Entering the second quarter of 2009, we believe that the progress we made during 2008 and the first quarter of 2009 has positioned Helicos with a very competitive single molecule sequencing solution for 2009 and beyond. said Ronald A. Lowy, Helicos chief executive officer. The throughput and cost of ownership metrics of our Helicos(TM) Genetic Analysis System, coupled with the unique capability to accurately sequence and quantitate any genomic target, are strong examples of what distinguishes Helicos in the marketplace. We are also very pleased to record our first instrument product revenue during the first quarter of 2009 as we gain traction in the marketplace.
Q1 2009 Financial Results:
The company ended the first quarter of 2009 with about $13.9 million in cash.
The company reported about $1.2 million in revenue for the first quarter of 2009, which includes $963,000 in product revenue from the sale of an instrument that was shipped in 2008 and the sale of proprietary reagents to customers and $239,000 in grant revenue from the National Institutes of Health (NIH). For the comparable period in 2008, the company reported total revenue of $113,000 which represents grant revenue from the NIH.
Total operating expenses for the first quarter of 2009 were about $7.5 million compared with $11.9 million for the first quarter of 2008. Total operating expenses for the first quarter of 2009 were down about $2.5 million on a sequential basis when compared with the fourth quarter of 2008 as a result of the company’s efforts to reduce its operating costs.
Helicos BioSciences is a life sciences company focused on genetic analysis technologies for the research, drug discovery and clinical diagnostics markets.
