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Helicos BioSciences' Q4 Revenues Plummet to $514,000

NEW YORK (GenomeWeb News) – Helicos BioSciences disclosed after the close of the market on Friday it recorded $514,000 in revenues for the fourth quarter, down nearly five-fold from $2.5 million in the year-ago period.

The company, which recently said that it may be forced to cease operations if it is unable to obtain additional funding, said in its full-year 2011 earnings document filed with the US Securities and Exchange Commission on Friday that product revenues plummented to $117,000 during the quarter from $960,000 a year ago, while service revenues increased to $153,000 from zero. Grant revenues were down to $244,000 from $1.6 million a year ago.

Helicos' R&D costs rose to $2.3 million from $840,000 a year ago, while SG&A spending slid to $947,000 from $1.4 million.

The Cambridge, Mass.-based firm posted a net loss of $2.9 million, or $.03 per share, during the quarter, compared to a profit of $1.2 million, or $.01 per share, a year ago.

Helicos recorded $3.2 million in revenues for full-year 2011, down 38 percent from $4.4 million in 2010, as product revenues dropped to $571,000 from $1.3 million a year ago.

The company posted service revenues of $1.2 million, compared to none a year ago, but grant revenues were down to $1.5 million from $3.1 million in 2010.

Its R&D spending was cut to $4.9 million from $14.0 million, and the firm cut its SG&A costs to $4.1 million from $10.5 million in 2010.

Helicos' net loss for 2011 improved to $5.8 million, or $.07 per share, from a net loss of $18.8 million, or $.24 per share, a year ago.

The company ended 2011 with roughly $1 million in cash and cash equivalents.

In an SEC filing in early March, the firm said that it then had about $200,000 in cash and cash equivalents. Recently its CEO Ivan Trifunovich became the president and CEO of WaferGen Biosystems. He remains Helicos' president CEO on a part-time basis, as he had done in the prior six months.

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