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Helicos' Q1 Revenues Drop Around 50 Percent as Firm Repositions

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Helicos BioSciences last night filed its first-quarter financial results with the US Securities and Exchange Commission, reporting a drop in revenues of just over 50 percent year over year.

The Cambridge, Mass.-based single-molecule sequencing technology firm is starting the process of repositioning its strategy with a focus on the molecular diagnostics field. Part of that repositioning includes laying off half of its workforce, or 40 positions, which the firm announced separately yesterday.

Helicos' revenues for the three-month period ended March 31 were $569,000, compared to $1.2 million for the first quarter of 2009. The firm did not receive revenues from any system sales during the quarter, it said in the SEC filing.

To date, Helicos has received cumulative sales orders for 10 Helicos systems. It also has a system installed at The Broad Institute on a no-cost basis, and three other systems at academic institutions for scientific and commercial evaluation.

The firm posted a net loss of $6.3 million, or $.08 per share, for the first quarter, down from a loss of $6.5 million, or $.10 per share, for the first quarter of 2009.

Its R&D expenses declined slightly to $4 million from $4.1 million, and its SG&A spending jumped 41 percent to $4.1 million from $2.9 million.

Helicos finished the quarter with $15.9 million in cash and cash equivalents.

In the SEC filing, Helicos said that it "anticipates the repositioning evaluation process will take at least several months." It added, "During this time, Helicos will focus its limited resources on satisfying current customer needs and stabilizing system performance, which has varied at some customer and placement sites."

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