NEW YORK, Oct. 7 (GenomeWeb News) - Sequenom yesterday lowered its financial targets for the 2003 fiscal year, predicting total revenues of approximately $30 million for the calendar year and a year-end cash balance of $65 million.
In August, Sequenom CFO Steve Zaniboni told GenomeWeb News' sister publication SNPtech Reporter that the company's overall target revenue for the year was $34 million, with $32 million of that coming from its Systems unit. Yesterday, the company lowered that goal to $30 million, including $28.5 million from the Systems business unit. This amount reflects a growth rate of 15 percent over 2002 Systems business unit revenue of $24.8 million, the company said.
Sequenom's annual revenue for the 2002 fiscal year was $30.9 million, and $30.7 million for fiscal year 2001.
Sequenom said it is expecting revenues for the third quarter to be approximately $7 million, including around $4 million in MassArray consumable sales. The company said this is a 75 percent increase from the same period last year.
Sequenom also lowered its projected 2003 year-end cash balance to around $65 million, from the $70 million to $75 million it predicted in April when it reported its first-quarter earnings.