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Sequenom Sees Dip in Q4 Revenues Accompanied by Surge in Expenses, Net Losses

NEWSBRIEFNEW YORK, March 3 - Sequenom reported today a slight drop-off in revenues for the fourth quarter ended December 31, 2002, along with increasing expenses and a widening net loss.

 

Revenue for the quarter was $7.7 million, compared to $9.3 million for the fourth quarter of 2001. The company attributed the bulk of its revenues to sales of its MassArray genotyping systems and consumables.

 

The company's total costs and expenses for the quarter were $53.9 million, compared to $23.5 million for the fourth quarter of 2001. Expenses for the quarter included $33.1 million of non-cash charges related to the impairment of goodwill and other long-lived assets. R&D spending was down slightly for the quarter, at $8.1 million compared to $8.7 million for the fourth quarter of 2001.

 

The net loss for the fourth quarter was $45.8 million, or $1.16 per share. Net loss for the year-ago period was $12.5 million. For the year, Sequenom posted a net loss of $205.7 million, or $5.39 per share, compared to $62.6 million, or $2.25 per share for 2001.

 

On December 31, 2002, the Company held cash, cash equivalents and short-term investments totaling $102.6 million, down from $143.1 million at the end of 2001.

 

 

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