Navigation Links
Transgenomic, Inc. Reports Second Quarter 2009 Results
Date:8/12/2009

OMAHA, Neb., Aug. 12 /PRNewswire-FirstCall/ -- Transgenomic, Inc. (OTC Bulletin Board: TBIO) today announced financial results for the quarter ended June 30, 2009. The Company's financial results are presented in the tables that follow.

Second Quarter 2009

The 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.

Net sales 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 and cash equivalents totaled $4.8 million at June 30, 2009 which is unchanged from December 31, 2008.

Six Months Ended June 30, 2009

The 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.

Net sales 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.

Comment and Outlook

Craig 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 being added."

Earnings Call

Company 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 page at http://www.transgenomic.com/events.asp?id=6 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 telephone.

About Transgenomic

Transgenomic 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((R)) 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.

Transgenomic Cautionary Statements

Certain 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.


                               Transgenomic, Inc.
                           Summary Financial Results
            Unaudited Condensed Consolidated Statements of Operations
                   (Dollars in thousands except per share data)


                                      Three Months Ended    Six Months Ended
                                           June 30,             June 30,
                                           --------             --------
                                       2009       2008      2009        2008
                                       ----       ----      ----        ----
     NET SALES                       $5,473     $6,246    $10,463     $12,501
     COST OF GOODS SOLD               2,822      2,507      4,999       5,122
                                      -----      -----      -----       -----
         Gross profit                 2,651      3,739      5,464       7,379
     OPERATING EXPENSES:
         Selling, general and
          administrative              2,732      3,091      5,708       6,066
         Research and
          development                   686        560      1,530       1,132
         Restructuring costs              -          8          -           8
                                        ---        ---        ---         ---
                                      3,418      3,659      7,238       7,206
                                      -----      -----      -----       -----
     LOSS FROM OPERATIONS              (767)        80     (1,774)        173
     OTHER INCOME (EXPENSE):
         Interest income                  2         25         14          58
         Other, net                      (3)         -         (3)         (1)
                                        ---        ---        ---         ---
                                         (1)        25         11          57
                                        ---        ---        ---         ---
     INCOME (LOSS) BEFORE
      INCOME TAXES                     (768)       105     (1,763)        230
     INCOME TAX EXPENSE
       (BENEFIT)                        (38)         4        (80)          7
                                       ----        ---       ----         ---
     NET INCOME (LOSS)                 (730)       101     (1,683)        223
                                      =====        ===    =======         ===

     BASIC AND DILUTED
      INCOME (LOSS) PER SHARE:       $(0.01)     $0.00     $(0.03)      $0.00
                                     ======      =====     ======       =====

     BASIC WEIGHTED AVERAGE
      SHARES OUTSTANDING         49,189,672 49,189,672 49,189,672  49,189,672

     DILUTED WEIGHTED AVERAGE
      SHARES OUTSTANDING         49,189,672 49,301,010 49,189,672  49,301,010




                              Transgenomic, Inc.
                          Summary Financial Results
          Unaudited Condensed Consolidated Statements of Cash Flows
                            (Dollars in thousands)


                                                         Six Months Ended
                                                             June 30,
                                                             --------
                                                         2009        2008
                                                         ----        ----
    NET CASH FLOWS PROVIDED BY OPERATING ACTIVITIES       193         193

    NET CASH FLOWS USED IN INVESTING ACTIVITIES          (232)       (131)

    EFFECT OF FOREIGN CURRENCY EXCHANGE RATE
     CHANGES ON CASH                                       44         (93)
                                                          ---        ----

    NET CHANGE IN CASH AND CASH EQUIVALENTS                 5         (31)

    CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD    4,771       5,723
                                                        -----       -----

    CASH AND CASH EQUIVALENTS AT END OF PERIOD         $4,776      $5,692
                                                       ======      ======




                                  Transgenomic, Inc.
                              Summary Financial Results
                        Condensed Consolidated Balance Sheets
                                (Dollars in thousands)

                                                 (Unaudited)
                                                   June 30,      December 31,
                                                     2009            2008
                                                     ----            ----
                   ASSETS
    CURRENT ASSETS:
      Cash and cash equivalents                    $4,776           $4,771
      Accounts receivable (net of
       allowances for bad debts of
       $358 and $388, respectively)                 4,310            5,385
      Inventories                                   4,639            4,775
      Prepaid expenses and other current
       assets                                         513              654
                                                      ---              ---
            Total current assets                   14,238           15,585
    PROPERTY AND EQUIPMENT, NET                     1,100            1,198
    OTHER ASSETS:
      Other assets, (net of accumulated
       amortization of $457 and $425,
       respectively)                                  748              773
                                                      ---              ---
                                                  $16,086          $17,556
                                                  =======          =======
          LIABILITIES AND STOCKHOLDERS' EQUITY
    CURRENT LIABILITIES:
      Accounts payable                               $873             $905
      Other accrued expenses                        2,592            2,810
      Accrued compensation                            577              520
                                                      ---              ---
            Total current liabilities               4,042            4,235
    OTHER LONG TERM LIABILITIES                       143              116
                                                      ---              ---
            Total liabilities                       4,185            4,351
    STOCKHOLDERS' EQUITY                           11,901           13,205
                                                   ------           ------
                                                  $16,086          $17,556
                                                  =======          =======


'/>"/>
SOURCE Transgenomic, Inc.
Copyright©2009 PR Newswire.
All rights reserved

Related biology technology :

1. Transgenomic, Inc. Announces Appointment of New Board Members
2. Transgenomic, Inc. Reports First Quarter 2009 Results
3. Transgenomic, Inc. Reports Fourth Quarter and Fiscal Year 2008 Results
4. Transgenomic, Inc. Reports Third Quarter 2008 Results
5. Transgenomic, Inc. Forms Scientific Advisory Board
6. Transgenomic, Inc. Reports Second Quarter 2007 Results
7. BioSpecifics Technologies Corp. Reports Second Quarter 2009 Financial Results
8. Oncothyreon reports second quarter 2009 financial results
9. ADVENTRX Pharmaceuticals Reports Second Quarter Financial Results
10. Palatin Technologies, Inc. Reports Positive Bremelanotide Study; Improved Safety Profile with Subcutaneous Administration
11. Dendreon Reports Second Quarter 2009 Financial Results
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/11/2016)... , Feb. 11, 2016  Spectra BioPharma Selling ... (CSO) that provides biopharma companies the experience, expertise, ... and deploy outsourced sales teams. Created in concert ... addresses both the strategic and tactical needs of ... sales solutions through both personal and non-personal promotion. ...
(Date:2/11/2016)... BioInformant announces the February 2016 release of its ... and Technologies – Market Size, Segments, Trends, and Projections ... The first and only market research firm ... more than a decade of historical information on all ... type. This powerful 175 page global strategic report contains ...
(Date:2/10/2016)... WASHINGTON , February 10, 2016 Early-career ... , Peru , Uganda ... their life-enhancing work in health and nutrition   Indonesia ... Uganda and Yemen are ... sciences and epidemiology. They are also celebrated for mentoring young women scientists ...
(Date:2/10/2016)... (NYSE MKT: ISR), a medical technology company and innovator ... treatment of prostate, brain, lung, head and neck and ... second quarter and six months of fiscal 2016, which ... --> Revenue was $1.19 million for ... 31, 2015, a 12% increase compared to $1.07 million ...
Breaking Biology Technology:
(Date:1/25/2016)... 25, 2016  Glencoe Software, the world-leading supplier of ... industries, will provide the data management solution OMERO Plus ... Photo - ... Phenotypic analysis measures the characteristics and ... comparisons between states such as health and disease, the ...
(Date:1/20/2016)... , Jan. 20, 2016   MedNet Solutions , ... entire spectrum of clinical research, is pleased to announce ... significant achievements are the result of the company,s laser ... iMedNet eClinical , it,s comprehensive, easy-to-use and highly ... --> Key MedNet growth achievements in 2015 ...
(Date:1/13/2016)... , January 13, 2016 /PRNewswire/ ... announced the addition of the  "India ... Estimation & Forecast (2015-2020)"  report ... http://www.researchandmarkets.com/research/7h6hnn/india_biometrics ) has announced the addition ... Identification Market - Estimation & Forecast ...
Breaking Biology News(10 mins):