NEW YORK (GenomeWeb News) - Sequenom late yesterday said third-quarter revenue surged 51 percent as R&D spending declined 6.6 percent and net loss widened 20 percent.
Total receipts for the three months ended Sept. 30 rose to $9.8 million from $6.5 million year over year.
CEO Harry Stylli said in a statement that the increase was driven by “strong contributions from MassArray system placements and consumables as well as our Contract Research Services business.”
Sequenom said sales of consumables rose 25 percent to $4 million while other product-related sales increased 63 percent to $4.9 million. Meantime, receipts from services were up more than 150 percent to $885,000.
R&D spending decreased to $2.8 million from $3 million year over year, Sequenom said.
The company said its net loss grew to $5.5 million from $4.6 million in the year-ago quarter.
Sequenom said it expects to raise around $28.1 million in a private stock placement to help it launch a non-invasive fetal genetic test and other products “designed to support additional growth in our core MassArray systems and services businesses," Stylii added.
Sequenom said it had $29.1 million in cash, cash equivalents, and short-term investments as of Sept. 30.