MOUNTAIN VIEW, Calif., Nov. 9, 2012 (GLOBE NEWSWIRE) -- 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 |