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Helicos Posts Q1 Revenues of $1.2M; Cuts Loss

NEW YORK (GenomeWeb News) – Helicos BioSciences today reported first-quarter revenues of $1.2 million, up from $113,000 year over year.

The first quarter of 2009 is the first period in which the firm has ever reported product revenues, which were $963,000 for the three-month period ended March 31. The revenue came from the sale of one instrument that was shipped in 2008 and the sale of reagents to customers.

Helicos said that thus far it has installed its Helicos Genetic Analysis System at three user sites and has received commitments for two additional installations that are expected to be made during the second quarter of 2009.

Helcios' net loss dropped to $6.5 million, or $.10 per share, from $11.8 million, or $.57 per share, for the first quarter of 2008.

Its R&D costs declined 28 percent to $4.1 million from $5.7 million, while its SG&A spending fell sharply to $2.9 million from $6.2 million.

Helicos finished the quarter with $13.9 million in cash.

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