NEW YORK, Oct. 29 - Sequenom today said that strong sales of its Massarray units together with significantly lowered spending costs helped trim net loss in the third quarter.
Though receipts from Massarray sales for the period ended Sept. 30 increased to $6.6 million from $6.2 million a year earlier, revenue from services nosedived to $275,000 from $2.5 million over the same periods, the company said. Consequently, total revenue fell to $6.9 million from $8.8 million one year ago.
Sequenom also reported that its total costs and expenses were cut nearly in half-- to $24.7 million from $44.7 million--due mainly to a $24.9 million in-process R&D charge pegged to its acquisition of Gemini Genomics last year and a similar $3.7 million charge for buying Axiom last month. Overall third-quarter R&D spending, meantime, increased to $9.2 million from $8.5 million year over year.
As a result, the company posted a net loss of $17 million, or $.45 cents a share, compared with a loss of $34.4 million, or $1.37 per share, one year ago.
Sequenom said it had roughly $106.2 million in cash, cash equivalents, and short-term investments as of Sept. 30. CFO Steve Zaniboni said the company is on track to become cash-flow positive during the last three months of 2003.
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