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Revenues Down, Losses Up for Sequenom in Q1

NEW YORK, April 29 (GenomeWeb News) - Sequenom today reported dwindling revenues and increased losses for the first quarter.

 

Revenues totaled $5.1 million, down from $7.4 million during the same quarter last year. "We see the number of new account opportunities for high-throughput genotyping reaching saturation," said CFO Steve Zaniboni in a statement.

 

Sequenom's R&D expenses increased slightly, to $6 million, from $5.9 million during the year-ago quarter.

 

The company recorded a net loss of $9.9 million, or $.25 per share, up from $8.5 million, or $.22 per share, during the first quarter of 2003.

 

As of March 31, San Diego-based Sequenom had $59.5 million in cash, cash equivalents, short-term investments and restricted cash.

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