SINGULAR GENOMICS SYSTEMS Announces Third Quarter FY2023 Earnings Results
November 21, 2023
🌥️Earnings Overview
On November 14, 2023, SINGULAR GENOMICS SYSTEMS ($NASDAQ:OMIC) announced their financial results for the third quarter of FY2023, ending on September 30, 2023. Total revenue for the period was USD 0.5 million, a rise compared to the previous year’s USD 0.0 million. However, net income for the quarter decreased to USD -22.4 million from the previous year’s -23.8 million.
Stock Price
The stock opened at $0.3 and closed the day at $0.4, reflecting a 5.4% increase from the prior closing price of $0.4. This increase in stock price is likely a positive reaction to the company’s earnings results. The results were a mixed bag overall, with some key metrics showing improvement and others declining slightly. Operating income also rose by 4%, and net income was up 3%.
On the other hand, gross margin declined by 1% over the quarter. Overall, investors seemed relatively pleased with the results, as indicated by the slight increase in stock price. SINGULAR GENOMICS SYSTEMS is optimistic they can build on these results in the fourth quarter and beyond. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for OMIC. More…
| Total Revenues | Net Income | Net Margin |
| 2.6 | -92.67 | -3571.2% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for OMIC. More…
| Operations | Investing | Financing |
| -74.66 | 13.33 | 1.37 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for OMIC. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 284.52 | 85.49 | 2.72 |
Key Ratios Snapshot
Some of the financial key ratios for OMIC are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| – | – | -3530.4% |
| FCF Margin | ROE | ROA |
| -2969.5% | -27.4% | -20.1% |
Analysis
Analyzing the fundamentals of Singular Genomics Systems using GoodWhale, we are able to classify the company as a ‘Cheetah’. This classification suggests high revenue or earnings growth, but also notes that such companies may be considered less stable due to lower profitability. Looking at the specifics of Singular Genomics Systems, we can see that the company has an intermediate health score of 4/10 with regard to its cashflows and debt and should be able to safely ride out any crisis without the risk of bankruptcy. Additionally, its asset base is strong, as is its growth; however, its dividend and profitability scores are weaker. Given these facts, investors looking for a company with strong growth potential that can ride out any crises may be interested in Singular Genomics Systems. The company offers growth potential with some risk, due to its weak dividend and profitability scores. However, the company should be able to stay afloat even during tough times. More…
Peers
In recent years, the competition between Singular Genomics Systems Inc and its competitors has intensified, as the market for genomic sequencing and related services has grown. While each company has its own strengths and weaknesses, all are vying for a share of this rapidly growing market.
– Applied BioCode Corp ($TWSE:6598)
Applied BioCode Corp is a biotechnology company that develops and markets molecular diagnostic products. The company has a market cap of 2.16B as of 2022 and a Return on Equity of -13.74%. Applied BioCode Corp’s products are used in a variety of applications, including the detection of infectious diseases, foodborne pathogens, and genetic disorders. The company’s products are sold to both the research and clinical markets.
– BibbInstruments AB ($LTS:0GIA)
Bibb Instruments AB is a Swedish company that manufactures and sells scientific instruments. The company has a market cap of 9.29M as of 2022 and a Return on Equity of -18.23%. Bibb Instruments AB manufactures and sells a range of scientific instruments, including microscopes, spectrophotometers, and chromatographs. The company also offers services and support for its products.
– Repro-Med Systems Inc ($NASDAQ:KRMD)
Repro-Med Systems Inc is a medical device company that develops, manufactures, and markets infusion systems for the patient-controlled administration of drugs and fluids. Its products include the Freedom60 syringe pump, the RMS precision needle, and the RMS catheter securement device. The company was founded in 1984 and is headquartered in Yorba Linda, CA.
Summary
SINGULAR GENOMICS SYSTEMS reported their third quarter of FY2023 financial results on November 14 2023, announcing total revenue of USD 0.5 million and net income of USD -22.4 million. Compared to the previous year, this indicates a slight increase in revenue and a larger decrease in net income. On the same day the company’s stock price increased, which could be an indication of investors viewing the results as a positive. However, due to the large net loss and the fact that the increase in revenue is only slight, it might be wise for investors to take a more cautious approach before committing to investing in SINGULAR GENOMICS SYSTEMS.
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