The following is a summary of the Singular Genomics Systems, Inc. (OMIC) Q1 2024 Earnings Call Transcript:
Financial Performance:
Singular Genomics Systems, Inc. reported a Q1 revenue of approximately $0.4 million.
The company experienced a negative gross margin due to initial discounts on capital purchases coupled with higher system placement costs.
Operating expenses rose to $26.4 million from the previous year's $25.4 million.
The net loss was $25 million or $0.34 per share, a mild increase compared to $23.6 million, or $0.33 per share, in Q1 2023.
The company holds cash, cash equivalents, and short-term investments totaling $150.7 million.
Business Progress:
During the quarter, Singular Genomics shipped six G4 instruments, increasing the total to 30 as of March 31.
The company is actively developing the G4X platform and spatial sequencing methods and is preparing for the launch of the G4X Spatial Sequencer.
Singular Genomics has announced the launch of G4X Technology Access Services program in Q2, with service projects expected to increase in H2 2024.
The company has advanced collaboration with research institutions such as Dana Farber Cancer Institute and Broad Institute highlighting the potential of G4X in translational research.
Expansion of the company's commercial panel from a 150-gene to 300-gene panel is anticipated by the end of the current quarter.
Many projects are in pipeline which are expected to result in academic publications, thus increasing the company's visibility.
Singular Genomics is utilizing the speed advantage of its G4 chemistry, developed over the last five years, in combination with an innovative instrument design to deliver unique spatial results.
On the legal front, several patents related to the use of sequencing as a modality in spatial orientation have been filed.
More details: Singular Genomics IR
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