NEW YORK, Oct. 28 (GenomeWeb News) - Sequenom today reported an increase in revenues for the three months ended Sept. 30, 2003, accompanied by narrowed losses and a drop in R&D spending.
The company's total revenues for the quarter were $7.2 million, compared to $6.9 million for the third quarter of 2002. Product revenues for the company's Genetic Systems business unit were flat at $6.5 million for the quarter, compared to $6.5 million for the year ago period. Revenues for Sequenom's Pharmaceuticals business unit were approximately $600,000 for the quarter, compared to $400,000 for the third quarter of 2002. Sequenom said its Pharmaceuticals revenues were primarily from genetic services.
Sequenom's net loss for the quarter decreased to $8.8 million, compared to $17.0 million for the third quarter of 2002.
Research and development expenses dropped 34 percent year-over-year, to $6.0 million in the third quarter of 2003 compared to $9.2 million in the year-ago period.
As of Sept. 30, Sequenom held cash, cash equivalents, short-term investments, and restricted cash totaling $73.2 million.
"We remain on track to achieve our estimated year-end cash balance of $65 million, which we believe should adequately address our cash needs through 2005," said Steve Zaniboni, Sequenom's CFO in a statement.