million for the year ended December 31, 2007. Gross profit from continuing operations was $13.6 million or 57 percent for the year ended December 31, 2008 compared to $12.7 million or 55 percent for the year ended December 31, 2007. Operating expenses from continuing operations were $14.0 million for the year ended December 31, 2008 which included a $638,000 goodwill impairment and income from foreign currency revaluation of $1.0 million. Operating expenses from continuing operations for the year ended December 31, 2007 were $16.0 million, which included $1.5 million in restructuring charges for the year ended December 31, 2007. The Company used cash flows in operations of $413,000 for the year ended December 31, 2008 compared to cash flows used in operations of $2.9 million for the year ended December 31, 2007.
Comment and Outlook
Craig Tuttle, the Company's President and Chief Executive Officer, noted, "We are quite pleased with the overall results of the year. Our Molecular Reference Lab grew 70% in the year and we continued to make gains in our Pharmacogenomics services business by adding several key new pharma customers. With this growth in our services business, our previous significant effort in cost reduction and investment in our sales organization, we have achieved close to breakeven performance for the year."
"We continued to improve our operations efforts for our Molecular Reference Laboratory business as well as our WAVE system and reagent manufacturing activities. These efforts resulted in our lab gaining accreditation by the College of American Pathologists (CAP) and our manufacturing site attaining ISO9001:2000 accreditation during the fourth quarter."
"Most importantly, we embarked on an aggressive pursuit of new assay technology to drive both short and long-term growth for our laboratory businesses. Key licensing efforts during the year included our exclusive licenses with thePage: 1 2 3 4 5 6 7 8 Related biology technology :1
. Transgenomic, Inc. Reports Second Quarter 2007 Results2
. Transgenomic, Inc. Forms Scientific Advisory Board3
. Transgenomic, Inc. Reports Third Quarter 2008 Results4
. EpiCept Reports Expansion of Clinical Development For Licensed Cancer Compound5
. QMed, Inc. Reports July Medicare SNP Enrollments6
. Phlo Affiliate Reports Expanded Coverage to Oregon Border7
. Healthcare Technologies Reports Loss for 2007 Second Quarter & Six Months Results8
. Dragon Pharmaceutical Reports Growth in Sales and Profits during Second Quarter of 20079
. Carrington Reports Second Quarter 2007 Results10
. Avitar Reports Third Quarter Financial Results for Fiscal 200711
. Response Genetics Reports Second Quarter 2007 Financial Results