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Transgenomic Shares Slide 6.4 Percent on 'Disappointing' Q3 Sales

NEW YORK (GenomeWeb News) — Shares in Transgenomic were down 6.4 percent, or $.03, at $.44 in mid-afternoon trading after the company said it was “very disappointed” with its sales performance in the third quarter
 
As GenomeWeb News reported this morning, Transgenomic said third-quarter revenues decreased 26 percent as R&D spending rose 15 percent and income turned swung to a loss.
 
Total receipts for the three months ended Sept. 30 decreased to $4.9 million from $6.7 million year over year.
 
"We were very disappointed in our sales," CEO and President Craig Tuttle said in a statement. The company added that it has hired Thomas Weisel Partners to help it figure out how to “maximize shareholder value” in the short- and long-term.
 
"The typical market slowdown during summer in Europe was larger this year for our WAVE system than in years past and coincided with an unusual shortfall in system sales in Asia," he added.
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