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Complete Genomics Reports Up to $4.3M in Preliminary Q3 Revenue; Ups IPO Target by $10M; Prices Shares

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By Julia Karow

Complete Genomics this week reported up to $4.3 million in preliminary revenue for the third quarter, as the firm increased the target for its planned initial public offering by about $10 million and priced its shares.

For the quarter ended Sept. 30, Complete Genomics recorded between $3.9 million and $4.3 million in revenue, representing sales to approximately 20 customers, according to an amendment of its S-1 filing with the Securities and Exchange Commission.

The company also reported an order backlog of approximately $9 million as of Sept. 30, representing orders it plans to complete within a year, including billing and customer acceptance.

Complete Genomics had approximately $10.5 million in cash and cash equivalents as of Sept. 30.

In addition, the company raised the maximum aggregate offering price for its IPO to $96.6 million from an earlier target of $86.25 million (IS 8/3/2010).

The company also set the IPO price of its stock to between $12 and $14 per share. It plans to sell 6 million shares of its common stock on the Nasdaq Global Market, and will allow its underwriters to purchase an additional 900,000 shares of common stock at the public offering price to cover over-allotments.

Following the offering, the company will have about 26 million shares of common stock outstanding, or 26.9 million if the underwriters exercise their over-allotment option in full.

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