Transgenomic, Inc. Reports Third Quarter 20...( OMAHA Neb. Nov. 5 /- Transgenomic Inc...)

OMAHA, Neb., Nov. 5 /PRNewswire-FirstCall/ -- Transgenomic, Inc. (OTC Bulletin Board: TBIO) today announced financial results for the quarter ended September 30, 2009. The Company's financial results are presented in the tables that follow.

Third Quarter 2009

The Company reported a net loss of $366,000 or $0.01 per share for the third quarter of 2009 as compared to a net loss of $499,000 or $0.01 per share for the third quarter of 2008.

Net sales were $5.0 million during the third quarter of 2009, compared to $5.4 million during the comparable period of 2008. Gross profit from continuing operations was $2.8 million or 55 percent during the third quarter of 2009 compared to $2.9 million or 54 percent during the comparable period of 2008. Included in cost of sales was $0.3 million of inventory obsolescence. Operating expenses were $3.2 million during the third quarter of 2009 compared to $3.4 million during the same period of 2008. Excluding the impact of foreign currency revaluation gains/losses, operating expenses were down by $163,000 in the third quarter of 2009 compared to the same period of 2008. Included in operating expenses was $0.2 million related to the license for Cold-PCR from the Dana-Farber Cancer Institute.

Cash and cash equivalents totaled $4.7 million at September 30, 2009 compared to $4.8 million at December 31, 2008.

Nine Months Ended September 30, 2009

The Company reported a net loss of $2.0 million or $0.04 per share for the nine months ended September 30, 2009, compared to a net loss of $276,000 or $0.01 per share during the comparable period of 2008.

Net sales were $15.5 million for the nine months ended September 30, 2009, compared to $17.9 million during the comparable period of 2008. Gross profit was $8.2 million or 53 percent for the nine months ended September 30, 2009, compared to $10.3 million or 58 percent in 2008. Operating expens
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