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Complete Genomics Reports $1.1M in Q2 Revenues

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Complete Genomics today reported $1.1 million in revenues for the second quarter in an amended preliminary prospectus filed with the US Securities and Exchange Commission.

Revenues for the quarter ended June 30 compare to no revenues posted in Q2 2009. For the first half of the year, the Mountain View, Calif., sequencing services firm recorded revenues of $1.4 million, representing sales to 13 customers. The company first reported revenues in Q4 2009 of $623,000, representing sales to seven customers.

Complete Genomics, which filed a Form S-1 in August for a proposed initial public offering to raise as much as $86.3 million, also said that its net loss for Q2 2010 increased to almost $12.6 million, an 85 percent increase from a net loss of $6.8 million a year ago.

R&D costs rose to $4.9 million for the second quarter, up from $3.7 million a year ago, while SG&A costs climbed to $3.1 million from $1 million in Q2 2009. Start-up production costs increased more than seven-fold to $4.9 million from $687,000 a year ago.
As of June 30, the company had about $8 million in cash and cash equivalents, Complete Genomics said, adding that its accumulated deficit was $108.1 million as of that date.

The company has not disclosed how much in total proceeds it expects to net from the offering, but in its amended S-1 today, it said that it intends to use between $20 million and $25 million for capital expenditures to expand the sequencing and computing capacity of its Mountain View and Santa Clara, Calif., facilities.

Another $15 million to $25 million will be used to further develop its sequencing technology and services, and between $10 million and $15 million is targeted for sales and marketing purposes. The rest of the proceeds will be used for working capital and general corporate purposes.

Through the first nine months of the year, Complete Genomics had sequenced the whole genomes of more than 400 individuals, including more than 300 in the quarter that ended Sept. 30, it said today. It has an order backlog of more than 800 genomes and said that as of June 30, it has an order backlog for which it believes it will sequence, bill, and "gain customer acceptance" within 12 months of about $9 million.

In the amended S-1, the firm reiterated its expectations that by the end of the year, its facility will have the capacity to sequence and analyze more than 400 genomes each month, but slightly changed the predictions for its capabilities beyond this year. In the original S-1, it said that it expected its capacity to sequence and analyze complete human genomes to increase three-fold in 2011 over 2010 levels to 1,200 each month.

In its amended S-1, the company said it expects its "capacity to increase between two- and three-fold," next year.

Complete Genomics also reported that it had 167 employees as of Sept. 30.

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