Sequenom, Inc. (NASDAQ:SQNM), a life sciences company committed to enabling healthier lives through the development of innovative products and services, today announced preliminary results for 2015, commented on its business progress during the fourth quarter of 2015, and provided an update on the performance of its recently launched MaterniT® GENOME laboratory-developed test.
Sequenom provided the following preliminary 2015 results (unaudited):
- Sequenom’s preliminary revenue for 2015 is approximately $128 million.
- Over 42,000 total commercial diagnostic test samples were accessioned during the fourth quarter of 2015, as compared to approximately 41,000 in the third quarter of 2015
- Of the total, 37,300 noninvasive prenatal test (NIPT) samples were accessioned in the fourth quarter of 2015, as compared to 35,500 in the third quarter of 2015
- Total cash, cash equivalents and marketable securities as of December 31, 2015 were approximately $76 million
- Cash burn was approximately $25 million for 2015 and $5 million for the fourth quarter of 2015
“Sequenom made considerable progress during the fourth quarter,” said Dr. Dirk van den Boom, President and CEO. “Our goal is to set a new standard for NIPT by offering the most comprehensive noninvasive prenatal test solutions for physicians and their patients. We are pleased to report that total test accessions increased sequentially from the third quarter, reflecting our increased focus on commercial and operational execution. Throughout the fourth quarter, we also established clinical collaborations with key opinion leaders at four major academic centers for the development of our oncology liquid biopsy assay.”
The Company’s emphasis on women’s health includes expanding its presence in the obstetrician and gynecologist channel to better serve average risk pregnancies, while continuing to maintain its leadership among maternal fetal medicine specialists. Sequenom Laboratories continues to advance its in-network relationships with insurers and payor networks, and leveraging the potential of Sequenom Laboratories’ newly launched MaterniT GENOME test.
MaterniT GENOME Progress
“Acceptance of and demand for our new MaterniT GENOME test, launched at the end of August 2015, has been stronger than we originally expected, both domestically and internationally,” remarked Dr. van den Boom. “While we are encouraged by the positive reception for MaterniT GENOME test by physicians and their patients, we are carefully positioning the test with clinicians to ensure that it is used where it can provide the highest value.” Over 3,000 MaterniT GENOME tests were accessioned in the fourth quarter of 2015, representing the test’s first full quarter of sales.
Sequenom will provide its complete results for the fourth quarter and full year 2015 in a conference call scheduled for March 2, 2016. The Company also plans to provide guidance for 2016 at that time. The Company will issue a press release with details for that announcement and conference call at a later time.
This press release contains certain unaudited financial results for the Company’s fiscal year and fourth quarter ended December 31, 2015. These unaudited results may change as a result of further review by the Company’s management and its independent auditors. The completion of the audit of our financial results for 2015 could result in changes to the unaudited financial results presented in this press release and may identify issues related to the effectiveness of the Company’s internal controls over financial reporting. (Original Source)
Shares of Sequenom closed last Friday at $1.34, down $0.07 or -4.96%. SQNM has a 1-year high of $4.80 and a 1-year low of $1.10. The stock’s 50-day moving average is $1.52 and its 200-day moving average is $2.09.
On the ratings front, Sequenom has been the subject of a number of recent research reports. In a report issued on November 24, Wedbush analyst Zarak Khurshid maintained a Hold rating on SQNM, with a price target of $1.50, which implies an upside of 11.9% from current levels. Separately, on September 30, Jefferies Co.’s Brandon Couillard downgraded the stock to Hold and has a price target of $1.50.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Zarak Khurshid and Brandon Couillard have a total average return of -8.3% and 10.4% respectively. Khurshid has a success rate of 51.9% and is ranked #3278 out of 3610 analysts, while Couillard has a success rate of 70.1% and is ranked #225.
Sequenom Inc is a molecular diagnostic testing and genetics analysis company which provides molecular diagnostic testing services.