Monday, Sequenom, Inc. (SQNM), a life sciences company, reported that its loss in the third-quarter widened from the previous year quarter due to lower revenues and higher operating expenses.
Sequenom's net loss for the third quarter of 2009 was $14.9 million or $0.24 per share, compared with $10.4 million or $0.18 per share for the third quarter of 2008.
On average, 12 analysts polled by Thomson Reuters expected the company to report a loss of $0.28 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenue for the third quarter was $9.2 million, compared with $11.6 million for the third quarter of last year.
Cost of product and service revenue for the third quarter was $2.7 million, compared with $4.5 million for the previous year quarter.
Gross margin for the third quarter was 71%, compared with 61% for the previous year quarter, reflecting higher consumable sales as a percentage of the company's product sales.
Research and development expenses were $8.5 million for the third quarter of 2009, compared with $7.1 million for the same period in the prior year.
Selling, general and administrative expenses of $12.6 million for the third quarter of 2009 increased from $10.7 million for the third quarter of 2008 as a result of increased legal expenses, higher stock-based compensation expense, higher facilities costs, and expenses associated with the contract sales force for the company's CLIA laboratory-developed test services.
Total costs and expenses for the third quarter of 2009 were $24.3 million, compared with $22.3 million for the comparable quarter in 2008.
Net loss for the nine months was $52.6 million or $0.86 per share, compared with $28.7 million or $0.57 per share for the comparable period last year.
Revenue for the nine months of 2009 totaled $27.1 million, compared with $35.0 million for the nine months of 2008.
SQNM closed Monday's regular trading at $3.28 up $0.07 or 2.18% and in the after hours the stock price decreased 4.27% to $3.20 on the Nasdaq.
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