Achieves Third Consecutive Quarter of Profitability
OMAHA, Neb., Aug. 5 /PRNewswire-FirstCall/ -- Transgenomic (OTC Bulletin Board: TBIO) today announced financial results for the quarter ended June 30, 2008. The Company reported net income of $101,000, or $0.00 per share, in the second quarter 2008, compared to net income of $226,000, or $0.00 per share, in the year ago period.
The second quarter of 2008 represented the Company's third consecutive quarter of profitability from continuing operations and reflects stable instrument and consumables revenues coupled with growth in the Company's Molecular Clinical Reference Laboratory and its Pharmacogenomics Services Laboratory businesses.
Craig Tuttle, Transgenomic's President and Chief Executive Officer, noted, "We are pleased to report the Company's third profitable quarter in a row, driven by significant growth in our laboratory services product line. We continue to build customer validation of our unique mutation discovery and detection service capabilities by increasing revenues from our reference lab and entering additional agreements for pharmacogenomic studies with large pharmaceutical partners. We are also looking for opportunities to enter into larger collaborations covering Phase III clinical trials that could generate significantly more revenue for the Company by enrolling much larger patient populations."
Second Quarter 2008
Net income from continuing operations was $101,000, or $0.00 per share,
for the second quarter of 2008, compared to net income of $226,000, or
$0.00 per share, for the second quarter of 2007. Net income for the year
ago period consisted of $233,000, or $0.00 per share, from continuing
operations and was offset by a loss of $7,000, or $0.00 per share, from
discontinued operations related to the Company's sale of its Nucleic Acids
operating segment and related assets. Net income in the second quarter of
2007 also included two non-recurrin
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