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Complete Genomics Records $1.1M in Q2 Revenues, Discloses Some Equipment Providers

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By Julia Karow

Complete Genomics posted approximately $1.1 million in revenues and a net loss of $12.6 million in the second quarter, according to documents filed last week with the US Securities and Exchange Commission.

Thirteen customers accounted for the revenue the company recognized for the first six months of this year, the top customers being Pfizer, Sichuan University, and the International Mesothelioma Program at Brigham and Women’s Hospital.

According to an amendment to its S-1 preliminary prospectus, which it initially filed in late July, research and development costs for the quarter increased to $4.9 million from $3.7 million during the year-ago quarter. General and administrative costs totaled $1.8 million, up from about $800,000 a year ago.

The company's net loss for the quarter was $12.6 million, about double the $6.8 million net loss of the year-ago quarter.

Complete also specified in more detail in its amendment how it intends to use the net proceeds from its IPO, in which it plans to raise up to $86.25 million (IS 8/3/2010). About $20 million to $25 million will go towards capital expenditures to expand the sequencing and computing capacity in its California facilities, based in Mountain View and Santa Clara. The remainder of the proceeds will be used to finance the further development of its sequencing technology and services, sales and marketing activities, as well as working capital and other general corporate purposes.

In addition, the company disclosed some of the providers of its equipment. For example, the cameras for its sequencers are supplied by Hamamatsu Photonics, and the optical equipment by Carl Zeiss. The wafers Complete Genomics uses to make its sample slides come from SVTC Technologies.

As of June 30, the company had a backlog of orders for which it expects to be able to get paid within a year of approximately $10 million. It also had an accumulated deficit of $108.1 million, and cash and cash equivalents of about $8 million. However, the firm said last month that it had raised $39 million in a Series E funding round (IS 8/24/2010).

As of Sept. 1, the company had 163 employees, 45 of whom holds PhD degrees and 64 of whom are part of its R&D activities.

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