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Transgenomic Q4 Revenues Up 24 Percent

NEW YORK (GenomeWeb) - Transgenomic yesterday after the close of the market reported a 24 percent increase year over year in its fourth quarter revenues.

For the three months ended Dec. 31, 2014, Transgenomic's total revenues increased to $7.7 million from $6.2 million in the prior-year period, besting analysts' consensus estimate of $6.1 million.

On a conference call following the earnings release, Transgenomic CEO Paul Kinnon said the quarter saw good growth in the firm's core business including patient testing, even as the firm was ramping up for the commercial launch of its Multiplexed ICE-COLD PCR.

Revenues from laboratory services grew 75 percent year over year to $4.9 million from $2.8 million, while revenues from genetic assays and platforms fell 18 percent to $2.8 million from $3.4 million in Q4 2013. Genetic assays and platforms revenue fell because the firm sold off its rights to Surveyor Nuclease technology to Integrated DNA Technologies in July 2014, Kinnon said.

Transgenomic's net loss for the quarter increased to $5.8 million, or $.77 per share, compared to a loss of $4.0 million, or $.57 per share, in Q4 2013, short of the consensus Wall Street estimate of a $.56 loss per share.

The firm's R&D spending fell 20 percent year over year to $726,000 from $905,000, while SG&A costs increased 64 percent to $7.7 million from $4.8 million, largely due to the hiring of sales and marketing staff.

Transgenomic's revenues for full-year 2014 fell around 1 percent year over year to $27.1 million from $27.5 million. Revenues from laboratory services grew 7 percent year over year to $16.5 million from $15.4 million. Revenues from genetic assays and platforms fell 13 percent to $10.6 million from $12.2 million in Q4 2013.

The firm's loss for the year was $13.9 million, or $2.01 per share, compared to $16.0 million, or $2.30 per share, in 2013, below the consensus analysts' estimate of $1.80 loss per share.

Transgenomic's R&D costs for the year were down 9 percent to $2.9 million from $3.2 million in 2013. SG&A spending rose 4 percent to $24.1 million from $23.3 million.

Transgenomic ended the year with $1.6 million in cash and cash equivalents.

Kinnon said that 2015 would see the roll out of the firm's multiplex ICE-COLD PCR technology, which had been "slightly delayed" by efforts to raise additional capital and add further refinements to the technology, which included functionality to quantify mutation content on sequencing platforms.

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