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Complete Genomics Reports Second Quarter 2012 Results

MOUNTAIN VIEW, Calif., Aug. 8, 2012 (GLOBE NEWSWIRE) -- Complete Genomics, Inc. (Nasdaq:GNOM), the whole human genome sequencing company, today announced financial results for its fiscal quarter ended June 30, 2012.

Second Quarter 2012 Result s

  • We delivered data for approximately 2,200 genomes, including approximately 100 non-revenue generating genomes for our clinical validation study with the Mayo Clinic and our cancer grant programs.
  • We recognized revenue for more than 2,100 genomes, including approximately 200 genomes that had shipped but were awaiting recognition at the end of the first quarter.
  • Revenue was $8.7 million, compared to $5.9 million in the second quarter of 2011.
  • Costs and operating expenses were $26.8 million, compared to $20.8 million in the second quarter of 2011.
  • Net loss was $18.8 million, compared to $16.0 million in the second quarter of 2011.

"In addition to servicing our existing research customers, we made significant progress in establishing our clinical offering," said Dr. Clifford Reid, chairman, president and CEO of Complete Genomics. "At the end of July, we submitted our application for a CLIA license to operate a clinical laboratory and expect to receive our license in the coming months."

In the second quarter of 2012, we recorded $8.1 million in expenses related to costs of services, compared to $6.1 million in the second quarter of 2011. Research and development expenses were $8.9 million during the second quarter of 2012, compared to $8.0 million in the second quarter of 2011. Sales and marketing expenses were $4.6 million during the second quarter of 2012, compared to $3.1 million in the second quarter of 2011. General and administrative expenses were $3.6 million during the second quarter of 2012, compared to $3.5 million in the second quarter of 2011.

In the second quarter of 2012 we also incurred $1.5 million of costs associated with the restructuring announced during the quarter and which are included in our net loss of $18.8 million.

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