2 sistemas G4 y avanzó en el desarrollo del Secuenciador Espacial G4X. Los principales indicadores financieros incluyen:

- Ganancia bruta: -0,2 millones de dólares
- Gastos operativos: 22,6 millones de dólares
- Pérdida neta: 21,3 millones de dólares (-8,57 dólares por acción)
- Efectivo, equivalentes e inversiones a corto plazo: 133,2 millones de dólares

La compañía lanzó un programa de acceso a servicios de tecnología de secuenciación espacial y abrió un programa de otorgamiento de subvenciones para investigación espacial. Singular Genomics también modificó una obligación de arrendamiento a largo plazo, reduciendo las obligaciones en aproximadamente 50 millones de dólares.

싱귤러 제노믹스 시스템즈 (Nasdaq: OMIC)는 2024년 2분기 재무 결과 및 최근 사항을 보고했습니다. 회사는 70만 달러의 수익을 인식하고, 2개의 G4 시스템을 배송하며 G4X 공간 시퀀서의 개발을 진전시켰습니다. 주요 재무 지표는 다음과 같습니다:

- 총 이익: -20만 달러
- 운영 비용: 2260만 달러
- 순손실: 2130만 달러 (-주당 8.57달러)
- 현금, 현금성 자산 및 단기 투자: 1억 3320만 달러

회사는 공간 시퀀싱 기술 접근 서비스 프로그램을 시작하고 공간 연구 보조금 수여 프로그램을 개설했습니다. 싱귤러 제노믹스는 또한 장기 임대 의무를 수정하여 약 5000만 달러의 의무를 줄였습니다.

Singular Genomics Systems (Nasdaq: OMIC) a rapporté les résultats financiers du deuxième trimestre 2024 et les faits marquants récents. L'entreprise a reconnu des revenus de 0,7 million de dollars, a expédié 2 systèmes G4 et a avancé dans le développement du séquenceur spatial G4X. Les principaux indicateurs financiers comprennent :

- Bénéfice brut : -0,2 million de dollars
- Dépenses d'exploitation : 22,6 millions de dollars
- Perte nette : 21,3 millions de dollars (-8,57 dollars par action)
- Liquidités, équivalents et investissements à court terme : 133,2 millions de dollars

L'entreprise a lancé un programme d'accès aux services de technologie de séquençage spatial et a ouvert un programme de bourses de recherche spatiale. Singular Genomics a également modifié une obligation de bail à long terme, réduisant les obligations d'environ 50 millions de dollars.

Singular Genomics Systems (Nasdaq: OMIC) berichtete über die finanziellen Ergebnisse des zweiten Quartals 2024 und die neuesten Entwicklungen. Das Unternehmen erzielte Einnahmen von 0,7 Millionen Dollar, lieferte 2 G4-Systeme aus und führte die Entwicklung des G4X Spatial Sequenzierers voran. Wichtige Finanzkennzahlen sind:

- Bruttogewinn: -0,2 Millionen Dollar
- Betriebskosten: 22,6 Millionen Dollar
- Nettoverlust: 21,3 Millionen Dollar (-8,57 Dollar pro Aktie)
- Zahlungsmittel, Zahlungsmitteläquivalente und kurzfristige Investitionen: 133,2 Millionen Dollar

Das Unternehmen startete ein Programm für den Zugang zu Dienstleistungen der räumlichen Sequenzierungstechnologie und eröffnete ein Programm für Forschungsstipendien im Bereich der räumlichen Forschung. Singular Genomics änderte außerdem eine langfristige Mietverpflichtung und reduzierte die Verpflichtungen um etwa 50 Millionen Dollar.

Positive
  • Advanced development of G4X Spatial Sequencer, preparing for early access in late 2024
  • Launched Spatial Sequencing Technology Access Services program
  • Received over 50 applications for Spatial Research Grant award program
  • Reduced long-term lease obligations by approximately $50 million
  • Increased margins on consumable sales
Negative
  • Revenue of only $0.7 million in Q2 2024
  • Negative gross profit of $0.2 million
  • Net loss of $21.3 million
  • Loss per share increased to $8.57 from $10.58 in Q2 2023
  • Discounts on G4 instrument sales impacting gross margin

Insights

Singular Genomics' Q2 2024 results paint a mixed picture. Revenue of $0.7 million is modest, primarily from consumables and one instrument placement. The negative gross profit of $0.2 million is concerning, attributed to discounts and support costs. However, operating expenses decreased to $22.6 million from $27.5 million year-over-year, showing some cost control efforts.

The net loss of $21.3 million ($8.57 per share) improved from $25.6 million last year, but remains substantial. With $133.2 million in cash and investments, the company has a runway to continue operations, but must accelerate revenue growth to achieve profitability. The amended lease obligation, reducing long-term commitments by $50 million, is a positive step towards financial efficiency.

The development of the G4X Spatial Sequencer represents a significant advancement in genomic technology. The commencement of Spatial Sequencing Technology Access Services with a focus on immuno-oncology is particularly noteworthy, as it addresses a critical need in cancer research. The high interest in the Spatial Research Grant program, with over 50 applications from renowned institutions, indicates strong market demand for spatial sequencing capabilities.

However, with only 2 G4 systems shipped in Q2, adoption seems slow. The planned early access to G4X in late 2024 could potentially accelerate market penetration. The company's strategy of offering technology access services before full product launch is shrewd, allowing for real-world validation and refinement of their platform while generating early revenue and market interest.

SAN DIEGO, Aug. 13, 2024 (GLOBE NEWSWIRE) -- Singular Genomics Systems, Inc. (Nasdaq: OMIC), a company leveraging novel next-generation sequencing (NGS) and spatial multiomics technologies to empower researchers and clinicians, today highlighted recent corporate achievements and reported financial results for the second quarter ended June 30, 2024.

“It was another busy and productive quarter for our team as we progressed development of the G4X Spatial Sequencer while supporting our G4 customers,” said Drew Spaventa, Chairman and Chief Executive Officer of Singular Genomics. “The early interest in our Spatial Technology Access Services is an encouraging sign that the unique capabilities and higher sample throughput of the G4X will serve an unmet need in the market.”

G4X Spatial Sequencer Updates

  • Advanced G4X platform development, and are preparing for early access in late 2024
  • Commenced Spatial Sequencing Technology Access Services program with an initial focus on the V1 immuno-oncology panel
  • Opened a Spatial Research Grant award program and received over 50 applications from globally renowned institutions interested in spatial sequencing for various applications

Recent Financial and Operational Highlights

  • Recognized revenue of $0.7 million in the second quarter of 2024
  • Shipped 2 G4 systems in the second quarter of 2024
  • Amended a long-term lease obligation, right sizing the company’s facilities footprint and reducing long-term lease obligations by approximately $50 million

Second Quarter 2024 Financial Results

Revenue for the second quarter of 2024 was $0.7 million, predominantly made up of $0.4 million from revenue recognized on consumables sales and $0.3 million from revenue recognized on one capital purchase instrument placement during the quarter. Revenue from the other instrument shipment occurring during the second quarter is expected to be generated over time as the customer purchases consumables.

Gross profit was negative $0.2 million in the second quarter of 2024, compared to negative $0.1 million in the second quarter of 2023. Gross margin was negative due to discounts on G4 instrument sales, the company’s use of the reagent rental and other non-capital purchase models, and higher costs associated with the support of system placements, partially offset by higher margins on increased consumable sales.

Operating expenses for the second quarter of 2024 totaled $22.6 million, compared to $27.5 million for the second quarter of 2023. Operating expenses included non-cash stock-based compensation of $2.2 million for the second quarter of 2024, and $2.8 million for the second quarter of 2023.

Net loss for the second quarter of 2024 was $21.3 million, or a loss of $8.57 per common share, compared to $25.6 million, or a loss of $10.58 per common share, in the second quarter of 2023.

Cash, cash equivalents and short-term investments, excluding restricted cash, as of June 30, 2024 totaled $133.2 million.

Webcast and Conference Call Details

Singular Genomics’ management team will host a conference call today, August 13, 2024, beginning at 1:30 p.m. Pacific Time / 4:30 p.m. Eastern Time. Investors interested in listening to the conference call may do so by dialing 1-888-506-0062 for domestic callers or 1-973-528-0011 for international callers and using conference ID 661035 approximately five minutes prior to the start time. A live and archived webcast of the event will be available at investor.singulargenomics.com in the Presentations & Events section.

About Singular Genomics Systems, Inc.

Singular Genomics is a life science technology company that develops next-generation sequencing and multiomics technologies. The commercially available G4® Sequencing Platform is a powerful, highly versatile benchtop genomic sequencer designed to produce fast and accurate results. In addition, the company is currently developing the G4X™ Spatial Sequencer, which will leverage Singular’s proprietary sequencing technology, applying it as an in situ readout for transcriptomics, proteomics and fluorescent H&E in tissue, with spatial context and on the same platform as the G4. Singular Genomics’ mission is to empower researchers and clinicians to advance science and medicine. Visit www.singulargenomics.com for more information.

Forward-looking Statements

Certain statements contained in this press release, other than historical information, constitute forward-looking statements within the meaning of the federal securities laws. In some cases, forward-looking statements can be identified by terms such as “anticipates,” “believes,” “could,” “estimates,” “expects,” “foresees,” “forecasts,” “guidance,” “intends” “goals,” “may,” “might,” “outlook,” “plans,” “potential,” “predicts,” “projects,” “seeks,” “should,” “targets,” “will,” “would” or similar expressions and the negatives of those terms. These forward-looking statements are subject to risks, uncertainties, and assumptions. If the risks materialize or assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. Further information on these and additional risks that could affect Singular Genomics’ results is included in its filings with the Securities and Exchange Commission (SEC), including its most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, and future reports that Singular Genomics may file with the SEC from time to time, which could cause actual results to vary from expectations. Any forward-looking statement made by Singular Genomics in this press release speaks only as of the day on which Singular Genomics makes it. Singular Genomics assumes no obligation to, and does not currently intend to, update any such forward-looking statements after the date of this release.

Investor Contact
Philip Trip Taylor
Gilmartin Group
ir@singulargenomics.com  

Media Contact
Matt Browning
pr@singulargenomics.com


Singular Genomics Systems, Inc.

Statements of Operations

(Unaudited)
(In thousands, except share and per share amounts)

 
 Three Months Ended June 30,  Six Months Ended June 30, 
 2024  2023  2024  2023 
            
Revenue$737  $505  $1,180  $1,368 
Cost of revenue 915   597   1,776   1,404 
Gross margin (178)  (92)  (596)  (36)
Operating expenses:           
Research and development 10,728   12,624   22,222   24,854 
Selling, general and administrative 11,898   14,887   26,834   28,091 
Total operating expenses 22,626   27,511   49,056   52,945 
Loss from operations (22,804)  (27,603)  (49,652)  (52,981)
Other income (expense):           
Interest income 1,836   2,295   3,944   4,299 
Interest expense (286)  (270)  (570)  (529)
Total other income 1,550   2,025   3,374   3,770 
Net loss$(21,254) $(25,578) $(46,278) $(49,211)
Net loss per share:           
Basic and diluted net loss per share$(8.57) $(10.58) $(18.72) $(20.44)
Weighted-average shares used to compute basic and diluted net loss per share 2,480,665   2,417,001   2,472,353   2,407,276 


Singular Genomics Systems, Inc.

Balance Sheets

(In thousands, except share and par value amounts)

 
  June 30,  December 31, 
  2024  2023 
  (Unaudited)    
Assets      
Current assets:      
Cash and cash equivalents $30,115  $16,233 
Short-term investments  103,089   157,708 
Accounts receivable  440   565 
Inventory, net  12,442   13,572 
Prepaid expenses and other current assets  2,609   4,150 
Total current assets  148,695   192,228 
Right-of-use lease assets  56,381   57,797 
Property and equipment, net  13,249   13,692 
Restricted cash  600   600 
Other noncurrent assets  1,078   1,150 
Total assets $220,003  $265,467 
       
Liabilities and Stockholders’ Equity      
Current liabilities:      
Accounts payable $1,498  $2,587 
Accrued expenses  4,049   6,079 
Lease liabilities, current  7,065   7,764 
Other current liabilities  4,335   1,857 
Total current liabilities  16,947   18,287 
Lease liabilities, noncurrent  58,370   58,623 
Long-term debt, net of issuance costs  6,355   8,901 
Other noncurrent liabilities  624   650 
Total liabilities  82,296   86,461 
Commitments and contingencies      
Stockholders’ equity:      
Series A common stock equivalent convertible preferred stock, $0.0001 par value; 7,000 shares authorized, 2,500 shares issued and outstanding at June 30, 2024 and December 31, 2023  -   - 
Common stock, $0.0001 par value; 400,000,000 shares authorized, 2,491,619 and 2,460,772 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively  -   7 
Additional paid-in capital  521,654   516,439 
Accumulated other comprehensive (loss) gain  (74)  155 
Accumulated deficit  (383,873)  (337,595)
Total stockholders’ equity  137,707   179,006 
Total liabilities and stockholders’ equity $220,003  $265,467 

FAQ

What was Singular Genomics' (OMIC) revenue for Q2 2024?

Singular Genomics (OMIC) reported revenue of $0.7 million for Q2 2024, primarily consisting of $0.4 million from consumables sales and $0.3 million from one capital purchase instrument placement.

How many G4 systems did Singular Genomics (OMIC) ship in Q2 2024?

Singular Genomics (OMIC) shipped 2 G4 systems in the second quarter of 2024.

What was Singular Genomics' (OMIC) net loss for Q2 2024?

Singular Genomics (OMIC) reported a net loss of $21.3 million, or a loss of $8.57 per common share, for Q2 2024.

What is the G4X Spatial Sequencer that Singular Genomics (OMIC) is developing?

The G4X Spatial Sequencer is a new platform being developed by Singular Genomics (OMIC) for spatial sequencing applications. The company is preparing for early access to this platform in late 2024.

Singular Genomics Systems, Inc.

NASDAQ:OMIC

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50.24M
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60.22%
2.85%
Medical Instruments & Supplies
Laboratory Analytical Instruments
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United States of America
SAN DIEGO