OMAHA, Neb., Aug. 11, 2011 /PRNewswire/ -- Transgenomic, Inc. (OTC/BB: TBIO) today reported financial results for the three and six months ended June 30, 2011 and provided a business update.
Second Quarter Financial ResultsNet sales for the second quarter of 2011 were $7.7 million, an increase of 50 percent compared with $5.1 million for the same period in 2010. Gross profit was $4.6 million or 59 percent of net sales, compared with gross profit of $2.5 million or 49 percent of net sales for the same period in 2010.
The increase in revenue is primarily due to our recent acquisition of the FAMILION® family of genetic tests (the "FAMILION Business"), which closed on December 29, 2010. In addition, we were selected by a major pharmaceutical company to perform high sensitivity mutational analyses on a large number of clinical trial samples. Due to requirements established by regulatory agencies, such assays had to be performed in an expedited manner using methods considered to be the gold standard for mutation detection. Transgenomic was selected for this engagement because of the quality of other services performed for this client.
Operating expenses were $6.2 million during the second quarter of 2011, compared with $3.5 million in the prior year. This increase in operating expenses is directly related to our acquisition of the FAMILION Business, including noncash charges totaling $300,000 relating to the amortization of the acquired intangibles. We also recorded noncash charges of $0.8 million related to stock option grants, which included grants to all employees, in the second quarter of 2011.
The net loss for the second quarter of 2011 was $6.0 million or $0.13 per share compared with a net loss of $1.1 million or $0.02 per share for the second quarter of 2010. This increase in the net loss was due primarily to the noncash charges of $4.2 million for preferred stock expenses, $0.8 million for stock
|SOURCE Transgenomic, Inc.|
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