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Sequenom Reports 16-Percent Decline in Q1 Revenues, Narrowed Loss

NEW YORK, May 9 (GenomeWeb News) - Sequenom today reported a 16-percent drop in revenues amidst narrowed losses for the first quarter of 2005.


Revenues for the quarter ended March 31 fell to $4.3 million from $5.1 million during the first quarter of 2004. Revenues were "impacted" this quarter by conditions Sequenom granted to new customers that enable it to recognize some revenues later this year.


"We believe that our MassArray products continue to gain traction in the clinical research market," with 130 systems installed so far, said acting-CEO and CFO Steve Zaniboni in a statement.


Research and development expenses fell to $3.2 million from $5.5 million during the same quarter last year.


Sequenom's net loss for the quarter narrowed to $7.4 million, or $.18 per share, from $9.9 million, or $.25 per share, during the year-ago period.


As of March 31, Sequenom had $31.4 million in cash, cash equivalents, short-term investments, and restricted cash.

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