Full Press Release Details
Inc. Reports Second Quarter 2009 Results
Neb., August 12, 2009 - Transgenomic, Inc. (OTCBB:
today announced financial results for the quarter ended June 30, 2009. The
Company's financial results are presented in the tables that
Company reported a net loss of $730,000 or $0.01 per share for the second
quarter of 2009 as compared to net income of $101,000 or $0.00 per share for the
second quarter of 2008.
from continuing operations were $5.5 million during the second quarter of 2009,
compared to $6.2 million during the comparable period of 2008. Gross profit from
continuing operations was $2.7 million or 48 percent during the second quarter
of 2009 compared to $3.7 million or 60 percent during the comparable period of
2008. Operating expenses from continuing operations were $3.4 million
during the second quarter of 2009 compared to $3.7 million during the same
period of 2008. Excluding the impact of foreign currency revaluation
gains/losses, operating expenses were down by $672,000 in the second quarter of
2009 compared to the same period of 2008.
cash equivalents totaled $4.8 million at June 30, 2009 which is unchanged from
Months Ended June 30, 2009
Company reported a net loss of $1.7 million or $0.03 per share for the six
months ended June 30, 2009, compared to net income of $223,000 or $0.00 per
share during the comparable period of 2008.
from continuing operations were $10.5 million for the six months ended June 30,
2009, compared to $12.5 million during the comparable period of
2008. Gross profit from continuing operations was $5.5 million or 52
percent for the six months ended June 30, 2009, compared to $7.4 million or 59
percent in 2008. Operating expenses from continuing operations were
$7.2 million for both the six months ended June 30, 2008 and
2009. Excluding the impact of foreign currency revaluation
gains/losses, operating expenses were down by $812,000 for the six months ended
June 30, 2009 compared to the same period in 2008.
Tuttle, the Company's President and Chief Executive Officer, noted, "It is
rewarding to see a sales rebound well above our first quarter results. While we
have not quite reached quarterly sales at our former run rate prior to the
economy decline, sales in second quarter did increase $500,000 above first
quarter. In addition, we do see interest in new instrument sales opportunities
throughout the remainder of this fiscal year and next year. Budget approval
processing will drive the timing of these sales. We are seeing
several new projects in our Pharmacogenomics lab which have the potential to
move forward toward full clinical trial studies as well as a number of discovery
projects with a similar outcome potential. As such, we are optimistic that sales
will return to our 2008 levels within a quarter or two. In addition, with
significant product launches targeted for the fourth quarter, notably our high
sensitivity assay for KRAS mutations as well as our NuroPro assays for
Alzheimer's and Parkinson's disease, we anticipate a return to year-over-year
sales growth by next year. Equally positive, our Molecular Diagnostic Laboratory
has grown to 62% in the six months ended June 30, 2009 compared to the same
period in 2008. This growth rate remains below our full year 2008 growth which
was 70% year-over-year. When the economic situation improves, we
fully expect an improvement in the growth rate in our diagnostic testing net
sales. In addition there will be impact related to the new assays
management will discuss second quarter 2009 financial results via teleconference
on Wednesday, August 12th, at 5:00 p.m. Eastern Time. To access the
call via telephone, dial 800-894-5910 or 785-424-1052. 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 Wednesday, August 26,
2009. Simply dial 800-388-9064 or 402-220-1116 from any
is a global biotechnology company that provides unique products and services for
automated high sensitivity genetic variation and mutation analysis. Their
offerings include systems, products, discovery and laboratory testing services
to the academic and medical research, clinical laboratory and pharmaceutical
markets in the fields of pharmacogenomics and personalized medicine. Specific
offerings include WAVE DHPLC
Systems, related consumables and assay kits, cytogenetics automated systems,
Transgenomic Molecular Clinical Reference Laboratory and Pharmacogenomics
Research Services. Transgenomic's two laboratory services divisions utilize
these technologies and expertise to provide a menu of mutation scanning tests
for over 700 cancer-associated genes and more than 60 validated diagnostic tests
to meet the needs of pharmaceutical and biotech companies, research and clinical
laboratories, physicians and patients. For more information about the innovative
systems, products and services offered by Transgenomic, please
visit: www.transgenomic.com.
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