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Sequenom Said Price Erosion Contributed to 26-Percent Revenue Slide in Q3

NEW YORK, Oct. 26 (GenomeWeb News) - Sequenom today said that competition and "price erosion" contributed to a fall-off in third-quarter revenue.

 

Product sales in the three months ended Sept. 30 fell 26 percent to $4.8 million from $6.6 million year over year. Total receipts for the period also fell 26 percent, to $5.2 million from $7.2 million one year ago.

 

Sales of the company's flagship MassArray system were "below expectations," Sequenom CFO Steve Zaniboni said in a statement. However, consumables increased 32 percent during the third quarter.

 

"The main causes of this [decline] are increased competition and price erosion in the ultra high throughput gene discovery market," Zaniboni said. He said the company "expect[s] to see an increase in MassArray Compact system installations" as Sequenom "continue[s] to penetrate the molecular medicine market."

 

R&D spending for the third quarter fell 34 percent to $4 million from $6 million year over year, Sequenom said.

 

Net loss narrowed in the quarter to $8.3 million, or $.21 per share, from $8.8 million, or $.22 per share, one year ago.

 

Sequenom said it had around $43.8 million in cash, equivalents, short-term investments and restricted cash as of Sept. 30.

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