Sequenom (SQNM),  a life sciences company, swung to a net profit for the quarter ended Jun. 30, 2014, on the back of income from discontinued operations. The company made a net profit of $4.45 million or $0.04 a share in the second-quarter against a loss of $31.02 million or $0.27 a share in the last year period. Analysts on average had predicted net loss of $0.11 a share.

Revenue during the second-quarter jumped 62.20 percent to $39.78 million from $24.53 million in the last year period.

Gross margin expanded by 2780 basis points over the previous year period to 43.67 percent. Operating margin for the current period stood at negative 33.18 percent as compared to negative 119.13 percent for the previous year period.

The company disclosed operating loss of $13.20 million, compared with $29.22 million in the last year period.

"We are pleased with the steady improvements in reimbursements and collections resulting in increased revenues,” said Carolyn Beaver, CFO, Sequenom. "We will continue to evaluate our collection history with the goal to move to accrual accounting for additional payors. We also remain focused on our cost improvement initiatives as we look to continue to build value for our shareholders."

Working Capital

Sequenom has witnessed a decline in the working capital over the last one year. The company's working capital stood at $51.42 million as at Jun. 30, 2014, down $36.85 million or 41.74 percent from $88.27 million on Jun. 30, 2013. It registered a decrease in current ratio to 2.15 as at Jun. 30, 2014 from 2.64 on Jun. 30, 2013.

Shares of the company went down by 1 cents or 0.27percent to trade at $3.71 on Wednesday.