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Transgenomic s Q2 Revenue Grows 15.5 Percent as R&D Spending, Losses Decline

NEW YORK, Aug. 12 (GenomeWeb News) - Transgenomic today reported a 15.5-percent decline in second-quarter revenue atop significantly reduced R&D spending and a wide reduction in net loss.

 

Total receipts for the three months ended June 30 fell to $7.6 million from $9 million year over year.

 

R&D spending in the quarter plummeted to $581,000 from $1.7 million in the year-ago period.

 

The decline in R&D spending together with an 18.6-percent reduction in selling, general, and administrative costs helped the company post a 93-percent drop in net loss. Total net losses in the second quarter fell to $998,000, or $.03 per share, from $15.1 million, or $.52 per share, year over year, Transgenomic said.

 

Buttressed by a restructuring completed in February, the earnings "reflect a renewed focus on our Biosystems business," CEO Collin D'Silva said in a statement.

 

He added that he expect the company to "achieve operating cash flow break even by year end, driven by expected acceleration in revenue growth in our Biosystems segment for the remainder of the fiscal year."

 

Transgenomic said it had around $1.7 million in cash, equivalents, and short-term investments as of June 30.

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