Complete Genomics Reports Third Quarter 2012 Results
November 09 2012 - 6:30AM
Complete Genomics, Inc. (Nasdaq:GNOM), the whole human genome
sequencing company, today announced financial results for its
fiscal quarter ended September 30, 2012.
Third Quarter 2012
Results
- We delivered data for over 2,200 genomes, including
approximately 200 non-revenue generating genomes for our cancer
grant programs, our Wellderly study collaboration, and the 1000
Genomes Project.
- We recognized revenue for approximately 1,900 genomes.
- Revenue was $7.3 million, compared to $4.2 million in the third
quarter of 2011.
- Costs and operating expenses were $24.6 million, compared to
$25.0 million in the third quarter of 2011.
- Net loss was $18.0 million, compared to $21.6 million in the
third quarter of 2011.
In the third quarter of 2012, we recorded $7.2 million in
expenses related to costs of services, compared to $8.2 million in
the third quarter of 2011. Research and development expenses were
$8.9 million during the third quarter of 2012, compared to $9.5
million in the third quarter of 2011. Sales and marketing expenses
were $3.7 million during the third quarter of 2012, compared to
$3.5 million in the third quarter of 2011. General and
administrative expenses were $4.7 million during the third quarter
of 2012, compared to $3.8 million in the third quarter of 2011.
We ended the third quarter 2012 with $34.7 million in cash, cash
equivalents, and short-term investments including $6.0 million
received from a subsidiary of BGI-Shenzhen as part of the bridge
financing related to the pending transaction with BGI-Shenzhen.
The company's backlog as of September 30, 2012 was
approximately 3,800 revenue generating genomes, representing an
aggregate revenue potential of approximately $18 million.
The company will not be hosting a conference call
to discuss our financial results for the third quarter of 2012.
About Complete Genomics
Through its pioneering sequencing-as-a-service model, Complete
Genomics provides the most accurate whole human genomes available
today. The ease of use and power of Complete's advanced informatics
and analysis systems provide genomic information needed to better
understand the prevention, diagnosis, and treatment of diseases.
Additional information can be found at
http://www.completegenomics.com.
Caution Regarding Forward-Looking
Statements
This press release contains certain forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934,
each as amended, including statements regarding potential revenue
from order backlog. These forward-looking statements are based on
management's current expectations, are not guarantees of future
performance, and involve certain risks and uncertainties that could
cause actual results to differ materially from management's current
expectations and these forward looking statements. These risk and
uncertainties include, the ability of the Company to maintain
customer relationships, the timing of sample arrivals from
customers, delays in sequencing or customer acceptance of
sequencing data, as well as other risks detailed in our most recent
Annual Report on Form 10-K (filed with the SEC on March 9, 2012),
our most recent Quarterly Report on Form 10-Q (filed with the SEC
on August 9, 2012) and the Quarterly Report on Form 10-Q we expect
to file with the SEC on or about November 9, 2012. We disclaim any
obligation to update information contained in our forward-looking
statements, whether as a result of new information, future events
or otherwise.
Complete Genomics,
Inc. |
Condensed Consolidated
Statements of Comprehensive Loss |
(in thousands, except
share and per share amounts) |
(unaudited) |
|
|
|
|
|
|
Three months
ended |
Nine months
ended |
|
September
30, |
September
30, |
|
2012 |
2011 |
2012 |
2011 |
|
|
|
|
|
Revenue |
$ 7,276 |
$ 4,177 |
$ 19,877 |
$ 16,875 |
|
|
|
|
|
Cost and expenses: |
|
|
|
|
Cost of revenue |
7,228 |
8,182 |
20,648 |
20,886 |
Research and development |
8,867 |
9,546 |
26,506 |
24,382 |
Sales and marketing |
3,678 |
3,455 |
13,573 |
9,293 |
General and administrative |
4,675 |
3,810 |
12,392 |
10,058 |
Restructuring charges |
144 |
-- |
1,640 |
-- |
Total cost and expenses |
24,592 |
24,993 |
74,759 |
64,619 |
|
|
|
|
|
Loss from operations |
(17,316) |
(20,816) |
(54,882) |
(47,744) |
|
|
|
|
|
Interest expense |
(674) |
(799) |
(2,173) |
(1,949) |
Interest and other income (expense), net |
1 |
9 |
7 |
(333) |
|
|
|
|
|
Net loss |
$ (17,989) |
$ (21,606) |
$ (57,048) |
$ (50,026) |
Net loss per share — basic and diluted |
$ (0.52) |
$ (0.65) |
$ (1.68) |
$ (1.72) |
|
|
|
|
|
Weighted-average shares of common stock
outstanding used in computing net loss per share—basic and
diluted |
34,334,730 |
33,076,940 |
33,966,760 |
29,135,162 |
|
|
|
|
|
Comprehensive loss |
$ (17,989) |
$ (21,606) |
$ (57,048) |
$ (50,026) |
|
|
|
Complete Genomics,
Inc. |
Condensed Consolidated
Balance Sheets |
(in
thousands) |
(unaudited) |
|
|
|
|
September 30, |
December 31, |
|
2012 |
2011 |
|
|
|
Assets |
|
|
Current assets |
|
|
Cash and cash equivalents |
$ 34,715 |
$ 77,074 |
Investments |
-- |
6,000 |
Accounts receivable, net |
5,388 |
6,488 |
Inventory |
6,764 |
4,121 |
Prepaid expenses |
1,333 |
1,141 |
Other current assets |
95 |
341 |
Total current assets |
48,295 |
95,165 |
Property and equipment, net |
31,393 |
33,592 |
Other assets |
1,132 |
1,446 |
Total assets |
$ 80,820 |
$ 130,203 |
|
|
|
Liabilities and Stockholders'
Equity |
|
|
Current liabilities |
|
|
Accounts payable |
$ 4,974 |
$ 5,363 |
Accrued liabilities |
5,980 |
5,400 |
Notes payable, current |
19,436 |
7,099 |
Convertible notes payable |
6,000 |
-- |
Deferred revenue |
9,089 |
10,026 |
Total current liabilities |
45,479 |
27,888 |
Notes payable, net of current |
-- |
16,162 |
Deferred rent, net of current |
2,899 |
3,539 |
Total liabilities |
48,378 |
47,589 |
|
|
|
Stockholders' Equity |
|
|
Preferred stock |
-- |
-- |
Common stock |
34 |
33 |
Additional paid-in capital |
300,652 |
293,777 |
Accumulated deficit |
(268,244) |
(211,196) |
Total stockholders' equity |
32,442 |
82,614 |
Total liabilities and stockholders'
equity |
$ 80,820 |
$ 130,203 |
CONTACT: Complete Genomics, Inc.
Scott Sandler
Investor Relations
(650) 943-2788
ssandler@completegenomics.com
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