Wednesday, 21 November 2012
HELICOS BIOSCIENCES CORP.
MORE Credit Rating
C
D
CC CCC
B
BB BBB
A
AA AAA
key
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HELICOS BIOSCIENCES CORP.
Identification number
US050587367
Country
United States of America
ZIP code and city
02139 - CAMBRIDGE
Address
BUILDING 700 +1 617 264 1800 www.helicosbio.com investorrelations@helicosbio.com
Legal form
Not available
Account
Consolidated
Incorporation date
2003/05
NACE 2 Sector
2660 - Manufacture of irradiation, electromedical and electrotherapeutic equipment
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Company name
Listed Status
Active
MORE Credit limit
Not assessable on the base of the available informations
plans 3 types of reports:
Turnover (th e) s-peek
31/12/2010
31/12/2009
2,496
3,289
2,101
Rating
Plus
Basic
31/12/2011
TM
ASKMORE Basic: This report includes modeFinance ’ s MORE Credit Ratings and MORE Credit Limit to help you in the decision making. It covers all essential information including financial statements of the last three years and descriptive information including trade description and sector analysis. This report type is ideally suited for decisions on transactions with each level of credit risk. TM
C
C
CCC
57.00%
57.00%
16.00%
100%
100%
100%
-1.23
-2.14
3.67
0.19
0.53
1.27
Current Ratio
0.18
0.55
1.87
Quick Ratio
0.11
0.31
1.35
-200.61
-259.24
-101.44
-53.25
-304.38
-491.74
1.26
0.63
0.11
-0.13
-0.03
-0.04
0.93
1.07
1.35
-8.89
-35.92
-27.72
Probability of default Confidence Level Solvency ratios Leverage ratio Total asset/Total liabilities Liquidity ratios
Profitability and economic equilibrium ratios Return on investement ROI (%) Return on equity ROE (%) Asset turnover Interest paid weight Gross Profit/Operating revenue Interest Coverage ratios EBIT interest coverage ratio
Analysis and trend of financial strength modeFinance Headquarter Building A - AREA Science Park Padriciano 99 - 34149 Trieste - Italy Ph.: +39 040 375 5337 Fax: +39 040 375 6741 info@modefinance.com TM
key askMORETM is a registered mark of modeFinanceTM
MORE Credit Rating
D not available
non return
C
CC
extremly pathological pathological
CCC
B
BB
BBB
A
AA
AAA
high danger
weak
sufficient
adequate
good
very strong
extremely strong
HELICOS BIOSCIENCES CORP.
Wednesday, 21 November 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Sector Analysis Company
Healthy
Balanced
Vulnerable
Risky
Solvency ratios Leverage ratio
-1.23
0.46
1.40
1.70
-1.30
Total asset/Total liabilities
0.19
3.04
1.69
1.42
0.97
Current Ratio
0.18
2.69
1.56
1.23
0.75
Quick Ratio
0.11
2.04
1.15
0.89
0.45
Return on investement ROI (%)
-200.61
11.61
4.97
-2.48
-11.30
Return on equity ROE (%)
-53.25
13.12
7.00
-11.50
-113.70
Liquidity ratios
Profitability and economic equilibrium ratios
Asset turnover
1.26
1.07
1.09
0.97
1.14
Interest paid weight
-0.13
0.01
0.14
-0.03
-0.21
Gross Profit/Operating revenue
0.93
0.35
0.21
0.15
0.13
-8.89
79.81
4.58
-2.04
-3.98
Days Sales Of Inventory (DIO)
103
46
45
47
50
Days Sales Outstanding (DSO)
47
66
69
66
47
Days Payable Outstanding (DPO)
91
29
39
43
43
Cash Conversion Cycle (DIO + DSO - DPO)
59
83
78
75
61
-
975
1,737
706
136
C
A
BBB
B
CC
Interest Coverage ratios EBIT interest coverage ratio Cash Conversion Cycle (days)
Numer of analyzed companies (Average) Rating
The sector has been chosen according to: international companies in the sector NACE 2 26 with financial data of year 2011.
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
HELICOS BIOSCIENCES CORP.
Wednesday, 21 November 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
key
Sector Analysis - Graphs
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
AA AAA
HELICOS BIOSCIENCES CORP.
Wednesday, 21 November 2012 MORE Credit Rating
C
D
CC CCC
B
BB BBB
A
AA AAA
key
Balance Sheet BALANCE SHEET (th e)
31/12/2011
31/12/2010
31/12/2009
Accounting practice
Local GAAP
Local GAAP
Local GAAP
0.77286
0.748
0.69416
12
12
12
Exchange rate USD - EUR Number of months Total assets Fixed assets Intangible fixed assets Tangible fixed assets
1,982
5,238
18,419
84
208
1,395
0
0
0
39
94
1,184
45
114
211
1,897
5,030
17,024
Stocks
703
2,195
4,739
Debtors
323
726
933
Other current assets
871
2,109
11,352
772
1,880
11,058
-8,454
-4,612
3,947
67
65
55
Other shareholders funds
-8,522
-4,677
3,892
Total liabilities
10,436
9,850
14,472
Non current liabilities
19
669
5,369
Long term debt
0
504
1,445
19
165
3,924
Current liabilities
10,417
9,182
9,104
Loans
2,431
2,079
1,925
619
594
698
7,367
6,509
6,481
1,982
5,238
18,419
Other fixed assets Current assets
Cash & cash equivalent Shareholders funds Capital
Other non-current liabilities
Creditors Other current liabilities Total shareh. funds & liab. NET DEBT (th e)
31/12/2011
Short term debts Long term debt Cash & cash equivalent Net debt
31/12/2009
2,079
0
504
1,445
772
1,880
11,058
1,659
703
-7,688
31/12/2011 Working capital
31/12/2010
2,431
31/12/2010
1,925
31/12/2009
407
2,328
4,974
-8,519
-4,151
7,920
31/12/2011
31/12/2010
Net Current Assets
31/12/2009
Days Sales Of Inventory (DIO)
103
244
823
Days Sales Outstanding (DSO)
47
81
162
Days Payable Outstanding (DPO)
91
66
121
Cash Conversion Cycle (DIO + DSO - DPO)
59
259
864
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
HELICOS BIOSCIENCES CORP.
Wednesday, 21 November 2012 MORE Credit Rating
C
D
CC CCC
B
BB BBB
A
AA AAA
key
Income Statement INCOME STATEMENT (th e)
31/12/2011
31/12/2010
31/12/2009
Accounting practice
Local GAAP
Local GAAP
Local GAAP
0.77286
0.748
0.69416
12
12
12
Exchange rate USD - EUR Number of months Sales Revenues growth (%) Other revenues +/- variation in inventories and contract in progress + Fixed assets own construction capitalized
2,496
3,289
2,101
-24
57
-
0
0
0
Operating revenue / turnover
2,496
3,289
2,101
Total operating costs
7,171
19,776
22,196
Costs growth (%)
-64
-11
-
Service costs
-
-
-
Material costs
-
-
-
Costs of employees
-
-
-
-4,667
-14,308
-18,494
EBITDA Depreciation EBIT Financial P/L Financial revenue Financial expenses
8
2,179
1,602
-4,674
-16,487
-20,096
172
2,449
687
0
14
52
-172
-2,435
-635
526
459
725
-4,502
-14,038
-19,409
0
0
0
Extr. and other revenue
-
-
-
Extr. and other expenses
-
-
-
-4,502
-14,038
-19,409
Interest paid P/L before tax Extr. and other P/L
P/L before tax + Extr. and other P/L Taxation
0
0
0
-4,502
-14,038
-19,409
31/12/2011
31/12/2010
31/12/2009
P/L for period
Costs of Good Sold
165
-229
-742
Gross Profit
2,331
3,518
2,843
Other Operating Expenses
7,005
20,005
22,938
31/12/2011
31/12/2010
31/12/2009
-4,494
-11,860
-17,806
-
-
-
Cash flow Added value
31/12/2011 Number of employees
10
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
31/12/2010
31/12/2009
22
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
80
HELICOS BIOSCIENCES CORP.
Wednesday, 21 November 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
key
Evolutions and trends
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
AA AAA
HELICOS BIOSCIENCES CORP.
Wednesday, 21 November 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Qualitative information Full overview
The company, headquartered in Cambridge, Massachusetts, is engaged in the development of genetic analysis technologies for the research, drug discovery, and clinical diagnostics markets. The technology platform is designed to sequence individual DNA or RNA molecules with unprecedented throughput, at dramatically lower costs than any other method. The company was co - founded in 2003 by Steve Quake, a professor of Bioengineering and Applied Physics at Stanford University, Eric Lander, director of the Broad Institute of MIT and Harvard University, Noubar Afeyan, managing partner of Flagship Ventures, and Stanley Lapidus, an experienced entrepreneur in the life sciences industry. The company began operations in February 2004, with backing from a leading group of investors, including Atlas Venture, Flagship Ventures, Highland Capital Partners, MPM Capital and Versant Ventures. It initially focused its efforts in research and development activities that proved the technical feasibility of the tSMS approach. In January 2006, the company began commercial operations, announcing its Early - Access Collaboration Program where thought leaders in the genomics field are given access to the technology to help develop specific applications. Dr. Leroy Hood and the Institute for Systems Biology in Seattle, WA, is the first program partner.
History
Co - founded by Steve Quake, a professor of Bioengineering and Applied Physics at Stanford University, Eric Lander, director of the Broad Institute of MIT and Harvard University, Noubar Afeyan, managing partner of Flagship Ventures, and Stanley Lapidus, an experienced entrepreneur in the life sciences industry.
Primary business line
Engaged in the development of genetic analysis technologies for the research, drug discovery, and clinical diagnostics markets.
Secondary business line
Not available.
Main activity
Manufacturing.
Secondary activity
Not available.
Main products and services
Genetic analysis technologies for the research, drug discovery, and clinical diagnostics markets.
Size estimate
Not available.
Strategy, organization and policy
Not available.
Strategic alliances
Not available.
Membership of a network
Not available.
Main brand names
Not available.
Main domestic country
United States of America.
Main foreign countries or regions
Not available.
Main production sites
Not available.
Main distribution sites
Not available.
Main sales representation sites
Not available.
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
HELICOS BIOSCIENCES CORP.
Wednesday, 21 November 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Main customers
Not available.
Auditor/Advisor/Bank name
type
address
PRICEWATERHOUSECOOPERS LLP Computershare Shareholder Services
Auditor Transfer Agent
-
Board name
date of birth
nationality
function
Mr. Bruce C Ginsberg Mr. Ronald A Lowy
-
-
Director Director
Sharehoders (the first twenty shareholders ordered by Direct %) Rating:
DIMENSIONAL FUND ADVISORS LP via its funds Country ISO code NACE Rev. 2, Core code Direct %
US -
Total % Address : Not available
0.14
ATLAS VENTURE UK LIMITED Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available
GB -
36.72 2186.66 260
Information date
2012/04
Rating:
AA
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
18 3.72 2 2009/07
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A
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
HELICOS BIOSCIENCES CORP.
Wednesday, 21 November 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Rating:
FLAGSHIP VENTURES INC Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available
US -
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
US
Operating Revenue (MIL $)
Rating:
VERSANT VENTURE CAPITAL I LP Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available
-
Total Assets (MIL $) Number of Employees Information date
0 2009/01
Rating:
VERSANT VENTURES Country ISO code NACE Rev. 2, Core code Direct % Total %
2.8 35 2009/01
US -
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
3.3 32 2009/01
Address : Not available
Subsidiaries (the first twenty subsidiaries ordered by Direct %) Rating:
HELICOS BIOSCIENCES SECURITIES CORPORATION Country ISO code NACE Rev. 2, Core code Direct % Total %
US WO
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees
-
Information date
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
2011/12
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
HELICOS BIOSCIENCES CORP.
Wednesday, 21 November 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
ASKMORE rating guide General vision
A credit rating is an opinion of the general creditworthiness of an obligor (issuer rating), or the creditworthiness of an obligor in respect of a specific debt security, or other financial obligation (issue rating), based on relevant risk factors. The Multi Objective Rating Evaluation (MORE) model is essentially used to assess the level of distress of industrial companies by using data included in financial statements. The basic idea of the model is to analyze a set of financial and economic ratios in a predictive corporate bankruptcy model with the purpose of creating a fundamental credit rating model for each industrial sector. Results of the model are obtained by applying newly developed numerical methodologies, drawing together financial theory, data mining and engineering design methodologies. The heart of MORE is a multi dimensional and multi objective algorithm that produces a classification of each company, by taking into account any attributes (such as sector and country) characterizing a firm. The model gives the opportunity to assign a rating to a company even without considering a complete data analysis and allows to process quality information. It induces a better understanding of a company’s strength and weakness thanks to sophisticated data mining tools and taking into account the analyst knowledge. The MORE rating vision is to look at the fundamental economics of the company. The main idea is to evaluate the rating observing every aspect of the economical and financial behavior of the company: better is the equilibrium between the different aspects, better will be the final rating. This is done studying, evaluating and aggregating the most important sections of the financial and economic behavior of a company such as: profitability, liquidity, solvency, interest coverage and efficiency.
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Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
HELICOS BIOSCIENCES CORP.
Wednesday, 21 November 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Rating scale Rating class
Rating macro class
The company’s capacity to meet its financial commitments is extremely strong. The company shows an excellent
AAA
AA
Assessment
economic and financial flow and fund equilibrium. Healthy
The company has very strong creditworthiness. It also has a good capital structure and economic and financial equilibrium. Difference from AAA is slight. The company has a high solvency. The company is however more susceptible to the adverse effects of changes in
A
circumstances and economic conditions than companies in higher rated categories. Capital structure and economic equilibrium are considered adequate. The company’s capacity to meet its financial commitments could be affected by serious unfavourable events.
BBB Balanced
A company rated BB is more vulnerable than companies rated BBB. Furthermore the company faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions.
BB
The company presents vulnerable signals with regards to its fundamentals. Adverse business, financial, or economic
B
conditions will be likely to impair the company’s capacity or willingness to meet its financial commitments. Vulnerable
CCC
A company rated CCC has a dangerous disequilibrium on the capital structure and on its economic and financial fundamentals. Adverse market events and an inadequate management could affect with high probability the company’s solvency.
CC
The company shows signals of high vulnerability. In the event of adverse market and economic conditions, the company’s strong disequilibrium could increase. Risky
C
The company shows considerable pathological situations. commitments is very low.
D
The company has not any longer the capacity to meet its financial commitments.
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The company’s capacity to meet its financial
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
HELICOS BIOSCIENCES CORP.
Wednesday, 21 November 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Fundamental Credit Rating Ratios Analysis area
Ratio
Assessment This measures the level of total liabilities of the company in comparison
Leverage ratio
with equity.
Solvency ratios
Financial ratios
Assets to debt
This indicates company’s solvency. The company shows a level of deficit when the value of this ratio is under one unit.
Fixed Assets coverage ratio
This is calculated only for holdings. It measures the capital structure i.e. whether a company covers the fixed assets with long term capital.
Current ratio
This measures whether a company has sufficient short-term assets to cover its short-term liabilities.
Liquidity ratios This compares current liabilities only to those assets that can be readily
Quick ratio
turned into cash.
Return on Investement(ROI)
This measures the profitability of company investments without regard to the way the investment is financed.
Return on Equity(ROE)
This measures the profitability of the equity.
Asset turnover
This indicates the investments turnover with regards to sales. The level assumed from the ratio depends on the sector in which the company operates.
Profit margin
This indicates the profitability of sales.
Interest Paid coverage
This indicate the ability of the company to cover interest expenses through the economic margins (Gross profit and EBIT) and through the cash flow from operating activities.
Profitability and economic ratios
Interest coverage ratio
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Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
HELICOS BIOSCIENCES CORP.
Wednesday, 21 November 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
MORE Credit Limit, Probability of default and Confidence Level MORE Credit Limit
MORE Credit limit is the estimation of the amount of maximum credit that is possible to assign on a commercial relationship with the analyzed company with an outlook of one year. modeFinance used the following values associated with the company analyzed while computing the credit limit:
• Size; • Years in Business; • Average number of suppliers; • Liquidity of the company and the comparison with its sector; • The funds dedicated to be paid to suppliers; • The likelihood that a company may pay its debts in the next 12 months (MORE Ratings).
The credit limit in this report is merely a suggested value of commercial credit limit calculated on the basis of annual public data. This value should be reviewed by paying attention to the Confidence Level value and by using other information such as other business information, news... etc; and private information such as the relationship with client, history of payments, guarantees and the knowledge of the sector.
Probability of default e Confidence Level
In addition to the MORE Rating, modeFinance also estimates the probability of default and provides a level of confidence. The probability of default is the degree of certainty (in quantitative terms) that the company will go into default. As the probability of default is strongly affected by the economic climate that the company is operating in, companies in the same MORE class will not necessarily have the same probability of default. The MORE model can produce a MORE rating even if there is missing data by using an associated confidence level:
Confidence =
P Available Information P Total Information
The level of confidence does not indicate financial confidence in the company. It is a reflection of the variations in availability of financial data across Europe due to filing regulations and suggests the degree of financial detail the MORE rating is able to take into account for each company. For companies with fully populated records a confidence level of 100% would be applied: companies where no financial data is provided, 0%. This puts the MORE rating in a context for the user and aids interpretation.
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
HELICOS BIOSCIENCES CORP.
Wednesday, 21 November 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Notes and disclaimer NOTES
modeFinance has based the present analysis on the company available financial statements, coming from one or more of the following sources: local providers, Commercial Register (Companies House), websites, modeFinance’s database etc.
DISCLAIMER
All Rights Reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of the publisher modeFinance. The facts of this report are believed to be correct at the time of publication but cannot be guaranteed. Please note that the findings, conclusions and recommendations that modeFinance delivers will be based on information gathered in good faith from both primary and secondary sources, whose accuracy we are not always in a position to guarantee. As such modeFinance can accept no liability whatever for actions taken based on any information that may subsequently prove to be incorrect.
Contacts
Info web
modeFinance MORE rating AREA Science Park 34149 Trieste, via Padriciano 99 - ITALY info@modefinance.com www.modefinance.com
Phone
+39 040 3755337
Company Products Where
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Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741