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NEWSBRIEF: Transgenomic Reports Revenue Rise, Surging Loss in Q1

NEW YORK, May 1 - Transgenomic today reported a 24 percent increase in revenue and a ballooning net loss as receding demand for its instruments contributed to a top-line shortfall.

 

Total revenue for the period ended March 31 came in at $9.8 million compared with $7.9 million one year ago. CEO Greg Duman said that 8 percent of its instrument sales this quarter came from commercial customers compared with between 25 and 35 percent the company usually draws.

 

R&D spending remained more or less unchanged at $2.7 million, Transgenomic said.

 

Still, net loss for the quarter ballooned to $3.4 million, or $.14 per share, compared with $1.1 million, or $.05 per share, year over year, the company said.

 

Transgenomic said it had roughly $35 million in cash and cash equivalents as of March 31.

 

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