NEW YORK (GenomeWeb News) – Transgenomic today reported that its first-quarter revenues fell 21 percent year over year, and the firm swung to a loss from a profit a year earlier.
The Omaha, Neb.-based pharmacogenomics firm brought in revenues of $5 million for the three-month period ended March 31, compared to $6.3 million for the first quarter of 2008.
"Unfortunately, like many companies today, we are also experiencing an impact from the overall economic slowdown," Transgenomic President and CEO Craig Tuttle said in a statement.
Tuttle added that the decline in revenues "was primarily the result of a slowdown in instrument orders compared to what we experienced throughout 2008." He noted, however, that revenues for the firm's Molecular Diagnostics Laboratory grew by $447,000 over the first quarter of 2008.
Transgenomic posted a net loss of $1 million, or $.02 per share, for the quarter compared to a slim profit of $122,000, or $.00 per share, for the first quarter of 2008.
Its R&D spending increased to $844,000 from $572,000, and its SG&A expenses were flat year over year at $3 million.
Transgenomic finished the quarter with $4.8 million in cash and cash equivalents.