San Diego Business Journal

Sequenom Reports Q2 Results, Inks License Agreement With Mayo Medical

By SDBJ Staff Tuesday, July 29, 2014

Sequenom Inc., a life sciences company that provides genetic analysis solutions, and Mayo Medical Laboratories, one of the top providers of esoteric laboratory services in the U.S., have announced a license agreement for Sequenom’s noninvasive prenatal testing patents and applications.

Sequenom also reported its earnings for the second quarter ended June 30.

The terms of the agreement between Sequenom and MML were not disclosed.

“We have great appreciation for Mayo Clinic’s commitment to research, innovation and patient care, and we welcome the opportunity to partner with the organization’s leading clinical research laboratory to expand patient access to this revolutionary technology,” said William Welch, CEO of Sequenom (Nasdaq: SQNM).

Sequenom reported revenue of $39.8 million for second quarter 2014, an increase of 62 percent compared with revenue of $24.5 million for the like quarter of 2013.

The company reported a gross margin of 17.4 million for the quarter ended June 30. That compared with $3.9 million for the like quarter of 2013.

The company’s bioscience business segment, which was sold on May 30, has been accounted for as a discontinued operation, and its results have been excluded from continuing operations for all periods, according to the company.

The company attributed a $1.9 million increase in net revenue from Sequenom Laboratories to a change in accounting methods — having switched from recording such revenue on a cash basis to accrual accounting for several third-party payors.

International revenue accounted for 12.3 percent of diagnostic services revenue in second quarter 2014.

For a complete picture of Sequenom’s earnings, click here.