NEW YORK, Nov 1 – Sequenom reported a surge in third-quarter revenues Wednesday, due to continued sales of its MassArray high-throughput SNP scoring systems and related products and services.
Sequenom’s net revenues for the quarter totaled $2.8 million, compared with $26,000 for the same period last year.
The company sold five MassArray systems during the quarter, including single systems placed at Hitachi, American Home Products, and Genaissance Pharmaceuticals, and two systems at Integrated DNA technologies. By the end of the quarter Sequenom had sold a total of 16 of its MassArray systems.
“Sixteen commercial system placements in the nine months since our commercial launch and the recently announced strategic collaborations are clear indicators of our commercial and technical leadership position in the SNP analysis market," Sequenom CEO Toni Schuh said in a statement.
Additionally, Sequenom entered into partnerships with Incyte and the University of Texas Southwestern Medical Center for SNP validation using its MassArray technology and proprietary DNA bank of SNPs from 16,000 samples of the US population.
Sequenom's total costs and expenses rose to $10.5 million in the third quarter, compared with $7.8 million a year ago.
The company said its increased expenses were largely due to increased sales and marketing costs for the MassArray system, the expansion of the company’s San Diego high throughput genotyping facility, and continued growth in product development efforts.
Sequenom’s sales and administrative expenses climbed from $1.59 million in 1999 to $4.12 million for the third quarter of this year. R & D expenses also rose to $4.32 million from $2.58 million for the third quarter of 1999. The company’s amortized deferred compensation dropped.
The company reported net losses of $5.4 million, or 22 cents a diluted share, compared with net losses of $7.6 million, or a pro forma loss per share of 48 cents, in third-quarter 1999.