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Transgenomic, Inc. Reports Second Quarter 2007 Results
Date:8/19/2007

2006. The 2007 net loss was comprised of a loss from continuing operations of $1.0 million or $0.02 per share and a gain from discontinued operations of $66,000. The 2007 loss from continuing operations included a $0.9 million gain from the sale of an investment in equity securities and $0.6 million of restructuring charges. The 2006 net loss was comprised of a loss from continuing operations of $0.6 million or $0.01 per share and a loss from discontinued operations of $0.1 million or $0.00 per share.

Net sales from continuing operations were $11.5 million for the six months ended June 30, 2007, compared to $12.7 million during the comparable period of 2006. Gross profit from continuing operations was $6.1 million or 53 percent for the six months ended June 30, 2007 compared to $6.0 million or 48 percent in 2006. Operating expenses from continuing operations were $8.2 million for the six months ended June 30, 2007 compared to $6.7 million during the comparable period of 2006. Cash flows used in operating activities totaled $1.6 million for the six months ended June 30, 2007 compared to cash flows generated in operating activities of $0.7 million used during the same period in 2006.

Comment and Outlook

The Company's President and Chief Executive Officer, Craig Tuttle, noted, "We are very pleased with second quarter net sales. We experienced a substantial improvement over first quarter. Our instrument and consumables revenues met our internal projections and our molecular diagnostics laboratory business grew by more than $200,000 over first quarter. Second quarter net sales in our Pharmaceutical Research Services business were slightly behind our internal projections due to timing issues with receiving samples from some of our key pharmaceutical partners. We believe that we will continue to grow in our research services business and that, combined with our ongoing cost reduction efforts, will support our goal of reaching break even performance by the
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SOURCE Transgenomic, Inc.

Copyright©2007 PR Newswire.

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