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Transgenomic Sales Slip 6 Percent; Firm Sees Strong Finish for Year

NEW YORK (GenomeWeb News) – Transgenomic reported after the close of the market Thursday that its revenues in the third quarter of 2009 fell 6 percent compared with the 2008 period, and that its net loss on the quarter was down 25 percent from the year-ago period.

The Omaha, Neb.-based genetic test provider said that it brought in revenues of $5 million for the three-month period ended Sept. 30, compared with $5.4 million a year ago.

Transgenomic posted a loss of $366,000, or $.01 per share, compared to a net loss in the third quarter of 2008 of $499,000, also $.01 per share.

The firm's R&D spending rose to $938,000 from $684,000, while its SG&A costs were down to $2.2 million from $2.8 million.

Transgenomic CEO Craig Tuttle said in a statement that sales for the quarter were down due to lower instrument sales in the US , but he added that two OEM instrument sales that were expected for the quarter closed in October, giving the company “confidence that fourth quarter net sales will show marked improvement.”

"We remain heavily engaged in development and validation of our mitochondrial DNA damage assay applications, our licensed NuroPro assays for Alzheimer's and Parkinson's disease and our recently announced license for Cold-PCR from the Dana-Farber Cancer Institute,” Tuttle added.

He said the firm has seen “strong interest from potential customers for Cold-PCR” and that it expects another pharmaceutical study to start in the fourth quarter.

Transgenomic also has finished beta site trials for its K-Ras mutation detection kits and Tuttle said that the first kit in that line will be launched soon.

Transgenomic finished the quarter with $4.7 million in cash and cash equivalents.

The firm’s shares were up 6 percent this morning on the OTC Bulletin Board at $.68 per share.