NEW YORK (GenomeWeb News) — Sequenom today said third-quarter revenues increased 43 percent as R&D spending rose 16 percent and losses decreased by 16 percent.
Total receipts for the three months ended Sept. 30 increased to $6.5 million from $4.6 million year over year.
R&D spending increased to $3 million from $2.6 million year over year.
The company said losses declined to $5.3 million from $6.3 million in the year-ago period.
Sequenom said it had around $29.6 million in cash, cash equivalents, short-term investments, and restricted cash as of Sept. 30.
The company said it is increasing its 2006 financial guidance to $27 million from $24 million, which would be a 39-percent improvement over 2005.
Despite the positive results, shares in Sequenom were down 6.5 perecent, or $.23, at $3.30 in mid-afternoon trading today.