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Complete Genomics Misses Full-Year 2011 Estimate for Genome Shipments

NEW YORK (GenomeWeb News) - Complete Genomics shipped fewer genomes than forecast in the fourth quarter of 2011, bringing its full-year shipments to 3,000 instead of the 3,200 that the company predicted in mid-December.

Complete Genomics said today that it delivered around 600 genomes in the fourth quarter. Though it said in December that it would deliver around 900 genomes in the fourth quarter, "nearly 300 genomes took longer to move through the pipeline than anticipated and will ship in the first quarter of 2012," the company said.

The December forecast of 900 Q4 genomes was already at the low end of a guidance range of between 900 and 1,200 that the company provided in November. At that time, Complete Genomics acknowledged that quality control issues with its new instruments caused delays that led it to shift around 700 genome shipments from the fourth quarter of 2011 to the first quarter of 2012.

The company said today that as of the beginning of 2012, it had contracts for around 5,800 genomes valued at around $28 million. As of the end of the third quarter of 2011, it had a backlog of 4,800 genomes, worth around $24 million.

"We believe that our recent lab expansion will give us the capacity to handle both our current orders and anticipated new sales," Cliff Reid, chairman, president, and CEO of Complete Genomics, said in a statement.

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