In its most recent press release, Sequenom, Inc. (NASDAQ:SQNM) posted third-quarter results for the fiscal year 2015, where its reported total revenues to the tune of $29.9 million. The reported number came 21% lower than the company’s $37.9 million revenues in the corresponding quarter of the previous year. The difference in the revenue receipts is attributed to lower cash collections against the services in the current year. However, the company stated that it had collected its claims more promptly, which resulted in lower unrecorded receivables.
Welcome response
Meanwhile, the company expressed content over the launch of its MaterniT GENOME test, which is also being welcomed by the maternal fetal medicine specialists. MaterniT GENOME test reflects the company’s efforts to introduce yet another prenatal test, which has a wide potential to accelerate both the company’s revenues as well as market share.
Sequenom, Inc. (NASDAQ:SQNM)’s Interim President and CEO, Dr. Dirk van den Boom, informed that the company has reached agreements with several key opinion leaders with respect to its advancement in cell-free tumor DNA assays. Such agreements have opened several new market prospects for the company, added Dr. Boom. At the same time, the company noted that it has been reviewing commercial operations, new product pipeline and cost structure to identify room for improvement that could lead to higher revenues along with lowered costs.
Third-quarter results
Other than reporting the revenues and the latest developments, the company posted a net loss of $9.4 million or ($0.08) per share in the third-quarter. The reported number came higher than the previous year’s net loss of $6.1 million or ($0.05) per loss in the third quarter. A lower net loss in the year 2014 is inclusive of income tax benefit to the tune of $2.1 million, reported Sequenom.
The stock price of Sequenom, Inc. (NASDAQ:SQNM) was up by over 0.50% to $1.79 during the previous day’s session.