NEW YORK, Oct. 31 - Transgenomic reported a third-quarter net loss of 8 cents per share on top of revenues of $10.3 million, a 64 percent increase over the same period last year, and said it intends to become profitable by the end of 2002.
“The strength of our balance sheet, with $47 million in cash and investments, with no debt, gives us the resources needed to execute our plan to achieve profitability by the end of 2002,” CEO Collin D'Silva said in a statement.
Transgenomic, based in Omaha, Neb., reported a third-quarter net loss of $1.9 million, or $0.08 per share, compared with $2.0 million in the same period on year earlier.
The loss excludes goodwill associated with the company’s $4 million acquisition of Annovis , a San Diego-based nucleic acid and reagent maker. Including those charges, Transgenomic absorbed a net loss of $1.6 million, or 7 cents a share.
“Our focus remains in driving recurring revenue streams through the ongoing introduction of proprietary products in the areas of bioconsumables and synthetic nucleic acids,” D’Silva said.
Shares in Transgenomic closed up $1.05, or 11.5 percent, to $10.19 on the Nasdaq on Wednesday.