Sequenom Q4 revenue down 28%, predicts 25% increase in 2006 revenue

By Angela McDaniels

Seattle, March 28 - Sequenom Inc. said its revenue for the fourth quarter ended Dec. 31 decreased by 28% to $4.4 million from $6.1 million for the fourth quarter of 2004 and revenue for 2005 decreased by 14% to $19.4 million from $22.4 million for 2004.

In a news release, the company predicted that total revenue will increase by 25% to $24 million for 2006, with the potential for further upside revenue from its business development and service business activities.

"The cost savings and restructuring steps taken during the third and fourth quarters of 2005 will positively impact 2006," president and chief executive officer Harry Stylli said in the release.

"We also launched our iPLEX multiplexing assay in late 2005 and this application, coupled to the company's proprietary MassArray Compact system, is expected to be the primary contributor to top-line revenue growth in 2006."

The net loss for the fourth quarter increased by 6% to $7.0 million, or $0.17 per share, from $6.6 million, or $0.16 per share, for the fourth quarter of 2004.

For the full-year 2005, the net loss decreased by 24% to $26.4 million, or $0.66 per share, from $34.6 million, or $0.87 per share, for 2004.

The company had cash, cash equivalents, short-term investments and restricted cash totaling $8.7 million at Dec. 31.

Sequenom is based in San Diego and produces genetic analysis products.

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