NEW YORK (GenomeWeb News) – Transgenomic today reported a 4 percent increase in third-quarter revenues alongside an improved net loss compared to the year-ago period.
For the quarter ended Sept. 30, Transgenomic's net sales from continuing operations climbed to $5.4 million from $5.2 million during the comparable period of 2007.
R&D spending increased 3 percent to $2.8 million from $2.7 million in the third quarter of 2007, while SG&A spending fell 5 percent to $684,000 from $720,000 year over year.
Transgenomic trimmed its third-quarter net loss by 63 percent, to $499,000, or $.01 per share, from $1.3 million, or $.03 per share, for the third quarter of 2007.
Craig Tuttle, president and CEO of Transgenomic, noted that the quarterly net loss followed two consecutive quarters of profitability. “Historically our third quarter has been slower for our instrument and service businesses due to summer laboratory closures in Europe and heavy vacation schedules in the US,” he said.
Tuttle added that Transgenomic remains “confident” in its financial performance, and that the company expects to expand its services “as we evaluate in-licensing, collaboration, and acquisition opportunities that have the potential to create additional value and accelerate growth.”
The company’s cash and cash equivalents totaled $4.8 million as of Sept. 30.