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Transgenomic's Q2 Revenues Dip 7 Percent

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Transgenomic reported after the close of the market Thursday that its second-quarter revenues declined 7 percent and its net loss jumped more than 50 percent year over year.

The Omaha, Nebraska-based companion diagnostics and genetic analysis tools firm had total sales of $5.1 million for the three-month period ended June 30, down from $5.5 million for Q2 2009.

Transgenomic President and CEO Craig Tuttle said that the firm's instrument business was negatively impacted by lower consumables revenues, product mix, and currency translation. He noted, however, that the firm sold 14 of its WAVE systems during the quarter. Those systems use denaturing high-performance liquid chromatography to detect SNPs.

"Our pharmacogenomics services business is the most rapidly growing area of our business, with sales up 23 percent versus the second quarter of last year, albeit off a small base," Tuttle also noted in a statement.

Transgenomic's net loss increased to $1.1 million, or $.02 per share, from $730,000, or $.01 per share.

Its R&D expenses fell to $512,000 from $686,000, while its SG&A spending increased to $3 million from $2.7 million.

Transgenomic finished the quarter with $5.4 million in cash and cash equivalents.

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