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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