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Sequenom's Q4 Revenue Jumps 80 Percent as R&D Spend Rises by One-Third

NEW YORK (GenomeWeb News) — Sequenom today said fourth-quarter revenues increased 80 percent as R&D spending rose 33 percent and losses decreased 24 percent.
 
Total receipts for the three months ended Dec. 31, 2006, increased to $7.9 million from $4.4 million year over year. Sequenom said the jump in sales was primarily driven by sales of its MassArray systems.
 
R&D spending increased to $4 million from $3 million year over year, due in part to “additional expenses associated with intellectual in-licensing and non-invasive prenatal diagnostic technology,” the company said.
 
Sequenom said losses declined to $5.3 million from $7 million in the year-ago period.
 
Sequenom said it had around $26.3 million in cash, cash equivalents, short-term investments, and restricted cash as of Dec. 31.
 
For 2007, the company said it expects annual revenues to grow between $37 million and $39 million, or as much as 37 percent year over year; R&D costs to jump to between $16 million and $17 million, or as much as 42 percent over last year; and net loss to swell to between $23 million and $25 million, or as much as 42 percent compared with 2005.

The company also said it expects to begin selling its non-invasive prenatal tests for RhD incompatibility on RT-PCR as a "home brew" by the end of the second quarter. During the year, the firm expects to announce additional commercialization partnerships with CLIA-certified labs.

Sequenom said it is also currently developing the third version of its iPLEX assay, iPLEX III, by the end of the fourth quarter. The company said the platform will “reduce by half or more” the current $.035 cost per genotype for a typical study.

Finally, Sequenom said it expects to deliver by the end of the third quarter a proof-of-concept for intermediate-level fetal DNA enrichment, and a “commercially viable” product for fetal DNA enrichment for quantitative genomic tests such as CFTR or Tay-Sachs.

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