Sequenom Stock Up After Q3 Earnings Beat ProjectionsMonday, November 11, 2013
Stock for Sequenom Inc. rose 24 percent after news that its quarterly earnings beat Wall Street projections.
Revenue rose to $44 million for the quarter ended Sept. 30 — a 92 percent increase over the like quarter of 2012. Analysts had predicted revenues of $41.2 million for the quarter.
Net loss for the third quarter of 2013 was $28.1 million, compared to a net loss of $30.2 million for the same period of 2012.
This follows a recent plunge in the fetal diagnostics company’s stock, when it was announced that it received an unfavorable ruling in a patent litigation case against San Jose-based Ariosa Diagnostics Inc.
The U.S. District Court for the Northern District of California found that the science behind one of Sequenom’s prenatal genetic testing patents couldn’t actually be filed as intellectual property because it was based on “a natural phenomenon.”
The company develops a prenatal test that evaluates whether a fetus has Down syndrome or other chromosomal abnormalities as early as 10 weeks of pregnancy.
— SDBJ Staff Report