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Singular Genomics Q1 Revenues Fall 49 Percent

NEW YORK – Singular Genomics Systems reported after the close of the market on Tuesday that its first quarter revenues fell nearly 49 percent, year over year.

For the three months ended March 31, the San Diego-based sequencing technology and spatial biology firm reported revenues of $442,000, compared to $863,000 in the year-ago quarter.

One instrument placement generated approximately half of revenues, while consumables revenues made up the other half.

"The first quarter was productive and encouraging. We are focused on supporting our existing customers and getting the G4X spatial sequencer to market as quickly as possible," CEO and Cofounder Drew Spaventa said in a statement. "Looking ahead to the rest of the year, we plan to expand our spatial services offering and lay the foundation for a successful G4X launch in 2025."

Singular shipped six G4 sequencers in Q1, increasing the installed base of instruments to 30 as of March 31. On a conference call with investors following the release of the results, Spaventa said four went to academic core or medical center labs and two went to commercial labs.

"With the majority of systems in the field for several months now, we are starting to see an uptick in usage, with our highest monthly toll for consumables orders and shipments in April," he added.

The company's net loss for the quarter was $25.0 million, or $.34 per share, compared to a net loss of $23.6 million, or $.33 per share, in Q1 2023.

Singular plans to offer spatial analysis on the G4X as a service soon and is developing a commercial immuno-oncology panel with 300 genes, 12 proteins, and customizable content, Spaventa said.

The firm reported R&D expenses of $11.5 million, down 6 percent from $12.2 million a year ago. SG&A expenses rose 13 percent to $14.9 million from $13.2 million a year ago.

As of March 31, Singular had $24.1 million in cash and cash equivalents and $126.6 million in short-term investments.

In morning trading on the Nasdaq, Singular's shares were down 5 percent at $.41.