General and administrative expenses for the second quarter of 2013 were $12.7 million, as compared to $9.9 million for the second quarter of 2012, primarily due to increased legal expenses associated with patent litigation, increased internal billing costs due to the transition to an in-house billing function and increased headcount to support the Company's operations. General and administrative expense was down sequentially from $13.5 million from the first quarter of 2013.
Net loss for the second quarter of 2013 was $31.0 million, or $0.27 per share, as compared to net loss of $29.6 million, or $0.26 per share, for the same period in 2012.
"We are disappointed by the delay in the collection of diagnostic segment revenues during the second quarter, as pressure associated with coding and billing policies on the national level are slowing the timing of reimbursement. We are in the process of working through these challenges and expect to see improvements in collections during the second half of 2013," said Paul V. Maier, Sequenom's CFO. "We have seen remarkable growth in the last year, but we have also identified opportunities for renewed efficiencies with regard to our spending plans in the last half of this year. Going forward, we plan to implement expense reduction initiatives to reduce our net operating loss as we work to improve reimbursement."
First Half ResultsFor the first half of 2013, the Company reported revenues of $73.3 million, an increase of 121% from revenues of $33.2 million for the first half of 2012. Revenues in the first half of 2013 from the Sequenom CMM diagnostics services operating segment grew 316%, while revenues from the genetic analysis operating segment decreased 3% in the first half of 2013 as compar
|SOURCE Sequenom, Inc.|
Copyright©2012 PR Newswire.
All rights reserved