Genetic analysis company Sequenom Inc. has reported a loss of $32.8 million, or 29 cents per share, for the fourth quarter of 2012. Its net loss for the full calendar year was $117.1 million, or $1.03 per share.
The company’s market capitalization is currently about $515 million.
The cost of revenue increased to $21.4 million in the fourth quarter, compared to a $9.3 million revenue cost the previous year. This is because the company ramped up production of its MaterniT21 PLUS fetal genetics diagnostic tests — it performed 33,000 tests in the fourth quarter of 2012 compared to 8,000 in the prior year period.
Sequenom CFO Paul Maier said that despite the losses, the company’s “overall cash burn declined.”
He said to meet the growing demand for its testing services, Sequenom will open a third lab location in North Carolina that will become operational later this year.
“We look forward to continued growth in 2013 through greater testing volumes and revenues, as well as test capacity expansion,” Maier said.
— Meghana Keshavan