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Transgenomic's Q3 Revenues Nearly Double

NEW YORK (GenomeWeb News) – Transgenomic reported after the close of the market Wednesday that its third-quarter revenues increased 87 percent year over year.

The Omaha, Neb.-based pharmacogenomics and molecular diagnostics firm reported total revenues of $8.3 million for the three-month period ended Sept. 30, compared to $4.4 million for the third quarter of 2010.

Transgenomic President and CEO Craig Tuttle said the increase was due to sales growth across all three of its operating business units. He said the revenues represent the "successful integration of the Familion cardiac genetic testing franchise into our reference lab business, strong instrument sales, and increasing demand for our advanced and highly sensitive mutation detection technologies, which are driving increases in our pharmacogenomics business."

Transgenomic posted a net loss of $1.3 million, or $.03 per share, for the quarter, compared to a net loss of $898,000, or $.02 per share, for the third quarter of 2010.

Its R&D spending for the quarter was $515,000 versus $613,000 for Q3 2010, and its SG&A spending doubled to $4.4 million from $2.2 million.

Transgenomic finished the quarter with $1.4 million in cash and cash equivalents.

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