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Sequenom, Inc. Reports Financial Results For The Second Quarter Of 2013
Date:7/24/2013

ed to the prior year period. 

Gross margin for the first half of 2013 was 33% of revenues as compared to gross margin of 29% for the first half of 2012, a difference primarily attributable to the improved gross margin associated with the increased test volumes for Sequenom CMM's diagnostic services.Total operating expenses for the first half of 2013 were $80.2 million, as compared to total expenses of $63.2 million for the first half of 2012.  This change reflects increased selling and marketing expenses resulting primarily from higher labor costs associated with increased headcount to support operations and the continued expansion of the diagnostic services infrastructure.
Total stock-based compensation expense was $5.7 million for the first half of 2013, down from $6.1 million as compared to the first half of 2012.

Net loss for the first half of 2013 was $60.4 million, or $0.52 per share, as compared to net loss of $54.0 million, or $0.48 per share for the same period in 2012, reflecting an increase in costs associated primarily with the growth in sales volume of the MaterniT21 PLUS LDT.

Net cash used in operating activities was $56.3 million for the first half of 2013, compared to $42.9 million in the same period in the prior year.  The increase in cash burn included an additional investment of approximately $10 million in diagnostic inventory for safety stock to support expanded test capacity and commencement of commercial operations in the Sequenom CMM North Carolina facility, partially offset by an increase of approximately $4.6 million in accounts payable and accrued expenses.

The Company also used cash for capital investments of $9.1 million and debt repayments of $3.7 million during the first half of 2013.  As of June 30, 2013, total cash, cash equivalents, and marketable securities were $106.9 million.

Operational UpdatesThe annualized run rate for the MaterniT21 PLUS test at the end of the secon
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SOURCE Sequenom, Inc.
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