NEW YORK, Aug. 9 (GenomeWeb News) - Shares in Sequenom were down 5.21 percent, or $.05, at $.91 in mid-afternoon trading after the company yesterday reported a slight increase in second-quarter revenues as losses slid sharply on lower costs.
As GenomeWeb News reported last night, Sequenom posted a rise in second-quarter revenues to $6.2 million, versus $6 million in the year-ago quarter, an increase the company attributed to both the addition of new customers and the upgrading of the firm's analysis systems by existing customers.
Sequenom's research and development spending dropped to about $3 million in the quarter from $5.7 million a year earlier.
The company posted a net loss of $6 million, or $.15 per share, versus a year-ago loss of $9.8 million, or $.25 per share.
As of June 30, Sequenom had cash, cash equivalents, short-term investments, and restricted cash totaling $25.4 million.