Sequenom 3Q Loss Widens On Higher Costs, Sales Dip

SAN DIEGO (AP) — Diagnostic test maker Sequenom Inc. said Monday its third-quarter loss widened on higher expenses and a slip in revenue.

The company lost $14.9 million, or 24 cents per share, compared with a loss of $10.4 million, or 18 cents per share, during the same period a year prior. Revenue fell 20 percent to $9.2 million from $11.6 million.

Analysts polled by Thomson Reuters expected a loss of 28 cents per share on revenue of $8.5 million.

Sequenom's expenses rose 9 percent to $24.3 million, on a mix of research and development costs and administrative expenses.

While consumable revenue rose 10 percent to $5.4 million, system related revenue fell 36 percent to $3.7 million. Services revenue plunged 89 percent to $103,000.

The company had been preparing to launch the Down syndrome test SEQureDx in June, but had to delay because of employee mishandling of test data and results.

"The independent investigation has been concluded and a new senior management team has been put in place," said Chairman and CEO Harry Hixson, in a statement.

The company had $50.1 million in cash, cash equivalents and short-term marketable securities as of Sept. 30, along with $7.2 million in accounts receivable.

Shares of Sequenom fell 1 cent to $3.27 in midday trading Tuesday.