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.
We ended the second quarter 2012 with $43.3 million in cash, cash equivalents, and short-term investments and $0.5 million in restricted cash.The company's backlog as of June 30, 2012 was approximately 4,600 revenue generating genomes, including approximately 1,000 genomes booked in the second quarter, representing an aggregate revenue potential of approximately $22 million. In the third quarter, we expect to deliver over 2,200 genomes to revenue and non-revenue generating customers. Other Highlights
- Median call rate was more than 96% of the genome and more than 98% of the exome for the genomes sequenced during the second quarter.
- In July, Nature published a paper describing our Long Fragment Read (LFR) technology. This technology provides much higher accuracy sequencing (one error in 10 million base pairs, or just 600 errors in an entire human genome) and we believe it will set the standard for clinical-grade genomes.
- In July, we announced that we will bundle the Ingenuity Variant Analysis application with our research whole genome sequencing services. This bundled solution will enable research customers to rapidly analyze and interpret biologically-relevant genetic variations and provide researchers with a fully-integrated, sample-to-insight workflow.
- Later this month, we plan to lower the DNA input requirement for our service from 7.5 µg to 3.5 µg, reducing one of the major constraints facing researchers wanting to use whole human genome sequencing (WHGS).
|Complete Genomics, Inc.|
|Condensed Consolidated Statements of Comprehensive Loss|
|(in thousands, except share and per share amounts)|
|Three months ended||Six months ended|
|June 30,||June 30,|
|Revenue||$ 8,693||$ 5,865||$ 12,601||$ 12,698|
|Cost and expenses:|
|Cost of revenue||8,122||6,122||13,420||12,704|
|Research and development||8,946||8,028||17,639||14,836|
|Sales and marketing||4,642||3,138||9,895||5,838|
|General and administrative||3,581||3,468||7,717||6,248|
|Total cost and expenses||26,787||20,756||50,167||39,626|
|Loss from operations||(18,094)||(14,891)||(37,566)||(26,928)|
|Interest and other income (expense), net||2||(258)||6||(341)|
|Net loss||$ (18,827)||$ (15,959)||$ (39,059)||$ (28,419)|
|Net loss per share — basic and diluted||$ (0.55)||$ (0.56)||$ (1.16)||$ (1.05)|
|Weighted-average shares of common stock outstanding used in computing net loss per share—basic and diluted||34,079,053||28,290,470||33,780,754||27,131,605|
|Comprehensive loss||$ (18,827)||$ (15,959)||$ (39,059)||$ (28,419)|
|Complete Genomics, Inc.|
|Condensed Consolidated Balance Sheets|
|June 30,||December 31,|
|Cash and cash equivalents||$ 39,258||$ 77,074|
|Accounts receivable, net||7,139||6,488|
|Other current assets||77||341|
|Total current assets||59,765||95,165|
|Property and equipment, net||34,222||33,592|
|Total assets||$ 95,183||$ 130,203|
|Liabilities and Stockholders' Equity|
|Accounts payable||$ 6,493||$ 5,363|
|Notes payable, current||21,608||7,099|
|Total current liabilities||43,690||27,888|
|Notes payable, net of current||--||16,162|
|Deferred rent, net of current||3,117||3,539|
|Additional paid-in capital||298,597||293,777|
|Total stockholders' equity||48,376||82,614|
|Total liabilities and stockholders' equity||$ 95,183||$ 130,203|
CONTACT: For more information, contact: Complete Genomics, Inc. Scott Sandler Investor Relations (650) 943-2788 firstname.lastname@example.org