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Transgenomic, Inc. Reports First Quarter 2009 Results
Date:5/13/2009

OMAHA, Neb., May 13 /PRNewswire-FirstCall/ -- Transgenomic, Inc. (OTC Bulletin Board: TBIO) today announced financial results for the first quarter ended March 31, 2009. The Company's financial results are presented in the tables that follow.

The Company reported a net loss of $953,000 or $.02 per share for the first quarter of 2009 as compared to a net income of $122,000 or $0.00 per share for the first quarter of 2008.

Net sales from continuing operations were $5.0 million during the first quarter 2009, compared to $6.3 million during the comparable period of 2008. Gross profit from continuing operations was $2.8 million or 56 percent during the first quarter of 2009 compared to $3.6 million or 58 percent during the comparable period of 2008. Operating expenses from continuing operations were $3.8 million during the first quarter of 2009 compared to $3.5 million during the same period of 2008. Excluding the impact of foreign currency revaluation gains/losses, operating expenses were down by $0.1 million in the first quarter of 2009 compared to the same period of 2008. Cash and cash equivalents totaled $4.8 million at March 31, 2009.

Comment and Outlook

Craig Tuttle, the Company's President and Chief Executive Officer, noted "Unfortunately, like many companies today, we are also experiencing an impact from the overall economic slowdown. This resulted in a decline in first quarter revenue to $5.0 million compared to our first quarter revenues in 2008 of $6.3 million and a net loss of $1.0 million in the quarter. This decline was primarily the result of a slowdown in instrument orders compared to what we experienced throughout 2008. Our Molecular Diagnostics Laboratory grew from $.9 million to $1.0 million in revenue in the first quarter of 2009 compared to the fourth quarter of 2008. The Molecular Diagnostics Laboratory grew by $447,000 over the first quarter of 2008. We have added an addi
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SOURCE Transgenomic, Inc.
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