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Sequenom Q1 Revenues Off Slightly, Losses Narrow

NEW YORK, April 29 - Sequenom reported a slight dropoff in first-quarter revenues today, while losses narrowed.

 

The San Diego-based genotyping company's revenues for the quarter came to $7.4 million, compared to $8.6 million for the previous year's first quarter. Losses narrowed to $8.5 million, from $127.9 million in the same period last year: Over $116.9 million of last year's first quarter losses, however reflected the cumulative effect of an accounting change.

 

The revenues for the quarter included over $3 million in consumables revenue, the company said, reflecting increased use of its MassArray genotyping platforms.

 

Sequenom's total R&D expenses decreased year-over-year, to $5.9 million, from $8.1 million in the first quarter of last year.

 

As of March 31, the company had a total of $91.9 million in cash, cash equivalents, short-term investments and restricted cash, compared to $102.6 million at the end of March 2002.

 

The company forecasted that it would have a cash balance of $70 to $75 million at the end of the year and had enough cash to last through 2005.