GNOM - Complete Genomics Inc.
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
"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
-- 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.
Third most active on Naz in premarket
Looking very good. 2.70 in premarket versus 2.33 close with good volume.
Thanks Rando. I will do that.
Entire float of 10 M shares are trader today with huge volume around 3.02.
It does not look like going down. Most buyers joined above $3 and I think they gonna hold for a while to see where it goes. The low float coupled with traded volume and potential news events, make me think that it has more steam. I am not seeing much weakness here yet.
I am watching it closely. Keep up the great work.
Great trade Philo, I would protect the other half with a stop at 2.76 or higher, based on first 5 min bar today, and existing supports (more precisely prior resistance levels) on 5 min chart as seen in premarket action. I would probably protect half of what's left around 2.88 and the other at 2.76, but really I would probably sell pretty quickly here if it loses 3 or does not respond to the next move up by PACB. I like how GNOM is trying to base at 3 right now, seeking demand. If it runs again, it could be sweet, if it took out the HOD I would move stop on everything to around 3.15 or so, or ride a trailer to glory.
I am still hanging on, 2.96 at the moment, the drop is on low volume, I am thinking it may close near HOD, let's see.
I dont like to say it but I actually added some more on that down move..
Ha... 2.75 bounceroo. No surprise there. This one is screaming big move down next time it reverses, JMO. If it cannot stick over 2.90 in next 15-30 minutes, I'd be all out. The 1 min chart shows plenty of distribution, so far they've been walking it down slowly, but next time it rolls over, be on the lookout for any panicked selling.
Todays actions is similar to that of yesterday and I think Tuesday's action would be similar to that of today's with a target price of 4.2 or above.
Planning to hold and see.
Thanks and have a great weekend.
Well you are a big dreamer, we know that. Personally, as soon as it even touches 3 here, I'd put my stop at 2.94 then switch it to a .12 trailer if it cleared 3.06, and I would sell everything before the bell, these runs tend to reverse in just as glorious fashion as they materialize.
4th most actively traded stock on NAZ in premarket with a high of 3.32, looks like a promising day today.
Only a year ago the company's stock was worth 5-7 times as much as it is now. Looks like an upward trend, but will it ever reach the success that it formerly had? I would agree with the defensive stance. The financial statement doesnt look too promising, though I am new to investing. The debt appears to surpass any success gained by the company. What's your opinion?