Why Sequenom (SQNM) Closed Lower on Friday

NEW YORK ( TheStreet) --  Sequenom ( SQNM) closed lower on Friday after quarterly revenue came in below expectations.

By market close, shares had taken off 7.8% to $2.37. Trading volume of 4.25 million was more than double its three-month daily average.

The molecular diagnostic equipment specialist recorded a net loss of $18.9 million, or 16 cents a share, for the three months to December, in line with expectations of analysts surveyed by Thomson Reuters.

Revenue of $45.1 million, though 34% higher than the year-ago quarter, fell short of consensus by $1.92 million.

The San Diego-based business said it hopes to achieve break-even quarterly earnings and positive cash flow by the fourth quarter of 2014.

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