NEW YORK (GenomeWeb News) — Transgenomic yesterday said first-quarter revenues decreased 20 percent as R&D spending rose 75 percent and its net loss ballooned by 276 percent.
Total receipts for the three months ended March 31 fell to $5.2 million from $6.5 million year over year.
However, CEO Craig Tuttle said revenue from Transgenomic’s reference labs grew 277 percent to $290,000. He said the company saw “continuous quarter over quarter growth in our reference laboratory business and improvement in our pharma contract pipeline.”
R&D spending rose to $1.1 million from $604,000 million year over year.
Transgenomic said its net loss rose to $1.2 million from $318,000 in the year-ago period.
Tuttle said he expects “cost-savings measures” to have an increasing impact over the second half of 2007.
Transgenomic said it had around $7.9 million in cash and cash equivalents as of March 31.