Helicos Biosciences: modeFinance Credir Report

Wednesday, 21 November 2012

HELICOS BIOSCIENCES CORP.

MORE Credit Rating

C

D

CC CCC

B

BB BBB

A

AA AAA

key

If you want to know more, ASKMORE modeFinance’s credit report.

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Almost every day millions of people around the world are wondering the real creditworthiness of the companies with which they are in business. Every day these questions remain unanswered. modeFinance now aims to answer these questions in a simple, complete and immediate way.

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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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ASKMORE is the modeFinance product which gives the chance to evaluate the credit risk for every company from all around the world.

ASKMORE

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

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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.

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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

key

Sector Analysis - Graphs

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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

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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

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

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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

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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.

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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

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

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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.

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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

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

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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