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Transgenomic Reports 20 Percent Decline in Q2 Revenues

NEW YORK (GenomeWeb News) – Transgenomic reported after the close of the market on Tuesday that its second quarter sales dropped 20 percent year over year.

Total sales came in at $7.3 million for the three months ended June 30, down from $9.1 million a year ago. The Omaha, Neb.-based firm attributed the decline to "unusually high test volumes" process in the year-ago period, resulting from a backlog following a LIMS software failure during the first quarter of 2012.

Diagnostic Tools revenues were "slightly higher" compared to a year ago, it added.

The firm's net loss for the second quarter increased to $2.9 million, or $.03 per share, from a net loss of $563,000, or $.01 per share, during the second quarter of 2012.

Its R&D spending rose 40 percent year over year to $913,000 from $654,000, while its SG&A costs increased 2 percent to $5.4 million from $5.3 million.

Transgenomic exited the quarter with $6.4 million in cash and cash equivalents.

In May, the firm announced a deal with Amgen to develop a CE-IVD test to screen patients with metastatic colorectal cancer for KRAS and NRAS mutations. As a result of the agreement, Transgenomic launched its CRC RAScan test.

"As we look ahead to the remainder of 2013 and beyond, it remains our goal to increase revenues in both our Laboratory Services and Diagnostic Tools segments with the commercialization of CRC RAScan, as well as through a number of innovative new products in both businesses," President and CEO Craig Tuttle said in a statement.

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