Sequenom soars after Q3 report

|By:, SA News Editor

Sequenom (SQNM) rallies 24% premarket after reporting Q3 results Thursday evening.

Revenues rose 92% Y/Y and 26% sequentially to $44M for the period thanks to "the continued adoption of the MaterniT21 PLUS test."

Total tests accessioned: 48,300 (+87% Y/Y). MaterniT21 PLUS patient samples come in at 38,600 — that's +2% Q/Q, as the company notes that "the laboratory increased its focus on tests with acceptable reimbursement."

Medicaid tests as a percentage of MaterniT21 PLUS tests accessioned: 21%, down from 26% in Q2 (17% in September).

Uncollected amounts outstanding for tests delivered that were not recognized as revenue upon delivery: $46-51M.

Annualized run rate for MaterniT21 PLUS test as of quarter's end: 150K+ samples.

SQNM notes that "the October 30 summary judgment does not impact the current competitive landscape, as the company has competed without the benefit of the patent being recognized." For more on this, see here. (PR)