NEW YORK (GenomeWeb News) - Sequenom yesterday said first-quarter revenue surged 43 percent as R&D spending increased 17 percent and net loss was stable.
Total receipts for the three months ended March 31, 2007, rose to $9.9 million from $6.9 million year over year.
The company said the jump in revenues was driven mainly by sales of MassArray instruments and related products, and by growth in its contract research services group.
Sequenom said sales of consumables rose 47 percent to $4.2 million from $2.9 million, and other product-related sales increased 33 percent, contributing $4.9 million to first-quarter revenue.
R&D spending increased to $2.9 million from $2.5 million year over year.
The company said its net loss was flat at $3.7 million.
Sequenom CEO Harry Stylii said the company plans to use nearly $18.4 million the company netted in a stock placement in April to introduce new products and product enhancements to the company's MassArray line, and to introduce a prenatal test for Rhesus D incompatibility in the second quarter.
Sequenom said it expects full-year 2007 revenues of $37 million to $39 million with a loss between $23 million and $25 million.
Sequenom said it had $21.8 million in cash, cash equivalents, and short-term investments as of March 31, 2007.