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Complete Genomics Posts Q2 Revenues of $1.1M

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Complete Genomics posted revenues of $1.1 million for the second quarter, the firm disclosed Friday in an amended preliminary prospectus filed with the US Securities and Exchange Commission.

The company, which filed for an IPO in late July, said that the three months ended June 30 was the third quarter ever that it had recorded any revenues, following revenues of $623,000 for Q4 2009 and $336,000 in Q1 2010.

For the quarter just ended, its net loss totaled $12.6 million compared to $6.8 million a year ago.

Its R&D costs rose 33 percent to $4.9 million from $3.7 million in Q2 2009, and SG&A spending more than doubled to almost $1.8 million from $822,000 a year ago.

Also, start-up production costs shot up more than seven-fold to $4.9 million in the quarter from $687,000, as Complete Genomics continued ramping up its genome sequencing service business.

In its S-1 document, the company said that it believes it will be the first firm capable of offering the complete sequencing of the human genome for under $1,000.

As of June 30, Mountain View, Calif.-based Complete Genomics said that it had almost $8 million in cash and cash equivalents. A month ago, the firm announced the completion of a Series E financing round that raised $39 million in proceeds.

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