NEW YORK (GenomeWeb News) – Transgenomic reported after the close of the market on Wednesday that its fourth-quarter revenues declined 6 percent and it swung from a profit in the 2007 fourth quarter to a loss.
The Omaha, Neb.-based pharmacogenomics assay developer and lab services firm had revenues of $6.1 million for the three-month period ended December 31, compared to revenues of $6.5 million for the fourth quarter of 2007.
It swung to a net loss of $219,000, or $.00, per share, from a profit of $212,000, or $.00 per share, in the fourth quarter of 2007.
Transgenomic's R&D spending dropped to $649,000 from $763,000, and its SG&A spending fell to $2 million from $2.7 million year over year.
For full-year 2008, Transgenomic's revenues increased slightly to $24 million from $23.2 million. Its net loss declined to $495,000, or $.01 per share, from $2.1 million, or $.04 per share, for 2007. Its R&D spending decreased to $2.5 million from $3 million, while its SG&A spending fell to $10.8 million from $11.5 million.
Transgenomic President and CEO Craig Tuttle noted in a statement that revenue from the firm's molecular reference lab grew 70 percent in 2008.
"With this growth in our services business, our previous significant effort in cost reduction and investment in our sales organization, we have achieved close to breakeven performance for the year," said Tuttle.
The firm finished 2008 with $4.8 million in cash and cash equivalents.