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Transgenomic Sees Q1 Losses Narrow, Slight Dip in Revenues

NEW YORK, May 5 - Transgenomic today reported its financial results for the first quarter ended March 31, 2003.

 

The company posted first-quarter revenues of $9.5 million, down slightly from $9.8 million year-over-year.

 

Slightly lower R&D expenses of $2.3 million, compared to $2.8 million in the year-ago period, contributed to a narrowed operating loss of $3.5 million compared to $3.6 million in the first quarter of 2002.

 

Net loss for the quarter was $3.6 million, or $0.15 per share. This compares to a net loss of $3.4 million, or $0.14 per share, in the first quarter of 2002.

 

Transgenomic had $6.4 million in cash, cash equivalents, and short-term investments as of March 31, 2003, compared to $13.3 million as of December 31, 2002.

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