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Sequenom, Inc. Reports Financial Results For The Fourth Quarter And Full Year Of 2012
Date:3/7/2013

ence and third party contracts are gained and additional internal controls are established that will allow a reasonable estimate of collectable amounts to be made before moving to the accrual method of accounting. 

Cost of revenues increased to $62.3 million for 2012, compared to $26.4 million for 2011, due to the greatly increased number of diagnostic tests performed.  SCMM accessioned 92,000 samples during 2012 as compared to 23,300 samples accessioned during the prior year.  The cost of revenues for 2011 reflects the restatement for the change in classification of the cost of maintenance services for the genetic analysis business in the amount of $3.1 million as described above. 

Overall gross margin for 2012 was 31% of revenues, decreasing from 53% of revenues for the full year 2011, primarily as a result of the additional costs of diagnostic services which are expensed when incurred, whereas diagnostic services revenues are primarily recorded on a cash basis. 

Total operating expenses for 2012 were $140.1 million, as compared to total expenses of $103.8 million for 2011.  This increase was primarily the result of higher selling and marketing expenses to penetrate the market for noninvasive prenatal testing, in particular, and higher legal costs associated with patent litigation.

Selling and marketing expenses increased to $44.9 million for 2012 from $28.0 million for 2011, due primarily to higher labor costs associated with the expansion of SCMM's prenatal and ophthalmology specialty sales forces.  Research and development expenses increased to $54.1 million for 2012 from $53.6 million in 2011.  The incremental expense is related primarily to higher labor costs to support research and development activities offset by lower intellectual property licensing and collaboration costs compared to 2011.  General and administrative expenses for 2012 were $41.1 million, as compared to $22.2 mill
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SOURCE Sequenom, Inc.
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