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Sequenom Preliminary Full-year 2012 Revenues Grow 59 Percent to $89M

NEW YORK (GenomeWeb News) – Sequenom on Sunday said that it expects its full-year 2012 revenues to grow 59 percent year-over-year to $89 million.

Based on the company's preliminary financial results, diagnostic services grew more than five-fold during the year to about $46 million, compared to $8.3 million in 2011, while Genetic Analysis posted $43 million in sales.

The number of prenatal and retinal diagnostic tests accessioned in 2012 totaled more than 92,000. Sequenom said that more than 60,000 MaterniT21 Plus non-invasive fetal aneuploidy tests were accessioned in 2012, and the annualized run rate of the tests exceeded 120,000 at the end of the year. That is up from a 90,000 annualized test volume run rate that Sequenom said the test had reached during its third-quarter earnings conference call in November.

Sequenom launched the test in October 2011.

The company said it now has 56 million lives under coverage with various payors. Sequenom ended 2012 with $176 million in cash, cash equivalents, and marketable securities.

In a statement, Sequenom Chairman and CEO Harry Hixson said that adoption of MaterniT21 Plus "far exceeded" the firm's goals as well as the expectations of industry analysts, and further noted the joint recommendation by the American College of Obstetricians and Gynecologists and the Society of Maternal and Fetal Medicine for the use of prenatal tests such as MaterniT21 in high-risk pregnancies.

Late in the year national managed healthcare company Wellpoint revised its medical policy regarding non-invasive fetal aneuploidy screening, suggesting it could start covering tests such as Sequenom's.

Hixson said in Sunday's statement that Sequenom will continue working with national and regional payors "to establish additional contracts facilitating the availability of the MaterniT21 PLUS LDT to high-risk pregnant women throughout the United States."