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Sequenom Cuts 2008 Revenue Forecast

NEW YORK (GenomeWeb News) – Sequenom today lowered its revenue forecast for 2008 by 5 percent compared to earlier forecasts, citing softer than expected sales in the US market for its first quarter.
 
The San Diego-based firm revised its 2008 guidance downward to a range between $50 million and $53 million from previous guidance of between $53 million and $56 million. Its expected net loss, however, remained unchanged from previous estimates of $30 million to $33 million for the year.
 
Sequenom said that although first quarter revenues will exceed expectations, sales of its MassArray systems in the US were soft. The firm believes economic uncertainties are having a negative affect on purchases of capital equipment by research and academic institutions.
 
Sequenom also slightly lowered its forecast for R&D and SG&A spending for the year. It is projecting R&D spending of $24 million to $26 million versus an earlier forecast of $26 million to $28 million. It expects to report SG&A spending of $32 million to $34 million versus the earlier forecast of $34 million to $36 million.
 
“Although we remain cautiously optimistic that the softness in the US market is temporary and that it will not spread to other markets, we consider it prudent to update our 2008 revenue guidance,” Sequenom President and CEO Harry Stylli said in a statement.
 
The firm anticipates releasing its first-quarter 2008 results on April 30.

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