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Singular Genomics Q2 Revenues Come in Below Wall Street Estimate as CEO Cites 'Strong Sales Funnel'

NEW YORK – Singular Genomics Systems reported after the close of the market on Wednesday that its revenues were down sequentially, missing the consensus Wall Street estimate.

For the three months ended June 30, Singular reported $505,000 in revenues. That's less than the $863,000 the firm reported in Q1 and below analysts' average estimate of $1.2 million. The firm did not report revenues in the year-ago period.

In a statement, the firm said it shipped three G4 sequencers in the quarter, increasing the installed base to 11 as of June 30.

"We made significant advancements across our operations, manufacturing, and commercial infrastructure, and saw growth in our sales funnel," CEO and Cofounder Drew Spaventa said in a statement. He also noted that the firm launched a new, bigger flow cell, as well as a new reagent kit intended for use with single-cell RNA sequencing libraries. "These recent product launches, as well as our growing customer base and strong sales funnel, position us favorably to ramp commercialization of the G4 in the second half of 2023."

Singular's net loss for the quarter totaled $25.6 million, or $.35 per share, compared to a net loss of $24.0 million, or $.34 per share, in Q2 2022, beating the consensus Wall Street estimate of a $.37 loss per share.

The firm's R&D expenses ticked up 4 percent to $12.6 million from $12.1 million a year ago. Its SG&A expenses were $14.9 million, up 22 percent from $12.2 million a year ago.

"The year-over-year increase in total operating expenses was driven primarily by scaling headcount, facilities, and infrastructure to support commercialization of the G4 and development of our product roadmap," the firm said in a statement.

As of June 30, Singular had $74.8 million in cash and cash equivalents and $131.9 million in short-term investments.