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.