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Complete Genomics Posts Q1 Revenues of $6.8M, Files for Offering

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Complete Genomics reported after the close the market Monday that its first-quarter revenues were $6.8 million, up from $300,000 for the first quarter of 2010, and surpassing analysts' consensus estimate of $5.5 million.

The firm announced separately on Tuesday morning that it has filed for a proposed offering of common stock. It plans to sell 4.5 million shares, or 5,175,000 shares if the underwriters exercise their over-allotment option. Jefferies and UBS are joint book-running managers, while Baird and Cowen are co-managers for the offering.

Complete Genomics posted a net loss of $12.5 million, or $.48 per share, down from $14.3 million, or $51.15 per share for 2010. The firm was privately held during the first quarter last year, going public in November 2010.

Complete Genomics beat analysts' consensus estimate for a loss of $.52 per share.

Its R&D spending for the quarter increased 10 percent to $6.8 million from $6.2 million, while its SG&A spending jumped 28 percent to $5.5 million from $4.3 million.

"In the quarter, we delivered more than 600 genomes to our customers, enhanced our offering by reducing DNA input requirements and turnaround time, continued to improve both the cost and scale of the service, and expanded our commercial capabilities," Clifford Reid, chairman, president, and CEO of Complete Genomics, said in a statement.

Complete Genomics said that its order backlog as of the end of March was more than 2,000 genomes, which the firm said could result in approximately $15 million in revenue over the next 12 months. It noted that its genome services starts at $9,500 per genome for small order sizes to between $5,000 to $7,500 per genome for orders in the hundreds of genomes.

Earlier in the day, Illumina said that it had slashed the cost of its human whole-genome sequencing services to $5,000 per genome for projects of 10 samples or more, and $4,000 for projects of 50 samples or more.

Complete Genomics finished the quarter with $68.8 million in cash and cash equivalents.

The company expects to recognize revenue for more than 900 genomes in the second quarter.

In early Tuesday trade on the Nasdaq, shares of Complete Genomics were up 3 percent at $14.44.

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