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Complete Genomics (GNOM) Loss Narrows, Revenue Soars In 3Q

 November 09, 2012 07:03 AM

(By Balachander) Complete Genomics Inc. (NASDAQ: GNOM), a provider of human genome sequencing technology, reported a narrower loss for the third quarter as revenue jumped.

Net loss narrowed to $17.99 million or 52 cents per share from $21.60 million or 65 cents per share in the year-ago quarter.

Revenue soared 74 percent to $7.28 million and the company recognized revenue for roughly 1,900 genomes.

Wall Street analysts, on average, expected a loss of 52 cents per share on revenue of $8.05 million.

Costs and operating expenses fell slightly to $24.6 million from $25.0 million in the comparable period of the prior year.

[Related -Illumina (ILMN) Says Court Agrees To Review Patent Decision]

Complete Genomics, which had announced a merger agreement with Chinese pharmaceutical company BGI-Shenzhen, said it ended the third quarter with $34.7 million in cash, cash equivalents, and short-term investments. This included $6.0 million received from a subsidiary of BGI-Shenzhen.

Under the terms of the agreement entered in September, the Mountain View, California-based developer of DNA sequencing platform will be acquired by a U.S. unit of BGI for $3.15 per share in cash.

As of September 30, 2012, the company's backlog was around 3,800 revenue generating genomes, representing an aggregate revenue potential of roughly $18 million.

For the second quarter ended June 30, the company posted a wider loss as 29 percent rise in costs and expenses offset 48 percent rise in revenue. Its net loss widened to $18.8 million from $15.9 million on revenue of $8.6 million.

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GNOM ended Thursday's regular trading session at $3.00. The stock has been trading in the 52-week range between $1.57 and $5.42.

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