Human Genome Sequencing Is Showing Early Signs Of Success In 2011.

Complete Genomics Reports Results for First

Quarter 2011

Human Genome Sequencing Is Showing Early Signs
Of  Success In 2011.

MOUNTAIN VIEW, Calif., May 9, 2011 (GLOBE NEWSWIRE) — Complete Genomics, Inc. (Nasdaq:GNOM) today announced its financial results for the quarter ended March 31, 2011.

First Quarter 2011 Results

  • Revenue of $6.8 million, as compared to $0.3 million reported in the first quarter of 2010.
  • Costs and operating expenses of $18.9 million, as compared to $14.6 million in the first quarter of 2010.
  • Net loss of $12.5 million, as compared to $14.3 million in the first quarter of 2010.

In the first quarter of 2011 the company recorded $6.6 million for costs of services, generating a gross margin for the quarter of $0.3 million. This is a transition from prior periods, when the company incurred start-up production costs to support its sequencing service. Start-up production costs in the first quarter of 2010 were $4.1 million.

Research and development expenses were $6.8 million during the first quarter of 2011, compared to $6.2 million in the first quarter of 2010. Sales and marketing expenses were $2.7 million during the first quarter of 2011, compared to $1.2 million in the first quarter of 2010.

“We have continued to make steady progress in growing our business. In the quarter, we delivered more than 600 genomes to our customers, enhanced our offering by reducing DNA input requirements and turnaround time, continued to improve both the cost and scale of the service, and expanded our commercial capabilities,” said Clifford Reid, chairman, president and CEO of Complete Genomics.

The order backlog at March 31, 2011 was over 2,000 genomes, which the company believes could result in approximately $15 million in revenue over the next twelve months. Pricing of genome services starts at $9,500 per genome for small order sizes to between $5,000 to $7,500 per genome for orders in the hundreds of genomes. The company ended the first quarter of 2011 with $68.8 million in cash. The company’s cash position reflects the completion of a $20 million loan agreement with Oxford Finance Corporation. $7.4 million of the Oxford loan was used to repay the balance of an existing loan with Comerica.

Highlights since the Company’s Last Earnings Release

  • For genomes sequenced during the first quarter, our median call rate was over 96% of the genome.  Median turnaround time for data results was 70 days.
  • The company provided the research community with access to 69 complete, high-coverage human genome sequences.

Q2 2011 Outlook

In the second quarter of 2011, the company expects to recognize revenue for more than 900 genomes.

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