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Sequenom Reports Fourth Quarter and Full Year 2010 Financial Results
Date:3/8/2011

SAN DIEGO, March 8, 2011 /PRNewswire/ -- Sequenom, Inc. (Nasdaq: SQNM) today reported its financial results for the fourth quarter and the year ended December 31, 2010.

(Logo:  http://photos.prnewswire.com/prnh/20040415/SQNMLOGO)

Fourth Quarter Results

  • Total revenue for the fourth quarter of 2010 grew 28% to $13.8 million, compared with $10.8 million for the fourth quarter of 2009. The increase in revenue compared to the same period last year was primarily due to higher system and consumables sales as well as the addition of increased diagnostic revenues from testing services.
  • Net loss for the fourth quarter of 2010 was $22.0 million, or $0.27 per share, compared with $18.4 million, or $0.30 per share, for the fourth quarter of 2009. Net loss includes a $6.5 million non-cash charge recognized for the revaluation of the company's litigation settlement to a fair value of $8.03 per share for the approximately 6.4 million shares that were issued to the class members in the consolidated federal securities class actions on December 31, 2010.

  • Gross margin for the fourth quarter of 2010 was 62% compared with 50% for the fourth quarter of 2009, reflecting improved margins and changes in the mix of products sold in the company's genetic analysis segment, as well as improved margins associated with increased test volumes within the diagnostics segment at the company's wholly-owned molecular diagnostics laboratory, Sequenom Center for Molecular Medicine (Sequenom CMM).

    Research and development (R&D) expenses were $10.5 million for the fourth quarter of 2010, compared with $10.0 million for the same period in the prior year. The increase was primarily due to Sequenom CMM's assay development and the company's clinical sample acquisition costs associated with its triso
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    SOURCE Sequenom, Inc.
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