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

expansion, and the impairment of certain intangible assets.

Total operating expenses for the third quarter of 2013 were $43.0 million, as compared to total operating expenses of $35.0 million for the third quarter of 2012, and up sequentially from total operating expenses of $39.2 million for the second quarter of 2013. The increase in operating expenses primarily resulted from the $6.0 million restructuring expenses incurred in the third quarter of 2013.

Net loss for the third quarter of 2013 was $28.1 million, or $0.24 per share, as compared to net loss of $30.2 million, or $0.26 per share, for the same period in 2012, and net loss of $31.0 million, or $0.27 per share, for the second quarter of 2013. The adjusted net loss for the third quarter of 2013 was $22.1 million, or $0.19 per share, excluding the restructuring cost.

Net cash used in operating activities was $18.7 million for the third quarter of 2013, compared to $22.6 million in the same period in the prior year and $36.7 million in the second quarter. The improvement was primarily due to increased collections for diagnostic services and improvements in inventory management. 

"We are pleased to report that collection of our diagnostic services revenues improved significantly during the third quarter despite the impact of the coding changes and the corresponding delays in reimbursement. We are extremely pleased with the progress of Sequenom Laboratories billing process, which was brought in-house in the second quarter, providing us with improved visibility to the status of our claims and enabling us to respond timely to requests by payors for additional information. We continue to work through these challenges and expect to see additional improvements as we focus on collections during the remainder of 2013," said Paul V. Maier, Sequenom's CFO. "We have restructured our operations for renewed efficiencies and reduced the run rate of our operating expenses by approximately
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SOURCE Sequenom, Inc.
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