NEW YORK, July 31 – Sequenom said Tuesday its second-quarter revenues more than tripled to $7.4 million, compared with $1.9 million in the year ago period, as the San Diego-based company sold an increased number of its MassArray genotyping systems and signed several service deals.
"We began selling our MassArray system in January 2000, and this is now our fourth consecutive quarter with revenues increasing at a growth rate of over 35 percent," Steve Zaniboni, Sequenom’s chief financial officer, said in a statement.
"We continue to meet a strong demand for our MassArray product line, which is largely accepted as the most powerful genotyping technology within this rapidly growing segment of the DNA analysis market," he said.
Sequenom sold 16 MassArray systems during the first half of the year bringing the total number sold to 38.
In addition to selling its systems, Sequenom also marked several milestones in the quarter towards the development of its internal drug discovery capabilities. In addition to increasing its portfolio of candidate disease genes to more than 50, Sequenom also established an in-house therapeutics initiative and announced plans to acquire British population studies company Gemini Genomics.
For the quarter, the company’s expenses rose to $17.6 million, compared with $10 million in the year ago quarter. The increase stemmed from the expansion of the company's disease gene discovery efforts at its genotyping facility in San Diego, Sequenom said.
The company posted second-quarter net losses of $8.7 million, or 36 cents a diluted share, compared with net losses $5.6 million, or 23 cents a diluted share, a year ago.
The company had $114.3 million in cash, cash equivalents, and short-term investments at the end of the quarter.