Sequenom posts lower quarterly loss

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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

 


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