Q2 2024 Singular Genomics Systems Inc Earnings Call Transcript
Key Points
- Singular Genomics Systems Inc (OMIC) progressed the development of the G4X Spatial Sequencer, which offers unique capabilities like Direct-Seq for sequencing RNA in situ.
- The company initiated its first spatial technology access services projects and added to its spatial pipeline of customers interested in services, collaborations, and G4X instruments.
- System uptime for the existing G4 installed base averaged 95% during the quarter, indicating high reliability.
- The company saw its highest quarterly total yet for consumable orders and shipments, with average annualized consumable pull-through for the installed base approximately doubling from Q1 to $60,000 in Q2.
- Singular Genomics Systems Inc (OMIC) successfully amended a long-term lease obligation, reducing its long-term lease obligations by approximately $50 million, enhancing financial flexibility.
- Revenue for the second quarter of 2024 was only $0.7 million, indicating limited sales growth.
- Gross profit was negative $0.2 million in Q2 2024, compared to negative $0.1 million in Q2 2023, showing a worsening gross margin.
- Operating expenses for Q2 2024 totaled $22.6 million, which, although lower than the previous year, still represents a significant expenditure.
- Net loss in Q2 2024 was $21.3 million, a substantial figure that highlights ongoing financial challenges.
- The company expects Q3 2024 cash burn to be higher than Q2 due to a one-time upfront lease modification payment of $4.5 million.
Greetings. Welcome to the Singular Genomics second quarter and business update call. (Operator Instructions) Please note this conference is being recorded.
I will now turn the conference over to your host, Philip Taylor.
Thank you, operator. Presenting today are Singular Genomics' Founder, Chair and Chief Executive Officer, Drew Spaventa; and the company's Chief Financial Officer, Dalen Meeter.
Earlier today, Singular Genomics released financial results for the three months ended June 30, 2024. A copy of the press release is available on the company's website. Before we begin, I'd like to inform you that comments and responses to your questions during today's call reflect management's views as of today, Tuesday, August 13, 2024, only and will include forward-looking statements and opinion statements, including predictions, estimates, plans, expectations and other information related to our financial and operating results, plans and strategies.
Actual results may differ materially
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