NEW YORK (GenomeWeb News) - Transgenomic today said fourth-quarter revenues increased 9.4 percent as R&D spending rose roughly 28 percent and losses were cut by 91 percent.
Total receipts for the three months ended Dec. 31, 2006, increased to $5.8 million from $5.3 million year over year.
The growth came from sales of the company’s Discovery Services unit, OEM sales, and placements of the company’s WAVE system and related consumables, Transgenomic CEO Craig Tuttle said in a statement.
R&D spending increased to $641,000 from $502,000 year over year.
The company said net losses shrank to $1 million from $11.2 million in the year-ago period. The 2006 fourth-quarter results include a loss from discontinued operations of $164,000.
In the fourth quarter of 2005, Transgenomic took a loss of $9.4 million on discontinued operations as the company restructured its focus on its biosystems business and liquidated its nucleic acids manufacturing facility in Glasgow.
Transgenomic said it had around $5.9 million in cash and cash equivalents as of Dec. 31.