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Thursday, March 08, 2012 5:43:45 PM
GNOM- Complete Genomics Reports Fourth Quarter and Fiscal Year 2011 Results
Complete Genomics, Inc. (Nasdaq:GNOM), the whole human genome sequencing company, today announced financial results for the fourth quarter and fiscal year ended December 31, 2011.
Fiscal Year 2011 Results
We recognized revenue with respect to approximately 3,000 genomes, compared to approximately 800 genomes in 2010.
Revenue was $19.3 million, compared to $9.4 million in 2010.
Costs and operating expenses were $88.6 million, compared to $57.0 million in 2010.
Net loss was $72.3 million, compared to $57.7 million in 2010. The net loss for 2010 had included a $7.2 million non-cash expense resulting from an accounting adjustment to the market value of certain convertible equity securities.
"In 2011, we clearly demonstrated the value of our service, signing orders for approximately 8,000 genomes representing aggregate revenue potential of $39 million, and delivering data to approximately 90 customers," said Dr. Clifford Reid, chairman, president and CEO of Complete Genomics. "We entered 2012 with a strong order book of about 5,800 genomes, representing aggregate revenue potential of approximately $28 million."
Fourth Quarter 2011 Results
Revenue was $2.5 million, compared to $3.8 million in the fourth quarter of 2010.
Costs and operating expenses were $24.0 million, compared to $14.7 million in the fourth quarter of 2010.
Net loss was $22.3 million, compared to $10.3 million in the fourth quarter of 2010.
In the fourth quarter of 2011, we recorded $7.4 million in expenses related to costs of services, compared to $4.9 million for start-up production expenses in the fourth quarter of 2010. Research and development expenses were $8.3 million during the fourth quarter of 2011, compared to $5.6 million in the fourth quarter of 2010. Sales and marketing expenses were $4.3 million during the fourth quarter of 2011, compared to $2.0 million in the fourth quarter of 2010. General and administrative expenses were $4.0 million during the fourth quarter of 2011, compared to $2.2 million in the fourth quarter of 2010.
We ended 2011 with $83.1 million in cash, cash equivalents and short-term investments and $0.5 million in restricted cash.
Highlights since Our Last Earnings Release
For the genomes sequenced during the fourth quarter, the median call rate was over 96% of the genome.
In February 2012, we announced that we had been selected to provide outsourced whole human genome sequencing services by Mayo Clinic's Center for Individualized Medicine.
At the Advances in Genome Biology and Technology conference in February 2012, we announced software partnership arrangements with DNAnexus, Golden Helix and Ingenuity. Offerings from these partners complement information supplied by Complete Genomics' sequencing service and can be used by researchers to accelerate the pace of biological discoveries.
In February 2012, we announced the establishment of our Genomic Medicine Advisory Board (GMAB). The board, comprised of thought leaders in genomic medicine, will provide guidance on how we can best provide sequencing services to healthcare organizations and physicians.
First Quarter 2012 Outlook
We expect to sequence and provide customers data for between 1,100 to 1,300 genomes in the first quarter of 2012. We expect to have capacity to process approximately 1,000 genomes per month by the end of the first quarter and have already received samples for over 2,000 genomes that we expect to sequence for customers in the second quarter of 2012.
Conference Call
We will host a conference call on March 8, 2012 at 1:30 p.m. PT to discuss our financial results for the fourth quarter of 2011. The conference dial-in numbers are US: (877) 844 - 6890 or International: (760) 298 - 5092 (Conference ID: 57935965). A live audio webcast of the call will also be available in the Investor Relations section of our website at http://ir.completegenomics.com/events.cfm.
An audio webcast replay of the conference call will be available in the Investor Relations section of our website approximately two hours after the call and for 30 days thereafter.
About Complete Genomics
Complete Genomics is the whole human genome sequencing company that has developed and commercialized an innovative DNA sequencing platform. The Complete Genomics Analysis Platform (CGA™ Platform) combines our proprietary human genome sequencing technology with our advanced informatics and data management software. Additional information can be found at www.completegenomics.com.
Complete Genomics, Inc. (Nasdaq:GNOM), the whole human genome sequencing company, today announced financial results for the fourth quarter and fiscal year ended December 31, 2011.
Fiscal Year 2011 Results
We recognized revenue with respect to approximately 3,000 genomes, compared to approximately 800 genomes in 2010.
Revenue was $19.3 million, compared to $9.4 million in 2010.
Costs and operating expenses were $88.6 million, compared to $57.0 million in 2010.
Net loss was $72.3 million, compared to $57.7 million in 2010. The net loss for 2010 had included a $7.2 million non-cash expense resulting from an accounting adjustment to the market value of certain convertible equity securities.
"In 2011, we clearly demonstrated the value of our service, signing orders for approximately 8,000 genomes representing aggregate revenue potential of $39 million, and delivering data to approximately 90 customers," said Dr. Clifford Reid, chairman, president and CEO of Complete Genomics. "We entered 2012 with a strong order book of about 5,800 genomes, representing aggregate revenue potential of approximately $28 million."
Fourth Quarter 2011 Results
Revenue was $2.5 million, compared to $3.8 million in the fourth quarter of 2010.
Costs and operating expenses were $24.0 million, compared to $14.7 million in the fourth quarter of 2010.
Net loss was $22.3 million, compared to $10.3 million in the fourth quarter of 2010.
In the fourth quarter of 2011, we recorded $7.4 million in expenses related to costs of services, compared to $4.9 million for start-up production expenses in the fourth quarter of 2010. Research and development expenses were $8.3 million during the fourth quarter of 2011, compared to $5.6 million in the fourth quarter of 2010. Sales and marketing expenses were $4.3 million during the fourth quarter of 2011, compared to $2.0 million in the fourth quarter of 2010. General and administrative expenses were $4.0 million during the fourth quarter of 2011, compared to $2.2 million in the fourth quarter of 2010.
We ended 2011 with $83.1 million in cash, cash equivalents and short-term investments and $0.5 million in restricted cash.
Highlights since Our Last Earnings Release
For the genomes sequenced during the fourth quarter, the median call rate was over 96% of the genome.
In February 2012, we announced that we had been selected to provide outsourced whole human genome sequencing services by Mayo Clinic's Center for Individualized Medicine.
At the Advances in Genome Biology and Technology conference in February 2012, we announced software partnership arrangements with DNAnexus, Golden Helix and Ingenuity. Offerings from these partners complement information supplied by Complete Genomics' sequencing service and can be used by researchers to accelerate the pace of biological discoveries.
In February 2012, we announced the establishment of our Genomic Medicine Advisory Board (GMAB). The board, comprised of thought leaders in genomic medicine, will provide guidance on how we can best provide sequencing services to healthcare organizations and physicians.
First Quarter 2012 Outlook
We expect to sequence and provide customers data for between 1,100 to 1,300 genomes in the first quarter of 2012. We expect to have capacity to process approximately 1,000 genomes per month by the end of the first quarter and have already received samples for over 2,000 genomes that we expect to sequence for customers in the second quarter of 2012.
Conference Call
We will host a conference call on March 8, 2012 at 1:30 p.m. PT to discuss our financial results for the fourth quarter of 2011. The conference dial-in numbers are US: (877) 844 - 6890 or International: (760) 298 - 5092 (Conference ID: 57935965). A live audio webcast of the call will also be available in the Investor Relations section of our website at http://ir.completegenomics.com/events.cfm.
An audio webcast replay of the conference call will be available in the Investor Relations section of our website approximately two hours after the call and for 30 days thereafter.
About Complete Genomics
Complete Genomics is the whole human genome sequencing company that has developed and commercialized an innovative DNA sequencing platform. The Complete Genomics Analysis Platform (CGA™ Platform) combines our proprietary human genome sequencing technology with our advanced informatics and data management software. Additional information can be found at www.completegenomics.com.
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