Rochester,NY 8/7/2009 9:09:33 PM
Sequenom, Inc.SQNM faces loss on 2Q Due to Cost Rise,Sales Fall
Sequenom, Inc.
Sequenom Inc. The Diagnostic test maker faced a larger second-quarter loss on Thursday, Due to the economy loss sales of its MassArray platform, the company's legal and research costs increased.
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Sequenom reported that it lost $20.2 million, or 33 cents per share, compared with $9.7 million, or 21 cents per share, one year ago. The revenue of the company fell by 29 percent, to $9.2 million from $12.8 million.In aftermarket trading, Sequenom shares loss 74 cents, or 12.2 percent, to $5.34. The stock closed earlier at $6.08.
Sequenom said that it spent $10.2 million in research and development and $8.2 million in general and administrative spending, compared with $6.4 million and $4.3 million one year ago. The final quarter also included $1 million in restructuring costs.it said that the research costs has been increased, and it also purchased a clinical laboratory in November. It said that it has greater legal expenses and costs to hire a sales force for its products.Sequenom tightened its guidance for the year, saying it expects to lose about $65 million. Previously it expected a deficit of $62 million to $65 million.
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