NEW YORK, April 30 - Sequenom today reported higher first-quarter revenues and increased net losses as strong demand for its genotyping systems and genetic services was outweighed by the increasing expense of the company's gene-discovery efforts.
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Revenues for the quarter ended March 31 were $8.6 million compared with $5.2 million during the same period last year. Sequenom sold 11 MassARRAY systems during the quarter, it said.
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Costs and expenses also climbed to $21 million in the first quarter 2002 from $14.2 million year over year.
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Sequenom's net loss, including accounting changes, was $3.41 per diluted common share, totaling $127.9 million. Excluding those changes, loss for the quarter was $11 million, or $.29 per diluted share, compared with $7 million, or $.29 per diluted share, during the first quarter 2001.
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The company held cash, cash equivalents, and short-term investments of $126.1 million as of March 31.
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