Singular Genomics Reports Recent Updates and Third Quarter 2024 Financial Results
Singular Genomics Systems (Nasdaq: OMIC) reported Q3 2024 financial results with revenue of $0.4 million, primarily from consumables sales. The company shipped two G4 systems and the first G4X Early Access instrument. Net loss was $16.8 million ($6.72 per share), compared to $22.4 million ($9.25 per share) in Q3 2023. Operating expenses decreased to $17.8 million from $24.5 million year-over-year. The company ended the quarter with $113.8 million in cash and investments. Gross profit was negative $0.3 million, impacted by reagent rental placements and system support costs.
Singular Genomics Systems (Nasdaq: OMIC) ha riportato i risultati finanziari del terzo trimestre 2024 con ricavi pari a 0,4 milioni di dollari, principalmente derivati dalla vendita di consumabili. L'azienda ha spedito due sistemi G4 e il primo strumento G4X in Accesso Anticipato. La perdita netta è stata di 16,8 milioni di dollari (6,72 dollari per azione), rispetto ai 22,4 milioni di dollari (9,25 dollari per azione) del terzo trimestre 2023. Le spese operative sono diminuite a 17,8 milioni di dollari rispetto ai 24,5 milioni di dollari dell'anno precedente. L'azienda ha chiuso il trimestre con 113,8 milioni di dollari in contante e investimenti. Il profitto lordo è stato negativo per 0,3 milioni di dollari, influenzato dall'affitto dei reagenti e dai costi di supporto ai sistemi.
Singular Genomics Systems (Nasdaq: OMIC) reportó los resultados financieros del tercer trimestre de 2024 con ingresos de 0,4 millones de dólares, principalmente de las ventas de consumibles. La empresa envió dos sistemas G4 y el primer instrumento G4X de Acceso Anticipado. La pérdida neta fue de 16,8 millones de dólares (6,72 dólares por acción), en comparación con 22,4 millones de dólares (9,25 dólares por acción) en el tercer trimestre de 2023. Los gastos operativos disminuyeron a 17,8 millones de dólares desde 24,5 millones de dólares interanualmente. La empresa terminó el trimestre con 113,8 millones de dólares en efectivo e inversiones. La ganancia bruta fue negativa en 0,3 millones de dólares, afectada por el alquiler de reactivos y los costos de soporte del sistema.
싱귤러 제노믹스 시스템즈 (Nasdaq: OMIC)은 2024년 3분기 재무 결과를 보고했으며, 수익은 40만 달러로 주로 소모품 판매에서 발생했습니다. 회사는 두 대의 G4 시스템과 첫 번째 G4X 얼리 액세스 기기를 배송했습니다. 순손실은 1,680만 달러 (주당 6.72 달러)로, 2023년 3분기 2,240만 달러 (주당 9.25 달러)에 비해 감소했습니다. 운영 비용은 전년 대비 1,780만 달러로 줄어들었습니다. 회사는 분기를 1억 1,380만 달러의 현금 및 투자로 마감했습니다. 총 이익은 리간트 임대와 시스템 지원 비용의 영향을 받아 (-30만 달러)로 나타났습니다.
Singular Genomics Systems (Nasdaq: OMIC) a annoncé les résultats financiers du troisième trimestre 2024 avec des revenus de 0,4 million de dollars, tirés principalement des ventes de consommables. L'entreprise a expédié deux systèmes G4 et le premier instrument G4X en Accès Anticipé. La perte nette s'est élevée à 16,8 millions de dollars (6,72 dollars par action), contre 22,4 millions de dollars (9,25 dollars par action) au troisième trimestre 2023. Les dépenses d'exploitation ont diminué à 17,8 millions de dollars par rapport à 24,5 millions de dollars l'année précédente. L'entreprise a terminé le trimestre avec 113,8 millions de dollars en liquidités et investissements. Le bénéfice brut a été négatif de 0,3 million de dollars, impacté par les coûts de location de réactifs et de support système.
Singular Genomics Systems (Nasdaq: OMIC) berichtete über die finanziellen Ergebnisse des dritten Quartals 2024 mit Einnahmen von 0,4 Millionen US-Dollar, hauptsächlich aus dem Verkauf von Verbrauchsmaterialien. Das Unternehmen lieferte zwei G4-Systeme und das erste G4X Early Access-Gerät aus. Der Nettoverlust betrug 16,8 Millionen US-Dollar (6,72 US-Dollar pro Aktie), verglichen mit 22,4 Millionen US-Dollar (9,25 US-Dollar pro Aktie) im dritten Quartal 2023. Die Betriebskosten sanken von 24,5 Millionen US-Dollar auf 17,8 Millionen US-Dollar im Jahresvergleich. Das Unternehmen schloss das Quartal mit 113,8 Millionen US-Dollar an Bargeld und Investitionen ab. Der Bruttogewinn betrug negative 0,3 Millionen US-Dollar, beeinflusst durch die Mietkosten für Reagenzien und Systemunterstützungskosten.
- Operating expenses reduced by 27% YoY to $17.8 million
- Net loss decreased by 25% YoY to $16.8 million
- Strong cash position of $113.8 million
- Successfully shipped first G4X Early Access instrument
- Low revenue of only $0.4 million
- Negative gross profit of $0.3 million
- High quarterly net loss of $16.8 million
- Only two G4 systems shipped in Q3
Insights
The Q3 results reveal concerning financial metrics for OMIC. Revenue of just
The cash position of
The G4X spatial sequencer launch shows promise in the competitive NGS market, with early access deployment and encouraging SITC conference data presentations. The Direct-Seq capability for single-cell immune repertoire profiling in spatial context represents valuable differentiation in the growing spatial biology field.
However, with only two G4 systems shipped in Q3, market adoption appears slow. The shift to reagent rental models suggests pricing pressure and customer hesitation for capital commitments, though it could help long-term market penetration. The expansion of Spatial Technology Access Services projects indicates market interest, but meaningful revenue generation remains uncertain.
SAN DIEGO, Nov. 12, 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 third quarter ended September 30, 2024.
“In the third quarter, we made significant progress in the development of the G4X spatial sequencer,” said Drew Spaventa, Chairman and Chief Executive Officer of Singular Genomics. “We are encouraged by the interest in the G4X and validation received through the expansion of our Spatial Technology Access Services project funnel, which reinforces our confidence in the potential for the G4X to deliver high-throughput spatial sequencing and multiomics at a superior value for our customers.”
Recent Updates
- Shipped the first G4X Early Access instrument
- Presented new data sets at the Society for Immunotherapy of Cancer (SITC) conference, which:
- highlighted the G4X’s performance, showcasing data for healthy and cancerous lung, breast, colon and kidney tissues; and
- showcased the capability of Direct-Seq for single-cell immune repertoire profiling in a spatial context through direct B- and T-cell receptor sequencing in FFPE tissue
- Shipped two G4 systems in the third quarter of 2024
Third Quarter 2024 Financial Results
Revenue for the third quarter of 2024 was
Gross profit was negative
Total operating expenses for the third quarter of 2024 were
Net loss for the third quarter of 2024 was
Cash, cash equivalents and short-term investments, excluding restricted cash, as of September 30, 2024 totaled
Due to ongoing discussions related to a potential strategic transaction, the company will not host a conference call to discuss its third quarter results. For further details regarding the company’s financial performance, please refer to its Quarterly Report on Form 10-Q for the third quarter ended September 30, 2024 available on the company’s website at www.singulargenomics.com or at www.sec.gov.
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 its 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 September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Revenue | $ | 406 | $ | 462 | $ | 1,586 | $ | 1,830 | ||||||||
| Cost of revenue | 707 | 527 | 2,483 | 1,931 | ||||||||||||
| Gross margin | (301 | ) | (65 | ) | (897 | ) | (101 | ) | ||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | 9,568 | 11,220 | 31,790 | 36,074 | ||||||||||||
| Selling, general and administrative | 8,202 | 13,254 | 35,036 | 41,345 | ||||||||||||
| Total operating expenses | 17,770 | 24,474 | 66,826 | 77,419 | ||||||||||||
| Loss from operations | (18,071 | ) | (24,539 | ) | (67,723 | ) | (77,520 | ) | ||||||||
| Other income (expense): | ||||||||||||||||
| Interest income | 1,562 | 2,464 | 5,506 | 6,763 | ||||||||||||
| Interest expense | (286 | ) | (285 | ) | (856 | ) | (814 | ) | ||||||||
| Total other income | 1,276 | 2,179 | 4,650 | 5,949 | ||||||||||||
| Net loss | $ | (16,795 | ) | $ | (22,360 | ) | $ | (63,073 | ) | $ | (71,571 | ) | ||||
| Net loss per share: | ||||||||||||||||
| Basic and diluted net loss per share | $ | (6.72 | ) | $ | (9.25 | ) | $ | (25.41 | ) | $ | (29.73 | ) | ||||
| Weighted-average shares used to compute basic and diluted net loss per share | 2,501,093 | 2,417,001 | 2,481,956 | 2,407,276 | ||||||||||||
| Singular Genomics Systems, Inc. | ||||||||
| Balance Sheets | ||||||||
| (In thousands, except share and par value amounts) | ||||||||
| September 30, | December 31, | |||||||
| 2024 | 2023 | |||||||
| (Unaudited) | ||||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 52,620 | $ | 16,233 | ||||
| Short-term investments | 61,213 | 157,708 | ||||||
| Accounts receivable | 183 | 565 | ||||||
| Inventory, net | 12,410 | 13,572 | ||||||
| Prepaid expenses and other current assets | 3,384 | 4,150 | ||||||
| Total current assets | 129,810 | 192,228 | ||||||
| Right-of-use lease assets | 42,617 | 57,797 | ||||||
| Property and equipment, net | 12,457 | 13,692 | ||||||
| Restricted cash | 600 | 600 | ||||||
| Other noncurrent assets | 1,067 | 1,150 | ||||||
| Total assets | $ | 186,551 | $ | 265,467 | ||||
| Liabilities and Stockholders’ Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 1,882 | $ | 2,587 | ||||
| Accrued expenses | 4,887 | 6,079 | ||||||
| Lease liabilities, current | 5,469 | 7,764 | ||||||
| Other current liabilities | 5,371 | 1,857 | ||||||
| Total current liabilities | 17,609 | 18,287 | ||||||
| Lease liabilities, noncurrent | 39,857 | 58,623 | ||||||
| Long-term debt, net of issuance costs | 5,166 | 8,901 | ||||||
| Other noncurrent liabilities | 666 | 650 | ||||||
| Total liabilities | 63,298 | 86,461 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders’ equity: | ||||||||
| Series A common stock equivalent convertible preferred stock, | - | - | ||||||
| Common stock, | - | 7 | ||||||
| Additional paid-in capital | 523,838 | 516,439 | ||||||
| Accumulated other comprehensive gain | 83 | 155 | ||||||
| Accumulated deficit | (400,668 | ) | (337,595 | ) | ||||
| Total stockholders’ equity | 123,253 | 179,006 | ||||||
| Total liabilities and stockholders’ equity | $ | 186,551 | $ | 265,467 | ||||
FAQ
What was Singular Genomics (OMIC) revenue in Q3 2024?
How many G4 systems did OMIC ship in Q3 2024?
What was OMIC's cash position as of September 30, 2024?
What was Singular Genomics (OMIC) net loss per share in Q3 2024?
