Sequenom posts lower quarterly loss


Sequenom posts lower quarterly loss

Sequenom posted a net loss of $9.3m (£5.8m) for the second quarter, an huge improvement over the $15m loss a year ago.

The genetics technology product company reported revenue of $7.7m (£4.8m), which was the same as the quarter a year ago, with $7.3m (£4.5m) from its Genetic Systems business unit in the most recent quarter, and about $300,000 (£185,983) in revenue from the Pharmaceuticals unit.

Those figures compare with $4.2m in Genetic Systems revenue a year ago and $3.5m in Pharmaceuticals for that period.

The drop in Pharmaceuticals revenue owing to a shift in the company's strategy, focusing more on internal discovery work and foregoing low-margin genotyping services.

Those units had operating losses of $3.6m (£2.2m) in Genetic Systems, compared with $7.9m last year, and $6.6m (£4.1m) in Pharmaceuticals compared with $8.2m a year ago. Both units had lower costs and expenses in the most recent quarter.

The company's total costs and expenses dropped to $17.8m (£11m) from $23.7m a year ago, mainly because of research programme completions and Sequenom closed sites in Europe and the US obtained through acquisitions.

For the six-month period ending 30 June, the company had a net loss of $17.9m, compared with $142.9m a year ago. Excluding charges of $116.9m, Sequenom had a $26m net loss for the second quarter of this year.

Nancy Weil writes for IDG News Service


Email Alerts

Register now to receive IT-related news, guides and more, delivered to your inbox.
By submitting your personal information, you agree to receive emails regarding relevant products and special offers from TechTarget and its partners. You also agree that your personal information may be transferred and processed in the United States, and that you have read and agree to the Terms of Use and the Privacy Policy.

COMMENTS powered by Disqus  //  Commenting policy