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Sequenom Raises Full-Year Projections on Higher Q2 MassArray Sales

NEW YORK (GenomeWeb News) - Sequenom yesterday said second-quarter revenue jumped 41 percent as R&D spending climbed 79 percent and net loss grew 23 percent.
 
Total receipts for the three months ended June 30, 2007 rose to $10.2 million from $7.2 million year over year.
 
"We are executing well against our growth strategy, resulting in a greater than 40 percent revenue increase for the second quarter, compared with the same period last year, due to increased MassArray product and services sales," CEO Harry Stylli said in a statement.
 
Sequenom said sales of consumables rose 22 percent to $3.8 million from $3.1 million, and other product-related sales increased 38 percent, contributing $5.4 million to second-quarter revenue.
 
Services sales were up nearly 400 percent to $941,000 from $190,000 from the year-ago period.
 
R&D spending increased to $4.3 million from $2.5 million year over year.
 
The company said its net loss grew to $4.8 million from $3.9 million in the year-ago quarter.
 
Sequenom adjusted its revenue expectations for the full-year 2007 upward by between 37 percent and 44 percent. It now expects to see between $39 million and $41 million in revenue for the year.
 
The company also lowered its net loss forecast for the year to between $19 million and $21 million from its previously estimated range of $23 million to $25 million.
 
Sequenom said it had $35 million in cash, cash equivalents, short-term investments and restricted cash as of June 30, 2007.

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