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Complete Genomics Q3 Revenues up 74 Percent, but Miss Analyst Estimates

NEW YORK (GenomeWeb News) – Complete Genomics said today that its revenues increased 74 percent year over year during the third quarter.

For the three months ended Sept. 30, revenues reached $7.3 million, compared to $4.2 million a year ago. Despite the spike, the Mountain View, Calif.-based company, which is in the process of being acquired by BGI-Shenzhen, missed the average analyst estimate of $8.1 million.

The company said that it delivered data for more than 2,200 genomes in the quarter, including about 200 non-revenue generating genomes for four cancer grant programs, its own Wellderly study collaboration, and the 1000 Genomes Project. It recognized revenue for about 1,900 genomes.

As of the end of the third quarter, Complete Genomics had a backlog of approximately 3,800 revenue generating genomes, representing potential revenue of about $18 million in aggregate.

The firm reduced its R&D spending 6 percent to $8.9 million from $9.5 million a year ago, but increased its SG&A spending 15 percent to $8.4 million from $7.3 million. The company also recorded $144,000 in restructuring charges in the quarter, compared to none a year ago.

Its net loss for the quarter was down to $18.0 million, or $.52 per share, compared to a net loss of $21.6 million, or $.65 per share, a year ago. The consensus Wall Street estimate was for a net loss of $.52 per share.

Complete Genomics finished the quarter with $34.7 million in cash and cash equivalents.

The company did not provide an update on its acquisition by BGI today, but last week it disclosed that the US Federal Trade Commission had made a second request for additional information about the transaction.