NEW YORK – Singular Genomics Systems on Tuesday afternoon reported a 12 percent year-over-year decline in revenues for the third quarter.
Revenues for the quarter totaled $406,000, down from $462,000 in the same quarter last year, and were "driven primarily" by consumables sales, according to the firm. Singular said it expects to book revenue from instruments shipped during the quarter over time as customers start purchasing consumables for them.
"In the third quarter, we made significant progress in the development of the G4X spatial sequencer," Chairman and CEO Drew Spaventa said in a statement.
The San Diego-based company shipped its first G4X early-access instrument as well as two regular G4 sequencing systems during the quarter.
Net loss for the quarter narrowed to $16.8 million, or $6.72 per share, from a net loss of $22.4 million, or $9.25 per share, in Q3 of 2023.
R&D expenses for the quarter totaled $9.6 million, down from $11.2 million a year ago, while SG&A costs added up to $8.2 million, down from $13.3 million in Q3 of 2023.
The company said that "due to ongoing discussions related to a potential strategic transaction," it will not host a conference call to discuss its Q3 results.
Earlier this month, Singular received an updated takeover offer from Deerfield Management of $24 per share for all outstanding shares of its common stock not already owned by the firm. Deerfield had originally offered $10 per Singular share in September, which was followed by a $12-per-share offer by Tang Capital Partners.
Singular Genomics ended the quarter with $52.6 million in cash and cash equivalents, $61.2 million in short-term investments, and $600,000 in restricted cash.
In morning trading on the Nasdaq, Singular's shares were down almost 3 percent at $22.39.