NEW YORK, Oct. 31 - Transgenomic reported a decrease in third-quarter revenue, increased R&D spending, and a widened net loss.
For the three months ended Sept. 30, the company posted $9.1 million in revenue, an 11-percent drop-off compared with $10.3 million in the same quarter one year ago.
R&D spending in the quarter increased to $3.2 million from $2.2 million year over year, Transgenomic said.
As a result, third-quarter net loss blossomed to $4.7 million, or $.20 per share, from $1.9 million, or $.08 per share one year ago.
CEO Collin D'Silva said he has "confidence" that Transgenomics' instruments business "will regain its past momentum" next year. "We are optimistic about our opportunities to advance [the] Wave technology into higher-value markets such as molecular diagnostics and theranostic applications in oncology," he said.
Transgenomic said it had around $18.4 million in cash, cash equivalents, and short-term investments as of Sept. 30.
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