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Sequenom, Inc. Reports Financial Results For The First Quarter Of 2013
Date:5/9/2013

or the first quarter of 2013 from $9.7 million year-over-year, resulting primarily from higher labor costs associated with the expansion of the Sequenom CMM sales force and increased headcount to support commercial operations.  Research and development expenses increased to $13.8 million for the first quarter of 2013, as compared to $11.8 million in the first quarter of 2012, related primarily to increased labor and supplies and costs relative to the expansion into the Sequenom CMM North Carolina facilities.

General and administrative expenses for the first quarter of 2013 were $13.5 million, as compared to $7.4 million for the first quarter of 2012, primarily due to increased legal expenses associated with patent litigation, increased collection costs due to the increase in diagnostics revenue and increased headcount to support the Company's operations.  Total stock-based compensation expense was $3.1 million for the first quarter of 2013, an increase from $2.9 million in stock-based compensation recorded for the first quarter of 2012.

Net loss for the first quarter of 2013 was $29.4 million, or $0.26 per share, as compared to net loss of $24.4 million, or $0.22 per share, for the same period in 2012.  Net cash used in operating activities was $19.7 million for the first quarter of 2013, compared to $23.3 million in the same period in the prior year.  The Company also used cash for capital investments of $4.1 million and debt repayments of $1.8 million during the first quarter of 2013.  As of March 31, 2013, total cash, cash equivalents, and marketable securities were $151.1 million.

"We are pleased to see sequential improvements in volume, revenue and margin during the quarter, an indication of steady growth and sustained momentum in 2013," said Paul V. Maier , Sequenom's CFO.  "As we complete the process of moving our billing and collections processes in-house, we anticipate even
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SOURCE Sequenom, Inc.
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