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Transgenomic, Inc. Reports Third Quarter 2008 Results
Date:10/29/2008

OMAHA, Neb., Oct. 29 /PRNewswire-FirstCall/ -- Transgenomic, Inc. (OTC Bulletin Board: TBIO) today announced financial results for the quarter ended September 30, 2008. The Company's financial results are presented in the tables that follow.

Third Quarter 2008

Net sales from continuing operations were $5.4 million during the third quarter of 2008, compared to $5.2 million during the comparable period of 2007. Gross profit from continuing operations was $2.9 million or 54 percent during the third quarter of 2008 compared to $2.7 million or 51 percent during the comparable period of 2007. Operating expenses from continuing operations were $3.4 million during the third quarter of 2008 compared to $4.1 million during the same period of 2007. The increase in gross profits and decrease in operating expenses reflect the Company's efforts to control costs while leveraging stable revenues from the instrument and consumables business to continue growing and expanding the Molecular Clinical Reference Laboratory and Pharmacogenomics Services Laboratory businesses.

The Company reported a net loss of $499,000 or $0.01 per share for the third quarter of 2008 as compared to a net loss of $1.3 million or $0.03 per share for the third quarter of 2007.

Cash and cash equivalents totaled $4.8 million at September 30, 2008.

Nine Months Ended September 30, 2008

The Company reported a net loss of $276,000 or $0.01 per share for the nine months ended September 30, 2008, compared to a net loss of $2.3 million or $0.05 per share during the comparable period of 2007. Net losses in 2008 resulted from continuing operations. The 2007 net loss was comprised of a loss from continuing operations of $2.4 million or $0.05 per share and income from discontinued operations of $66,000 or $0.00 per share.

Net sales from continuing operations were $17.9 million for the nine months ended September 30, 2008, compared to $16.7 million during the comparab
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SOURCE Transgenomic, Inc.
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