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Sequenom 1Q loss widens on costs, margins

Fri, 05/07/2010 - 7:30am
The Associated Press

Diagnostic test maker Sequenom Inc. said Thursday that its first-quarter loss widened on higher costs and expenses and lower margins.

The company lost $16.9 million, or 27 cents per share, compared with a loss of $17.5 million, or 29 cents per share, in the year-ago period. Revenue rose 22 percent to $10.6 million from $8.7 million.

Analysts polled by Thomson Reuters expected a loss of 27 cents per share on revenue of $10.2 million.

Gross margin slipped to 50.5 percent from 60.6 percent, reflecting higher costs associated with the startup of a diagnostics business and changes in product mix, the company said.

As of March 31, the company had $29.2 million in cash and short- and long-term marketable securities and $8.6 million in accounts receivable.

Sequenom shares fell 55 cents, or 9.8 percent, to $5.05 in after-hours trading. They earlier slid 32 cents, or 5.4 percent, to close at $5.60. The stock has ranged from $2.55 to $8.65 over the past year.

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