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Singular Genomics Systems (OMIC) investor relations material
Singular Genomics Systems Q3 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2024 earnings summary19 Nov, 2024
Executive summary
Singular Genomics develops next-generation sequencing and multiomics technologies, with the G4 platform available and G4X Spatial Sequencer in development, targeting NGS and spatial biology markets.
Shipped first G4X Early Access instrument and two G4 systems in Q3 2024, expanding spatial sequencing capabilities.
Presented new data at SITC conference, highlighting G4X's performance in various tissue types and single-cell immune profiling.
The company is focusing on completing G4X development, commercializing spatial biology services, and supporting G4 customers, while continuing to invest in R&D and commercial infrastructure.
A special committee is evaluating strategic alternatives, including a potential acquisition by Deerfield at $24.00 per share, with exclusivity granted for due diligence as of October 31, 2024.
Financial highlights
Q3 2024 revenue was $0.4M, down 12% year-over-year, mainly from consumables; nine-month revenue was $1.6M, down 13% from the prior year.
Net loss for Q3 2024 was $16.8M ($6.72 per share), improved from $22.4M ($9.25 per share) in Q3 2023; nine-month net loss was $63.1M.
Gross margin remained negative at $(0.3)M for Q3 and $(0.9)M for the nine months, impacted by low sales volume, rental placements, and high support costs.
Operating expenses decreased to $17.8M in Q3 2024 (down 27% YoY), including $2.2M in stock-based compensation and a $1.6M non-cash gain from lease modification.
Cash, cash equivalents, and short-term investments totaled $113.8M as of September 30, 2024.
Outlook and guidance
Operating expenses are expected to be slightly down in the near term but to increase longer term as investments in G4X, spatial biology, and commercial infrastructure continue.
The company expects continued significant losses and negative cash flows from operations for the foreseeable future.
Management believes current liquidity is sufficient to fund operations for at least 12 months from the report date.
Ongoing discussions regarding a potential strategic transaction; no earnings call held for Q3 2024.
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Frequently asked questions
Singular Genomics Systems Inc. is a life sciences technology company focused on developing next-generation sequencing (NGS) platforms and genomic analysis solutions. The company’s flagship products include the G4 Sequencing Platform, designed to deliver fast, accurate, and flexible sequencing for research and clinical applications. Singular Genomics aims to support areas such as oncology, immunology, and inherited disease research. Singular Genomics is headquartered in San Diego, California, and its shares are listed on the NASDAQ.
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