NEW YORK (GenomeWeb News) – Transgenomic yesterday reported a 21.2 percent increase in first-quarter revenues and a profit versus a loss a year earlier.
The Omaha, Neb.-based cancer genetic test provider said that it brought in revenues of $6.3 million for the three-month period ended March 31, compared to revenues of $5.2 million for the first quarter of 2007.
Transgenomic President and CEO Craig Tuttle said that the firm’s instrument and consumables sales “achieved expectations and our two laboratory services business performed very well in the quarter.” The firm’s molecular clinical reference lab had revenues of $500,000, up 74 percent from the comparable period in 2007, and its pharmacogenomics research services lab had revenues of $467,000, which was nearly 500 percent higher than a year earlier.
Transgenomic posted a profit of $122,000, or $.00 per share, compared to a net loss of $1.2 million, or $.02 per share, in the first quarter of 2007. It was the second straight quarter of profitability for the firm.
Its R&D spending dropped nearly by half to $572,000 from $1.1 million, while its SG&A costs were flat at $3 million.
Transgenomic finished the quarter with $5.8 million in cash and cash equivalents.