NEW YORK, Feb. 10 (GenomeWeb News) - Sequenom today reported an uptick in revenues for the fourth quarter ended Dec. 31, 2003, accompanied by narrowed losses and decreased R&D spending.
Sequenom's consolidated revenues for the quarter were $8.0 million, up slightly from $7.7 million in the year-ago period. The company's Genetic Systems business unit posted revenues of $7.7 million for the quarter, up from $7.2 million for the fourth quarter of 2002. Revenues for the company's pharmaceuticals business unit were down year-over-year, to $300,000 from $500,000 in the fourth quarter of 2002. Sequenom said these revenues resulted primarily from genetic services.
The company reported a 78 percent decrease in its net loss for the quarter, to $10.0 million, or $0.25 per share, from $45.8 million, or $1.16 per share, in the fourth quarter of 2002.
Sequenom's R&D expenses were $7.0 million for the fourth quarter, down from $8.0 million in the prior year.
On Dec. 31, 2003, Sequenom held cash, cash equivalents, short-term investments, and restricted cash totaling $67.5 million, compared to $102.6 million at the end of 2002.