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Singular Genomics Q1 Revenues Grow Sequentially But Miss Wall Street Estimates

NEW YORK – Singular Genomics Systems after the close of the market on Tuesday reported a slight increase in sequential revenues for the first quarter of 2023, driven by three instrument placements.

For the three months ended March 31, the San Diego-based sequencing technology firm reported revenues of $863,000, compared to no revenues in the year-ago quarter, missing the consensus Wall Street estimate of $1.24 million.

"We had a productive first quarter, highlighted by shipping three additional G4 systems to a diverse set of customers," CEO and Cofounder Drew Spaventa said in a statement. "The value proposition of the G4 is resonating among our current and potential customers, and we continue to grow our order book and sales funnel. We remain focused on customer success across a growing installed base, commercial and operational execution, and advancing our innovation pipeline."

Spaventa added that Singular is launching an early-access program for the larger F3 flow cell and is on track to ship its Max Read kits for single-cell sequencing applications in the second quarter.

Singular shipped three G4 systems to new customers in Q1, increasing the installed base of instruments to eight as of March 31. On a conference call with investors following the release of the financial results, company officials said they recognized revenue from one of those three, as well as two instruments shipped in the previous quarter, the first quarter in which the firm recognized revenues.

Singular's net loss for the quarter totaled $23.6 million, or $.33 per share, compared to a net loss of $22.0 million, or $.31 per share, in Q1 2022, beating the consensus Wall Street estimate of a $.35 loss per share.

The firm reported $12.2 million in R&D expenses for the quarter, up 15 percent from $10.6 million a year ago. SG&A expenses rose 16 percent to $13.2 million from $11.4 million a year ago, driven by increased headcount and infrastructure to support commercial growth.

As of March 31, Singular had $129.3 million in cash and cash equivalents and $96.8 million in short-term investments.

In morning trading on the Nasdaq, Singular's shares were down almost 5 percent at $1.05.