NEW YORK (GenomeWeb News) – Sequenom reported after the close of the market on Wednesday that its first-quarter revenues rose 7 percent and its net loss more than doubled for the three months ended March 31.
The San Diego-based firm reported revenues of $10.6 million compared to $9.9 million in the first quarter of 2007. It said that the revenue increase was due primarily to an increase in sales of systems outside the US, consumable products sales, and growth in its contract research services group.
Sequenom earlier in April had cautioned that US sales for its flagship MassArray systems would be soft for the first quarter.
“Although this quarter’s sales performance in the United States was disappointing, we are pleased with our sales performance in Europe and the rest of the world,” said Sequenom President and CEO Harry Stylli in a statement. “We continue to monitor the United States market demand for MassArray systems and remain cautiously optimistic about the business through the remainder of 2008.”
Sequenom’s net loss jumped sharply to $8.6 million, or $.19 per share, compared to $3.8 million, or $.11 per share, in the first quarter of 2007.
The firm’s R&D expenses climbed 69 percent to $4.9 million from $2.9 million year over year, while its SG&A costs rose 37.3 percent to $9.2 million from $6.7 million.
Sequenom finished the first quarter with $36.4 million in cash, cash equivalents, restricted cash, and short-term investments.