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Sequenom, Inc. Reports Financial Results For The Third Quarter Of 2013
Date:11/7/2013

id and third-party payors at the beginning of 2013 included the elimination and replacement of certain molecular diagnostics billing codes. These changes continue to result in requests by many payors for additional information to process claims for services, which causes delays in receiving payment.

In the second and third quarter of 2013, collections for services in prior quarters included $6.3 million related to services performed in 2012, for a total of $25.2 million collected in 2013 related to services performed prior to 2013 and recorded on the cash basis.

As of September 30, 2013, uncollected amounts outstanding for tests delivered that were not recognized as revenue upon delivery of the test result because the accrual revenue recognition criteria were not met, ranged from approximately $46 million to $51 million. These estimates are net of estimated write-downs and adjustments, and actual revenue will depend upon the reimbursement ultimately to be received for outstanding claims.

Sequenom Laboratories' international business continues to grow, and contributed 11% of total diagnostic services revenue for the third quarter of 2013.

Third quarter 2013 revenues from the Sequenom Bioscience operating segment (formerly known as the genetic analysis segment) of $10.7 million increased 3% as compared to the same period in 2012, at $10.4 million. In September, the Company announced that it had engaged an investment banker to assist in the evaluation of strategic alternatives for this business segment.  

Total cost of revenues increased to $27.0 million for the third quarter of 2013, compared to $24.3 million for the second quarter and $17.5 million for the prior year period. Cost of revenues increased due to the significant increase in Sequenom Laboratories' test volumes over the prior year and the costs incurred to support increased testing capacity.

Overall gross margin for the third quarter of 2013 was 38%, as comp
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SOURCE Sequenom, Inc.
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