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Sequenom Posts 18 Percent Q3 Revenue Growth

NEW YORK (GenomeWeb News) – Sequenom said after the close of the market Thursday that its third-quarter revenues rose 18 percent, while its net loss jumped 89 percent on higher R&D costs and licensing payments.
 
The San Diego-based firm reported revenues of $11.6 million for the three-month period ended Sept. 30, compared with revenues of $9.8 million in the third quarter of 2007. Consumables sales were roughly $5 million for the quarter versus $4 million the year before, while system-related revenues rose to $5.7 million from $4.9 million. The firm’s services revenues were up slightly to $902,000 from $885,000.
 
Sequenom President and CEO Harry Stylli said during a conference call after the results were released that the firm placed 12 of its MassArray systems during the quarter.
 
The company’s net loss increased to $10.4 million, or $.18 per share, from $5.5 million, or $.14 per share, in the comparable period a year ago. That increase was partially due to a sharp rise in R&D spending to $7.1 million from $2.8 million year over year, while its SG&A expenses rose 27 percent to $10.7 million from $8.4 million.
 
Sequenom said that its operational expenses were up due to research and commercialization spending for the firm’s molecular diagnostics programs and roughly $1 million in fees associated with licensed technologies and intellectual property.
 
Sequenom finished the quarter with $114.1 million in cash, cash equivalents, restricted cash, and marketable securities.
 
The firm said that it still expects to report revenues of $50 million for full-year 2008, but it increased its net loss guidance for the year to $39 million from $36 million due to costs associated with its acquisition of the Center for Molecular medicine, a CLIA lab that Sequenom said last month it would buy for around $4 million.
 
Sequenom’s recent focus has been on developing molecular diagnostic tests, with an emphasis on its non-invasive Down syndrome screening test and other prenatal diagnostics. The firm expects the acquisition of CMM to help it launch tests for RHD and Fetal XY tests in the first quarter of 2009 followed by the Trisomy 21 test by mid-year.
 
“We believe we have sufficient capital to commercialize our noninvasive prenatal tests and turn profitable on a consolidated basis in 2010 or 2011 without further equity financing requirements,” Stylli said in a statement.
 

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