Complete Genomics Reports Fourth Quarter and Fiscal Year 2011 Results
1 days 5 hours 2 minutes ago - GlobeNewswire via Comtex
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.
900 shares is a good chunk if it works out. 
