NEW YORK, Oct 31 – Transgenomic of Omaha, Neb., said Tuesday revenues from its life science business soared 68 percent to $6.25 million in the third quarter from $5.60 million a year ago, due to increased demand from research and commercial organizations.
“Our strategy of marketing our WAVE system into the commercial and industrial market segment during the third quarter contributed to our growth. We believe sales for commercial and industrial applications will continue to be a growth catalyst for us," CEO Collin D’Silva said in a statement. " By increasing the samples that can be analyzed we expect demand for our proprietary consumable products to increase.”
The WAVE system uses denaturing high performance liquid chromatography technology, an alternative to DNA sequencing for genetic screening.
The net loss for the quarter was $2.1 million, or 11 cents a share, compared with a net loss of $2.2 million, or 17 cents a share in the year ago quarter.
In addition to its initial public offering, the company eliminated all debt from its balance sheet during the quarter. Transgenomic’s assets’ totaled $76.8 million at the end of the quarter.
Transgenomic’s earnings statements through March 31, 2000 include results from non-life science products. The company sold these assets as of that date.