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Sequenom s Q1 Revenues Surge, Losses Halved

This article has been updated from a previous version, which had the incorrect percentage increase in the first paragraph.

 

NEW YORK, May 5 (GenomeWeb News) - Sequenom yesterday reported a 61-percent jump in first-quarter revenues and a dramatic reduction in net losses.

 

For the quarter ended March 31, Sequenom's revenues increased to $6.9 million from $4.3 million in the first quarter of 2005.

 

The company's net loss for the first quarter was $3.7 million, or $.09 per share, compared to $7.4 million, or $.19 per share for the first quarter of 2005.

 

Sequenom cut its R&D spending to $2.5 million from $3.3 million in the first quarter of 2005.

 

On March 31, the company had available cash and short-term investments of $2.9 million.

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