Shares of Sequenom, Inc. (NASDAQ:SQNM) ended Tuesday session in red amid volatile trading. The shares closed down -0.03 points or -2.70 at $1.08 with 1.10 million shares getting traded. Post opening the session at $1.11, the shares hit an intraday low of $1.05 and an intraday high of $1.19 and the price vacillated in this range throughout the day. The company has a market cap of $129.29 million and the numbers of outstanding shares have been calculated to be 119.22 million shares.
Sequenom, Inc. (SQNM) on May 4, 2016 reported total revenues of $27.6 million, total accessioned units of 46,400, and a net loss of $13.4 million, or $0.11 per basic and diluted share, for the first quarter of 2016.
“During the quarter, we executed on a number of key initiatives designed to return Sequenom to sustainable growth, resulting in quarter over quarter growth in our unit volume,” said Dirk van den Boom, Ph.D., President and CEO of Sequenom. “Overall, we made meaningful progress toward achieving our goal of becoming financially self-sustaining while solidifying our position as a leader in reproductive health.”
First Quarter 2016 Results
First quarter 2016 revenues of $27.6 million declined 27% from $37.8 million in the first quarter of 2015. Revenues and unit volumes in the first quarter of 2016 were lower than the first quarter of 2015, primarily reflecting the conversion of certain laboratory customers to licensee status under the Pooled Patents Agreement, and a smaller amount available to collect during the first quarter of 2016 for testing services performed in prior periods. This latter factor reflects the improvement in the timeliness of Sequenom Laboratories collections as a result of additional payor contracts. These changes resulted in approximately $10 million in net revenue reduction for the first quarter of 2016 compared to the first quarter of 2015.
Gross margin for the first quarter of 2016 was 39% compared to gross margin of 49% for the first quarter of 2015. The effect of laboratory customers who converted to licensee status, costs associated with Sequenom Laboratories’ laboratory consolidation and restructuring, the impact of entering the average-risk pregnancy market and increased MaterniT GENOME volume largely drove the decrease. Incremental costs related to the laboratory consolidation reduced gross margin for the first quarter of 2016 by 3%. Sequenom continues to expect gross margin to increase for the remaining quarters of 2016.
Total operating expenses for the first quarter of 2016 were $22.1 million, compared to $23.0 million for the first quarter of 2015. Total operating expenses for the first quarter of 2016 were up only slightly from total operating expenses of $21.9 million for the fourth quarter of 2015, due to the costs associated with Sequenom Laboratories’ laboratory consolidation and other restructuring activities, which offset the benefit of reduced spending for research and development and general and administrative activities.
Shares of Idera Pharmaceuticals Inc (NASDAQ:IDRA) ended Tuesday session in red amid volatile trading. The shares closed down -0.01 points or -0.69% at $1.43 with 452,273.00 shares getting traded. Post opening the session at $1.43, the shares hit an intraday low of $1.40 and an intraday high of $1.49 and the price vacillated in this range throughout the day. The company has a market cap of $166.53 million and the numbers of outstanding shares have been calculated to be 121.31 million shares.
Idera Pharmaceuticals Inc (IDRA) announced that Vincent Milano, Idera’s Chief Executive Officer will present at the 2016 JMP Securities Life Sciences Conference on Tuesday, June 21, 2016 at 2:00 p.m. Eastern Time at the St. Regis Hotel in New York City.
Live audio webcast of Idera’s presentations will be accessible in the Investors and Media section of Idera’s website at http://www.iderapharma.com. Archived versions will also be available on the Company’s website after the event for 90 days.