Complete Genomics Reports Third Quarter 2012 Results 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 1 9 7 (333) (expense), net Net loss $ (17,989) $(21,606) $(57,048) $(50,026) Net loss per share — basic and $(0.52) $(0.65) $(1.68) $(1.72) diluted Weighted-average shares of common stock outstanding used 34,334,730 33,076,940 33,966,760 29,135,162 in computing net loss per share—basic and diluted 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 email@example.com
Complete Genomics Reports Third Quarter 2012 Results
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