Full Press Release Details
Inc. Reports Third Quarter 2009 Results
Neb., November 5, 2009 - Transgenomic, Inc. (OTCBB:
TBIO.OB) today announced financial results for the quarter ended
September 30, 2009. The Company's financial results are presented in the tables
Company reported a net loss of $366,000 or $0.01 per share for the third quarter
of 2009 as compared to a net loss of $499,000 or $0.01 per share for the third
were $5.0 million during the third quarter of 2009, compared to $5.4 million
during the comparable period of 2008. Gross profit from continuing operations
was $2.8 million or 55 percent during the third quarter of 2009 compared to $2.9
million or 54 percent during the comparable period of 2008. Included in
cost of sales was $0.3 million of inventory obsolescence. Operating
expenses were $3.2 million during the third quarter of 2009 compared to $3.4
million during the same period of 2008. Excluding the impact of
foreign currency revaluation gains/losses, operating expenses were down by
$163,000 in the third quarter of 2009 compared to the same period of
2008. Included in operating expenses was $0.2 million related to the
license for Cold-PCR from the Dana-Farber Cancer Institute.
cash equivalents totaled $4.7 million at September 30, 2009 compared to $4.8
million at December 31, 2008.
Months Ended September 30, 2009
Company reported a net loss of $2.0 million or $0.04 per share for the nine
months ended September 30, 2009, compared to a net loss of $276,000 or $0.01 per
share during the comparable period of 2008.
were $15.5 million for the nine months ended September 30, 2009, compared to
$17.9 million during the comparable period of 2008. Gross profit was
$8.2 million or 53 percent for the nine months ended September 30, 2009,
compared to $10.3 million or 58 percent in 2008. Operating expenses
were $10.4 million for the nine months ended September 30, 2009 compared to
$10.6 million during the same period of 2008. Excluding the impact of
foreign currency revaluation gains/losses, operating expenses were down by
$976,000 for the nine months ended September 30, 2009 compared to the same
Tuttle, the Company's President and Chief Executive Officer, noted, "Net sales
for the third quarter declined slightly from the second quarter of
2009. This decrease is primarily attributable to lower instrument
sales in the U.S. as well as an expected quarterly decline in our reference
laboratory net sales related to summer vacations in the U.S. We also
had two OEM instrument sales that ended up closing in October that were expected
in the third quarter. This gives us confidence that fourth quarter
net sales will show marked improvement."
continued, "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. We have already seen
strong interest from potential customers for Cold-PCR and hope to have one or
more pharma studies initiated during the fourth quarter. Our beta
site trials for our K-Ras mutation detection kit have been completed and this
kit, the first of several expected, will be launched shortly."
management will discuss third quarter 2009 financial results via teleconference
on Thursday, November 5th, at 5:00 p.m. Eastern Time. To access the
call via telephone, dial 800-862-9098 or 785-424-1051. The Company will
also host a live broadcast of the call over the Internet. To listen
to the webcast, investors should log on to the Company's Investor Relations web
and follow the instructions provided. An archived recording of the conference
call will be available and can be accessed via the web using the same link
listed above for 14 days after the call. Investors can also listen to a replay
via telephone until 11:59 p.m. Eastern Time on Thursday, November 19,
2009. Simply dial 800-839-3613 or 402-220-2973 from any
Inc. (OTC BB: TBIO.OB, www.transgenomic.com
) is a global biotechnology company specializing in high sensitivity genetic
variation and mutation analysis, providing products and services in DNA mutation
detection and discovery for clinical research, clinical molecular diagnostics
and pharmacogenomics analyses. Its product offerings include the WAVE Systems
and associated consumables specifically designed for use in genetic variation
detection and single- and double-strand DNA/RNA analysis and purification. With
broad applicability to genetic research, over 1,450 systems have been shipped to
customers in more than 30 countries. The SURVEYOR Mutation
Detection Kits and SURVEYOR Check-It Kit provide reagents and protocols for high
sensitivity detection of mutations in DNA. In addition, HANABI automated
chromosome harvesting systems improve laboratory productivity with consistent
quality compared to manual methods for cytogenetic analyses. Service offerings
include the Transgenomic Molecular Laboratory, which provides reference
laboratory services specializing in molecular diagnostics including
Mitochondrial Disorders, Oncology and Hematology, Molecular Pathology and
Inherited Diseases. Transgenomic Pharmacogenomic Services is a CRO for
pharmacogenomic, translational research and clinical trials.
Cautionary Statements
statements in this press release constitute "forward-looking statements" of
Transgenomic within the meaning of the Private Securities Litigation Reform Act
of 1995, which involve known and unknown risks, uncertainties and other factors
that may cause our actual results to be materially different from any future
results, performance or achievements expressed or implied by such statements.
Forward-looking statements include, but are not limited to, those with respect
to management's current views and estimates of future economic circumstances,
industry conditions, company performance and financial results, including the
ability of the Company to grow its involvement in the diagnostic products and
services markets. The known risks, uncertainties and other factors affecting
these forward-looking statements are described from time to time in
Transgenomic's reports to the Securities and Exchange Commission. Any change in
such factors, risks and uncertainties may cause the actual results, events and
performance to differ materially from those referred to in such statements.
Accordingly, the company claims the protection of the safe harbor for
forward-looking statements contained in the Private Securities Litigation Reform
Act of 1995 with respect to all statements contained in this press release. All
information in this press release is as of the date of the release and
Transgenomic does not undertake any duty to update this information, including
any forward-looking statements, unless required by law.
confirmation of release or further information, please contact:
Condensed Consolidated Statements of Operations