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Transgenomic Sales Dip 12 Percent; CEO 'Optimistic' on New Launches

NEW YORK (GenomeWeb News) – Transgenomic reported after the close of the market Wednesday that its revenues in the second quarter of 2009 were down 12 percent compared with the 2008 period, and it saw a profit swing to a loss.

The Omaha, Neb.-based genetic test provider said that it brought in revenues of $5.5 million for the three-month period ended June 30, compared with $6.2 million a year ago.

Transgenomic posted a loss of $730,000, or $.01 per share, compared to a net profit of $101,000, or $.00 per share, in the second quarter of 2008.

The firm's R&D spending rose to $686,000 from $560,000, while its SG&A costs were trimmed to $2.7 million from $3.1 million.

Transgenomic CEO Craig Tuttle said in a statement that sales in the second quarter increased by $500,000 over the first quarter of the year, and he pointed to that as a sign that the company is recovering from a first quarter that was impacted by the overall economic climate.

He said that new pharmacogenomics projects potentially could move forward into full clinical trials, and that the company plans "significant launches" for the end of the year, including an assay for KRAS mutations and NuroPro assays for Alzheimer's and Parkinson's disease.

Tuttle also noted that the company's molecular diagnostic laboratory grew 62 percent in the first six months of the fiscal year compared with 2008.

"When the economic situation improves, we fully expect an improvement in the growth rate in our diagnostic testing net sales. In addition there will be impact related to the new assays being added," he said.

Transgenomic finished the quarter with $4.8 million in cash and cash equivalents.

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