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Transgenomic s Q1 Loss Narrows 89 Percent Despite 6-Percent Revenue Decline ...

NEW YORK, May 3 (GenomeWeb News) - Transgenomic today reported a steep cut in net losses despite posting a minor decline in revenues during the first quarter. 

 

Transgenomic's reported revenues of $6.5 million for the quarter ended March 31, down 6 percent from the $6.9 million year over year. Interim CEO Mike Summers in a statement attributed the decrease in revenues to foreign currency fluctuations.

 

Transgenomic said that it spent $604,000 on R&D expenses for the first quarter, roughly even with the $606,000 it spent for the same period last year.

 

Net loss for the period narrowed 89 percent to $318,000 from $2.9 million in the year-ago period.

 

As of March 31, Transgenomic had $6.6 million in cash and cash equivalents.

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