logo
Plus   Neg
Share
Email

Complete Genomics Initiates Review Of Strategic Alternatives; To Eliminate Jobs

Human genome sequencing company, Complete Genomics Inc (GNOM) Tuesday announced that it has initiating a number of steps aimed at reducing the cash consumption.

The company stated that it has engaged Jefferies & Company, Inc. to assist it in exploring strategic alternatives.

The company further stated that it intends to focus on development of clinical applications for its whole human genome sequencing service, while continuing to provide high-quality genomes to research customers.

As part of the strategic alternatives, the company plans to eliminate 55 jobs, primarily in field and factory, in Mountain View, California, and other U.S. locations.

The company noted that this employee reduction is expected to be substantially completed during the current quarter ending June 30, 2012. The company further added that restructuring and related costs incurred with this plan are estimated at $1.5 million, most of which will be cash expenditures.

by RTTNews Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
The Boeing Company (BA) reported that its first-quarter core earnings per share increased to $3.64 from $2.17, prior year, reflecting strong performance across the company. Core operating earnings improved 35% year-over-year to $2.51 billion from $1.86 billion, previous year. GAAP earnings from operations increased 30% to $2.88 billion. Net earnings improved 57% year-over-year to $2.48 billion. Earnings per share was $4.15 compared to $2.54. Operating cash flow was $3.1 billion for the quarter. Micro-blogging site Twitter Inc. on Wednesday reported a turnaround to profit in the first quarter on strong double-digit revenue growth. This is the company's second quarterly profit. Both revenue and adjusted earnings per share beat analysts' estimates. Twitter's average monthly active users or MAU figure rose 3 percent year-over-year and also increased from the preceding quarter. Shares of Credit Suisse Group AG were gaining around 4 percent in Swiss trading after the banking giant reported Wednesday higher profit in its first quarter, despite lower net interest income. The company said it had planned 2018 to be a year of acceleration in its performance in its 12-quarter restructuring program.
Follow RTT