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Sequenom, Inc. Reports Financial Results for the Third Quarter of 2011
Date:11/3/2011

uarter demonstrate continued progress on the initiatives we have implemented to enhance our revenue growth and manage costs this year, and we expect to continue moving along this positive trajectory as we enter the last quarter of 2011," said Paul V. Maier, Sequenom's CFO.  "Our dedicated approach to innovation and commercial development, balanced with cash management controls, has allowed us to realize growth while focusing on our priority expansion programs for the near future."

Year-To-Date Results
For the first nine months of 2011, the Company reported revenues of $40.4 million, an increase of 20% compared to revenues of $33.7 million for the first nine months of 2010.  Net loss for the first nine months of 2011 was $52.0 million or $0.52 per share, as compared to net loss of $98.8 million, or $1.44 per share for the same period of 2010.

Gross margin for the first nine months of 2011 was 63% of revenues as compared to gross margin of 59% for the first nine months of 2010.  This improvement is associated with a larger installed base of MassARRAY systems, which resulted in increased consumables sales, as well as higher average selling prices for our MassARRAY 4 system and increased sales volumes in our diagnostics business.

Total operating expenses for the first nine months of 2011 were $77.8 million, as compared to total expenses of $118.8 million for the same period in 2010.  This reduction was primarily the result of a decrease in litigation settlement expense of $48.8 million for the first nine months of 2010, which did not recur in 2011.  

Research and development expenses increased to $40.4 million for the first nine months of 2011 from $32.9 million during the same period in 2010.  The incremental expense is related primarily to our obligations under additional intellectual property licensing and collaboration agreements, costs associated with the expansion of the Sequenom CMM laboratory,
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SOURCE Sequenom, Inc.
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