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Transgenomic Reports Second Quarter Financial Results
Date:8/11/2011

option grants and $0.3 million for amortization of acquired intangible assets.  Absent these expenses, our net loss would have been $700,000 for the second quarter of 2011.

Modified EBITDA improved to $(369,000) in the second quarter of 2011 from $(939,000) in the second quarter of 2010.

Cash and cash equivalents were $2.6 million as of June 30, 2011, compared with $3.5 million as of December 31, 2010.

Six Month Financial ResultsNet sales for the six months ended June 30, 2011 were $15.1 million, an increase of 44 percent compared with $10.5 million for the same period in 2010. Gross profit was $8.7 million or 58 percent of net sales, compared with gross profit of $5.4 million or 51 percent of net sales for the same period in 2010. 

Operating expenses were $11.1 million for the six months ended June 30, 2011 compared to $6.8 million for the same period of 2010.  This increase is directly related to our acquisition of the FAMILION Business, including non-cash charges of $600,000 relating to the amortization of the acquired intangibles.  We also recorded non-cash charges of $0.8 million related to our stock option grant in the second quarter of 2011.

The net loss for the six months ended June 30, 2011 of $8.8 million or $0.19 per share, compared with a net loss of $1.5 million or $0.03 per share during the comparable period of 2010.  The increase in the net loss was due primarily to the noncash charges of $6.3 million for preferred stock expenses, $0.8 million for stock option grants and $0.6 million for the amortization of acquired intangible assets.  Absent these expenses, our net loss would have been $1.1 million for the six months ended June 30, 2011.

Comment and Outlook"We are very pleased with the overall growth and revenue performance of our laboratory services businesses this quarter. Our laboratory services revenues grew 292% over the same qu
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SOURCE Transgenomic, Inc.
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