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Consumable Sales Push Transgenomic Revenues Up 71 Percent

NEW YORK, August 1 – Transgenomic reported second quarter revenues of $9.5 million, up 71 percent from the comparable period a year ago, on the back of rising sales of consumables supplied by its recently acquired subsidiary Annovis, Transgenomic said Wednesday. 

The Omaha, Neb.-based provider of DNA and RNA analysis instruments received most of its revenue—about $6 million—from sales of its Wave instruments for DNA mutation detection and other analyses. However, Transgenomic chief financial officer Greg Duman said in a conference call with investors that sales of consumables in general grew 175 percent from the first quarter of 2001, and sales of consumables for the Wave instruments are growing at about 65 to 70 percent a year.

Transgenomic’s operating expenses grew from $5.2 million during the second quarter of 2000 to $7.6 million during the most recent quarter. The company’s operating losses have fallen sequentially since the first quarter of 2000, excluding expenses related to the acquisition of Annovis and the sale of the company’s non-life science product line.

Sales, general, and marketing, expenses rose from $3.3 million for the first quarter 2000 to $5.4 million during the most recent quarter, making up the bulk of the company’s operating costs. Research and development expenses rose to $2.2 million during the most recent quarter from $1.9 million in the year-ago period. 

The company’s net loss for the quarter was $1.6 million, or 7 cents a share, compared with $2.7 million or 21 cents a share during the comparable quarter a year ago. These losses were in line with analyst expectations, according to a survey of three brokers conducted by First Call/Thomson Financial. 

In May, Transgenomic acquired Annovis, a San Diego-based maker of nucleic acid building block and biological reagents for 1.9 million shares of Transgenomic common stock and $500,000 in cash.

As of June 30, Transgenomic had $53 million in cash and short-term investments.

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