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Transgenomic's Q1 Revenues Increase 2 Percent

NEW YORK (GenomeWeb News) – Transgenomic reported after the close of the market Wednesday that its first-quarter revenues inched up 2 percent as an increase in sales from its laboratory services unit were offset by lower instrument sales.

The Omaha, Neb.-based molecular diagnostics firm reported total revenues of $7.4 million for the three months ended March 31, compared to $7.2 million for the first quarter of 2012.

It said that sales for its lab services unit grew 11 percent, "reflecting higher test volumes from our Nuclear Mitome, ScoliScore, and C-GAAP diagnostic tests, as well as a modest shift toward higher priced tests." It added that the increase was offset by lower sales of instruments in its diagnostic tools segment.

Transgenomic reported a net loss of $3.6 million, or $.04 per share, compared to a net loss of $2.7 million, or $.05 per share, for Q1 2012. On a non-GAAP basis, its loss was $2.9 million versus $1.6 million for Q1 2012.

The firm's R&D spending climbed to $764,000 from $549,000 year over year, while its SG&A expenses jumped 34 percent to $6.7 million from $5 million.

Transgenomic finished the quarter with $7.7 million in cash and cash equivalents.

During the quarter the firm raised $8.3 million in a private placement of its shares.

"As we progress throughout the year, it remains our goal to increase revenues in both our laboratory services and diagnostic tools segments through the commercialization of new products that have been acquired, in-licensed, or developed internally," Transgenomic President and CEO Craig Tuttle said in a statement.

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