NEW YORK – Singular Genomics Systems reported its first revenue-generating quarter after the close of the market on Thursday.
For the three months ended Dec. 31, the San Diego-based sequencing technology firm reported revenues of $765,000, compared to no revenues in the year-ago quarter, in line with preliminary revenues announced in January and the consensus Wall Street estimate of $760,000.
The year was "pivotal" for the company, CEO and Cofounder Drew Spaventa said in a statement. "We achieved important milestones, overcame challenges, and ultimately ended on a strong note with five G4 systems in market. … In 2023, we will remain focused on customer success across a growing installed base, commercial and operational execution, and advancing our innovation pipeline."
The revenue was recognized from three of the five placements made over the year, with four placements in Q4.
Singular's net loss for the quarter totaled $21.1 million, or $.29 per share, compared to a net loss of $19.8 million, or $.27 per share, in Q4 2021, beating the consensus Wall Street estimate of a $.43 loss per share.
The firm reported $10.8 million in R&D expenses for the quarter, up 14 percent from $9.5 million a year ago. SG&A expenses rose 15 percent to $11.7 million from $10.2 million a year ago.
Singular's net loss for the year totaled $90.9 million, or $1.28 per share, compared to a net loss of $98.8 million, or $2.10 per share, in 2021, beating the consensus Wall Street estimate of a $1.41 loss per share. The number of weighted average shares of common stock used to compute 2022 net loss per share was approximately 71.1 million, compared to approximately 47 million in 2021.
The firm reported $46.2 million in R&D expenses, up 41 percent from $32.7 million a year ago. SG&A expenses were $47.3 million, up 65 percent from $28.6 million in the prior year.
As of Dec. 31, Singular had $74.3 million in cash and cash equivalents and $170.3 million in short-term investments.