NEW YORK – Singular Genomics Systems on Tuesday reported a 46 percent year-over-year increase in second quarter revenues, saying it placed two sequencing instruments with customers during the period.
"It was another busy and productive quarter for our team as we progressed development of the G4X Spatial Sequencer while supporting our G4 customers," Drew Spaventa, the firm's chairman and CEO, said in a statement. "The early interest in our Spatial Technology Access services is an encouraging sign that the unique capabilities and higher sample throughput of the G4X will serve an unmet need in the market."
For the three months ended June 30, Singular Genomics reported $737,000 in revenue, up from $505,000 during the year-ago quarter. Revenue consisted of $400,000 from consumables sales and $300,000 from an instrument placement.
During the quarter, the company shipped two G4 benchtop sequencing systems, explaining that revenue from the second instrument "is expected to be generated over time as the customer purchases consumables." The firm noted that it is using reagent rental and other noncapital purchase models for some instrument placements.
The company also recently amended a long-term lease agreement, reducing its long-term obligations by approximately $50 million.
In the meantime, Singular Genomics said it is preparing for the early-access launch of its G4X Spatial Sequencer multiomics platform in late 2024 and has already started a technology access services program that currently focuses on an immuno-oncology panel.
Net loss for the quarter totaled $21.3 million, or $8.57 per share, down from a net loss of $25.6 million, or $10.58 per share, in Q2 2023.
R&D expenses in Q2 decreased 15 percent to $10.7 million from $12.6 million a year ago, while SG&A costs fell 20 percent to $11.9 million from $14.9 million.
As of June 30, Singular Genomics had $30.1 million in cash and cash equivalents as well as $103.1 million in short-term investments and $600,000 in restricted cash.
In Thursday morning trading on the Nasdaq, the firm's shares were up 3.5 percent at $7.39.