Sequenom Inc. Increases Revenue 81% in 2013Thursday, February 27, 2014
Genetic testing company Sequenom Inc. grew its revenue 81 percent in 2013, and posted lower cash burn for the year than in 2012.
For the year, revenue rose to $162.4 million, up from $89.7 million in 2012. Net loss was $107.4 million in 2013, compared with $117.4 million the year previous.
The company’s key business arm is its MaterniT21 Down Syndrome Test, which brought in revenues of $119.6 million – more than triple the segment’s revenue in 2012.
These figures were reflected in fourth quarter earnings, which grew 34 percent to $45.1 million in 2013 as compared with $33.7 million in the like period of 2012. Cash burn reduced to $13.6 million in the fourth quarter 2013, down 41 percent compared with the prior quarter in 2013.
This is thanks largely to reduced expenses – the company laid off 75 employees its third quarter in hopes to trim $10 million in annual expenses, it said in a regulatory filing. At the time, the company was posting lower-than-expected quarterly revenues.