Sequenom's Revenue Up 20% for Q1Thursday, May 1, 2014
First quarter revenue for genetic analysis company Sequenom Inc. rose 20 percent, hitting $46.3 million for the reporting period ended March 31 compared with $38.5 million in the like quarter of 2013.
Sequenom (Nasdaq: SQNM) develops fetal diagnostic tests for conditions like Down syndrome. The company's flagship product, the MaterniT21 PLUS test, brings in the bulk of Sequenom’s revenue. Of the 50,000 genetic tests it ran in the first quarter 2014, about 39,800 were MaterniT tests.
“We continue to make progress within the payor community,” Chairman and CEO Harry Hixson said in a statement, adding that the number of insured customers that will be covered to receive Sequenom’s test is 118 million, and under government programs, 24 million.
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