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(AFX UK Focus) 2009-11-09 23:44
UPDATE 2-Sequenom posts wider Q3 net loss; shares down
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  • Q3 LOSS/SHR $0.24 VS YR-AGO LOSS/SHR $0.18
    * Q3 rev down 21 pct at $9.2 mln
    * Says not to provide outlook for next several quarters
    * Shares down 7 pct after-market

    (Adds conference call details, updates share movement)
    Nov 9 (Reuters) - Sequenom Inc, a maker of genetic analysis products, posted a wider quarterly loss, partly due to higher expenses, sending its shares down 7 percent after the bell.
    On a conference call, the company said it will not provide detailed financial outlook, at least for the next several quarters, given ongoing litigations, investigations and uncertainties related to legal expenses.
    Sequenom, which has been rocked by a scandal over the mishandling of key clinical data involving its prenatal Down Syndrome test that saw the board send most of the top management team packing in September, had said it was cooperating with multiple probes.
    Net loss for the third quarter was $14.9 million, or 24 cents a share, compared with a net loss of $10.4 million, or 18 cents a share, in the year-ago period.
    Total revenue fell to $9.2 million from $11.6 million a year ago.

    Analysts on average had expected a loss of 28 cents a share, before items, on revenue of $8.5 million, according to Thomson Reuters I/B/E/S.
    Research and development expenses rose to $8.5 million from $7.1 million last year, while selling, general and administrative expenses rose 18 percent to $12.6 million.
    As of Sept. 30, Sequenom said it had total cash, cash equivalents and short-term marketable securities of $50.1 million.
    Shares of the company were fell 7 percent to $3.01 after the bell. They closed at $3.28 Monday on Nasdaq.

    (Reporting by Shailesh Kuber in Bangalore; Editing by Deepak Kannan) Keywords: SEQUENOM/ (shailesh.kuber@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: shailesh.kuber.reuters.com@reuters.net)

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