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Transgenomic Posts Lower Sales, Greater R&D Spending, Widened Loss in Q2

NEW YORK, Aug. 2 - Transgenomic reported that an increase in second-quarter R&D spending and a dip in sales caused a sharp jump in net loss.

 

Net sales in the period ended June 30 fell to $9.4 million from $9.5 million one year ago, the company said.

 

Meantime, R&D spending climbed to $3 million from $2.2 million in the second quarter 2001. As a result, net loss surged to $4 million, or $.17 per share, from $1.6 million, or $.07 per share, year over year, Transgenomic said on Wednesday.

 

The company said it had roughly $25 million in cash, cash equivalents, and short-term investments.

 

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