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Sequenom Restates Q2 Revenue; Firm Overshot Receipts by $1.5M

NEW YORK, Jan. 31 - Sequenom today said it will restate its second-quarter revenue and earnings because it incorrectly recorded $1.5 million in revenue.

 

Sequenom traced the mistake to the delivery of four systems to one customer in the quarter. As a result, Sequenom's revenue for the three months ended June 30, 2002, will be reduced to $7.7 million--a slight increase over the $7.4 million in revenue reported for the same period in 2001.

 

The company's net loss for the quarter was also affected, increasing by approximately $500,000 to $15 million. Sequenom reported a net loss of $8.7 million in the second quarter 2001, the firm said.

 

A company official, Robin Jackman, said the problem arose when four of the nine units Sequenom sold and placed in the second quarter last year were improperly recorded as revenue. He declined to elaborate, but added: "We believe this is an isolated incident."

 

In a statement, Toni Schuh, CEO, said Sequenom "is working with the audit committee and our independent auditors to take the appropriate corrective actions."

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