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Transgenomic Q2 Revenues Climb 4 Percent

NEW YORK (GenomeWeb) – Transgenomic said after the close of the market on Thursday that its second quarter revenues rose 4 percent year over year.

For the three months ended June 30, the Omaha, Nebraska-based firm reported revenues of $7 million compared to $6.8 million in the year-ago period. Adjusting for the company's third quarter 2014 sale of its Surveyor kits product line, Q2 revenue increased about 11 percent year over year, the company noted.

Laboratory Services revenue increased 26 percent to $4.8 million from $3.8 million, reflecting higher sales of patient tests, spurred by a number of new products launched in late 2013, as well as increased sales of contract laboratory services. Meantime, Genetic Assays and Platforms revenues decreased about 25 percent to $2.2 million from $2.9 million, a result of lower bioconsumables and instrument sales, including the aforementioned Surveyor kits.

In a statement, Transgenomic President and CEO Paul Kinnon said that the company made "solid progress" in Q2 in its efforts to transform into "an advanced technology company primarily focused on commercializing the many applications of our multiplexed ICE COLD-PCR (MX-ICP) technology."

Since the start of Q2, Kinnon noted, the company incorporated MX-ICP technology in its biomarker identification business, "making it available to all pharmaceutical and biotechnology customers who are developing biomarkers for targeted therapies and precision medicine applications."

In addition, the company launched its EGFR tests for lung and colon cancer, "the first in a series of CLIA mutation detection tests that leverage MX-ICP's exceptional accuracy and sensitivity and its ability to work with multiple patient sample types," Kinnon said.

The company also recently launched its ICEme Mutation Enrichment Kits for cancer researchers, and announced the initiation of a pilot clinical study in collaboration with four biopharmaceutical oncology firms to validate the accuracy and utility of MX-ICP-based liquid biopsies to guide and monitor cancer clinical trials.

In Q2, Transgenomic took a net loss of $3.6 million, or $.30 per share, available to common stockholders, compared to a net loss of $4.2 million, or $.57 per share, in the same quarter last year. On a non-GAAP basis, the company recorded a net loss of $2 million in the quarter, compared to $3.2 million in Q2 2014.

The company spent $576,000 on R&D in the quarter, down from $785,000 in the year-ago period. Its SG&A expenses also dropped to $5.1 million from $5.6 million.

Transgenomic finished the quarter with $2.3 million in cash and cash equivalents.