NEW YORK (GenomeWeb News) — Transgenomic yesterday said third-quarter revenues rose 6 percent as R&D spending increased 23 percent and net loss widened by nearly 25 percent.
Total receipts for the three months ended Sept. 30 rose to $5.2 million from $4.9 million year over year.
Transgenomic CEO Craig Tuttle said in a statement that the increase in revenue “reflects continued growth in our molecular diagnostics reference lab and Pharmaceutical Services businesses.”
Tuttle also said that some instrument sales just missed the quarter and will be accounted for in the fourth quarter, and he added that both European sales and molecular diagnostics revenue were affected by “a summer slowdown.”
R&D spending rose to $720,000 from $586,000 year over year.
Transgenomic said its net loss was $1.3 million compared to a loss of $1.7 million in the year-ago period.
Tuttle said the company has completed its consolidation program in Europe and has boosted its sales force, moves that should help the company break even in the fourth quarter.
Transgenomic said it had around $6.5 million in cash and cash equivalents as of Sept. 30.