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If you want to know more, ASKMORE TM
modeFinance’s credit report.
Almost every day millions of peoplearound the world are wondering the realcreditworthiness of the companies withwhich they are in business. Every daythese questions remain unanswered.modeFinance
TM
now aims to answer thesequestions in a simple, complete andimmediate way.
ASKMORETM
is the modeFinanceTM
product which gives the chance toevaluate the credit risk for every companyfrom all around the world.
ASKMORETM plans 3 types of reports:
s-peek Basic Plus
ASKMORETM
Basic:This report includes modeFinance TM
’ sMORE Credit Ratings and MORE CreditLimit to help you in the decision making.It covers all essential information includingfinancial statements of the last three yearsand descriptive information including tradedescription and sector analysis.This report type is ideally suited fordecisions on transactions with each levelof credit risk.
modeFinanceTM HeadquarterBuilding A - AREA Science ParkPadriciano 99 - 34149 Trieste - ItalyPh.: +39 040 375 5337Fax: +39 040 375 [email protected]
askMORETM is a registered mark of modeFinanceTM
HELICOS BIOSCIENCES CORP.Wednesday, 21 November 2012
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAAnot
available
non return extremlypathological
pathological highdanger
weak sufficient adequate good very
strongextremely
strong
Company name 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
Legal form Not available
Account Consolidated
Incorporation date 2003/05
NACE 2 Sector 2660 - Manufacture of irradiation, electromedical and electrotherapeutic
equipment
Listed
Status Active
MORE Credit limit Not assessable on the base of the available informations
31/12/2011 31/12/2010 31/12/2009
Turnover (th e) 2,496 3,289 2,101
Rating C C CCC
Probability of default 57.00% 57.00% 16.00%
Confidence Level 100% 100% 100%
Solvency ratios
Leverage ratio -1.23 -2.14 3.67
Total asset/Total liabilities 0.19 0.53 1.27
Liquidity ratios
Current Ratio 0.18 0.55 1.87
Quick Ratio 0.11 0.31 1.35
Profitability and economic equili-
brium ratios
Return on investement ROI (%) -200.61 -259.24 -101.44
Return on equity ROE (%) -53.25 -304.38 -491.74
Asset turnover 1.26 0.63 0.11
Interest paid weight -0.13 -0.03 -0.04
Gross Profit/Operating revenue 0.93 1.07 1.35
Interest Coverage ratios
EBIT interest coverage ratio -8.89 -35.92 -27.72
Analysis and trend of financial
strength
HELICOS BIOSCIENCES CORP.Wednesday, 21 November 2012
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
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
Liquidity ratios
Current Ratio 0.18 2.69 1.56 1.23 0.75
Quick Ratio 0.11 2.04 1.15 0.89 0.45
Profitability and economic equilibrium ratios
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
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
Interest Coverage ratios
EBIT interest coverage ratio -8.89 79.81 4.58 -2.04 -3.98
Cash Conversion Cycle (days)
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
Numer of analyzed companies - 975 1,737 706 136
(Average) Rating C A BBB B CC
The sector has been chosen according to:
international companies in the sector NACE 2 26 with financial data of year 2011.
HELICOS BIOSCIENCES CORP.Wednesday, 21 November 2012
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Sector Analysis - Graphs
HELICOS BIOSCIENCES CORP.Wednesday, 21 November 2012
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Balance Sheet
BALANCE SHEET (th e) 31/12/2011 31/12/2010 31/12/2009
Accounting practice Local GAAP Local GAAP Local GAAP
Exchange rate USD - EUR 0.77286 0.748 0.69416
Number of months 12 12 12
Total assets 1,982 5,238 18,419
Fixed assets 84 208 1,395
Intangible fixed assets 0 0 0
Tangible fixed assets 39 94 1,184
Other fixed assets 45 114 211
Current assets 1,897 5,030 17,024
Stocks 703 2,195 4,739
Debtors 323 726 933
Other current assets 871 2,109 11,352
Cash & cash equivalent 772 1,880 11,058
Shareholders funds -8,454 -4,612 3,947
Capital 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
Other non-current liabilities 19 165 3,924
Current liabilities 10,417 9,182 9,104
Loans 2,431 2,079 1,925
Creditors 619 594 698
Other current liabilities 7,367 6,509 6,481
Total shareh. funds & liab. 1,982 5,238 18,419
NET DEBT (th e) 31/12/2011 31/12/2010 31/12/2009
Short term debts 2,431 2,079 1,925
Long term debt 0 504 1,445
Cash & cash equivalent 772 1,880 11,058
Net debt 1,659 703 -7,688
31/12/2011 31/12/2010 31/12/2009
Working capital 407 2,328 4,974
Net Current Assets -8,519 -4,151 7,920
31/12/2011 31/12/2010 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
HELICOS BIOSCIENCES CORP.Wednesday, 21 November 2012
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Income Statement
INCOME STATEMENT (th e) 31/12/2011 31/12/2010 31/12/2009
Accounting practice Local GAAP Local GAAP Local GAAP
Exchange rate USD - EUR 0.77286 0.748 0.69416
Number of months 12 12 12
Sales 2,496 3,289 2,101
Revenues growth (%) -24 57 -
Other revenues +/- variation in inventories and contract in progress + Fixed assets
own construction capitalized0 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 - - -
EBITDA -4,667 -14,308 -18,494
Depreciation 8 2,179 1,602
EBIT -4,674 -16,487 -20,096
Financial P/L 172 2,449 687
Financial revenue 0 14 52
Financial expenses -172 -2,435 -635
Interest paid 526 459 725
P/L before tax -4,502 -14,038 -19,409
Extr. and other P/L 0 0 0
Extr. and other revenue - - -
Extr. and other expenses - - -
P/L before tax + Extr. and other P/L -4,502 -14,038 -19,409
Taxation 0 0 0
P/L for period -4,502 -14,038 -19,409
31/12/2011 31/12/2010 31/12/2009
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
Cash flow -4,494 -11,860 -17,806
Added value - - -
31/12/2011 31/12/2010 31/12/2009
Number of employees 10 22 80
HELICOS BIOSCIENCES CORP.Wednesday, 21 November 2012
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Evolutions and trends
HELICOS BIOSCIENCES CORP.Wednesday, 21 November 2012
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
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.
HELICOS BIOSCIENCES CORP.Wednesday, 21 November 2012
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Main customers Not available.
Auditor/Advisor/Bank
name type address
PRICEWATERHOUSECOOPERS LLP Auditor -
Computershare Shareholder Services Transfer Agent -
Board
name date of birth nationality function
Mr. Bruce C Ginsberg - - Director
Mr. Ronald A Lowy - - Director
Sharehoders (the first twenty shareholders ordered by Direct %)
DIMENSIONAL FUND ADVISORS LP via its funds Rating: A
Country ISO code US Operating Revenue (MIL $) 36.72
NACE Rev. 2, Core code - Total Assets (MIL $) 2186.66
Direct % - Number of Employees 260
Total % 0.14 Information date 2012/04
Address : Not available
ATLAS VENTURE UK LIMITED Rating: AA
Country ISO code GB Operating Revenue (MIL $) 18
NACE Rev. 2, Core code - Total Assets (MIL $) 3.72
Direct % - Number of Employees 2
Total % - Information date 2009/07
Address : Not available
HELICOS BIOSCIENCES CORP.Wednesday, 21 November 2012
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
FLAGSHIP VENTURES INC Rating:
Country ISO code US Operating Revenue (MIL $) 2.8
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % - Number of Employees 35
Total % - Information date 2009/01
Address : Not available
VERSANT VENTURE CAPITAL I LP Rating:
Country ISO code US Operating Revenue (MIL $) -
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % - Number of Employees 0
Total % - Information date 2009/01
Address : Not available
VERSANT VENTURES Rating:
Country ISO code US Operating Revenue (MIL $) 3.3
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % - Number of Employees 32
Total % - Information date 2009/01
Address : Not available
Subsidiaries (the first twenty subsidiaries ordered by Direct %)
HELICOS BIOSCIENCES SECURITIES CORPORATION Rating:
Country ISO code US Operating Revenue (MIL $) -
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % WO Number of Employees -
Total % - Information date 2011/12
HELICOS BIOSCIENCES CORP.Wednesday, 21 November 2012
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
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.
HELICOS BIOSCIENCES CORP.Wednesday, 21 November 2012
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Rating scale
Rating class Rating macro class Assessment
AAA
Healthy
The company’s capacity to meet its financial commitments is extremely strong. The company shows an excellent
economic and financial flow and fund equilibrium.
AAThe company has very strong creditworthiness. It also has a good capital structure and economic and financial
equilibrium. Difference from AAA is slight.
AThe company has a high solvency. The company is however more susceptible to the adverse effects of changes in
circumstances and economic conditions than companies in higher rated categories.
BBB
Balanced
Capital structure and economic equilibrium are considered adequate. The company’s capacity to meet its financial
commitments could be affected by serious unfavourable events.
BBA 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.
B
Vulnerable
The company presents vulnerable signals with regards to its fundamentals. Adverse business, financial, or economic
conditions will be likely to impair the company’s capacity or willingness to meet its financial commitments.
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
Risky
The company shows signals of high vulnerability. In the event of adverse market and economic conditions, the
company’s strong disequilibrium could increase.
CThe company shows considerable pathological situations. The company’s capacity to meet its financial
commitments is very low.
D The company has not any longer the capacity to meet its financial commitments.
HELICOS BIOSCIENCES CORP.Wednesday, 21 November 2012
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Fundamental Credit Rating Ratios
Analysis area Ratio Assessment
Solvency ratios
Leverage ratioThis measures the level of total liabilities of the company in comparison
with equity.
Assets to debtThis indicates company’s solvency. The company shows a level of deficit
when the value of this ratio is under one unit.
Financial ratios Fixed Assets coverage ratioThis is calculated only for holdings. It measures the capital structure i.e.
whether a company covers the fixed assets with long term capital.
Liquidity ratios
Current ratioThis measures whether a company has sufficient short-term assets to cover
its short-term liabilities.
Quick ratioThis compares current liabilities only to those assets that can be readily
turned into cash.
Profitability and economic ratios
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 coverage ratio 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.
HELICOS BIOSCIENCES CORP.Wednesday, 21 November 2012
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
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 =
∑Available Information∑
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.
HELICOS BIOSCIENCES CORP.Wednesday, 21 November 2012
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
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
Company modeFinance
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