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Sequenom s Q3 Revenues Slide 11.5 Percent as Losses Decline 29 Percent

NEW YORK, Nov. 1 (GenomeWeb News) - Sequenom today said that third-quarter revenue fell 11.5 percent as net losses narrowed 29 percent.

 

Total receipts for the three months ended Sept. 30 fell to $4.6 million from $5.2 million in the same quarter last year.

 

Sequenom spent $2.5 million on R&D in the quarter, compared to $3.5 million in the same quarter last year.

 

Net losses in the third quarter fell to $6 million from $8.3 million year over year, the company said.

 

"We are continuing to implement cost-cutting measures announced last month as part of our new business strategy," Harry Stylli, Sequenom's president and CEO, said in a statement.

 

As of Sept. 30, the company held cash, cash equivalents, short-term investments, and restricted cash totaling $19.7 million.

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