Sequenom, Inc. (SQNM) Posts Q2 Loss of 27c/Share; Issues MaterniT21 PLUS Update
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Price: $2.39 --0%
Financial Fact:
Total operating expenses: 33.74M
Today's EPS Names:
OFLX, AFIB, NMRD, More
Financial Fact:
Total operating expenses: 33.74M
Today's EPS Names:
OFLX, AFIB, NMRD, More
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Sequenom, Inc. (NASDAQ: SQNM) reported Q2 EPS of ($0.27), $0.05 worse than the analyst estimate of ($0.22). Revenue for the quarter came in at $24.5 million versus the consensus estimate of $46.25 million.
Operations Update
The annualized run rate for the MaterniT21 PLUS test at the end of the second quarter surpassed 150,000 samples.
"We have managed through challenges associated with the tremendous growth in our business following the launch of MaterniT21 PLUS. Uncertainties associated with the newly introduced coding changes in the molecular diagnostics industry have impaired our ability to collect from payors during the first half of 2013. As with others in the industry, we believe that we should be paid for services already provided to patients in the first half of this year. Although the timing and magnitude of these payments is uncertain, we expect improvements in collections in the second half," said Harry F. Hixson, Jr., Ph.D., Chairman and CEO of Sequenom. "We are taking actions to reduce costs and improve our overall financial performance, including curtailment of services for which there is no current reimbursement available."
Sequenom CMM continues in its negotiations with the payor community. As of June 30, 2013, more than 74 million lives are covered for the MaterniT21 PLUS LDT. After the recent roll-out of the national contract with the Blue Cross and Blue Shield Association (BCBSA), we have now begun to enter into contracts with additional BCBS affiliates and are continuing our efforts to sign contracts with additional companies. Based on recent projections, we are on track to reach our stated internal goal of 120 million lives covered by the end of this year.
The Company announced in June that the Sequenom CMM completed the build-out and validation of an additional laboratory location in Raleigh-Durham, NC, and is now processing patient samples commercially. This additional capacity is expected to contribute to the reduction of the costs associated with increased testing volumes over time.
Sequenom's international business continues to grow as the Company recently announced technology and licensing agreements with Laboratoire Cerba in France for noninvasive prenatal aneuploidy testing, gaining access to its network in France, Belgium, Luxembourg and portions of the Middle East and Africa.
For earnings history and earnings-related data on Sequenom, Inc. (SQNM) click here.
Operations Update
The annualized run rate for the MaterniT21 PLUS test at the end of the second quarter surpassed 150,000 samples.
"We have managed through challenges associated with the tremendous growth in our business following the launch of MaterniT21 PLUS. Uncertainties associated with the newly introduced coding changes in the molecular diagnostics industry have impaired our ability to collect from payors during the first half of 2013. As with others in the industry, we believe that we should be paid for services already provided to patients in the first half of this year. Although the timing and magnitude of these payments is uncertain, we expect improvements in collections in the second half," said Harry F. Hixson, Jr., Ph.D., Chairman and CEO of Sequenom. "We are taking actions to reduce costs and improve our overall financial performance, including curtailment of services for which there is no current reimbursement available."
Sequenom CMM continues in its negotiations with the payor community. As of June 30, 2013, more than 74 million lives are covered for the MaterniT21 PLUS LDT. After the recent roll-out of the national contract with the Blue Cross and Blue Shield Association (BCBSA), we have now begun to enter into contracts with additional BCBS affiliates and are continuing our efforts to sign contracts with additional companies. Based on recent projections, we are on track to reach our stated internal goal of 120 million lives covered by the end of this year.
The Company announced in June that the Sequenom CMM completed the build-out and validation of an additional laboratory location in Raleigh-Durham, NC, and is now processing patient samples commercially. This additional capacity is expected to contribute to the reduction of the costs associated with increased testing volumes over time.
Sequenom's international business continues to grow as the Company recently announced technology and licensing agreements with Laboratoire Cerba in France for noninvasive prenatal aneuploidy testing, gaining access to its network in France, Belgium, Luxembourg and portions of the Middle East and Africa.
For earnings history and earnings-related data on Sequenom, Inc. (SQNM) click here.
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