NEW YORK, Jan. 30 - Transgenomic on Wednesday said that its fourth-quarter losses widened as increased sales of its gene analysis equipment and chemicals failed to counter a jump in operating expenses.
Revenue swelled 51 percent to $10.7 million from $7.1 million one year ago, the company said.
Net loss for the period ended Dec. 31 widened to $2.7 million, or 12 cents a share, from $374,000, or 2 cents a share, year over year.
Transgenomic also posted a 62 percent hike in revenues for fiscal 2001 to $38.5 million from $23.7 million in 2000. The firm also posted a net loss $7.4 million, or $0.33 per share, in fiscal 2001, compared with a loss of $8.6 million, or $0.52 per share, in 2000.
"We expect our total revenues to increase in the range of 45 percent to 55 percent this year," said Greg Duman, Transgenomic's chief financial officer. "The growing synthetic nucleic acids business is a significant component in meeting the company's overall revenue growth targets for 2002.
"Our 2002 plans project profitability in the fourth quarter of this year," he added.