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

arter in 2010. Within this business our pharmacogenomics research services grew 223% to $1.0 million for the second quarter of 2011. We expect to continue seeing strong performance in this segment," commented Craig Tuttle, President and Chief Executive Officer for the company. "Testing volume and revenues increased in both our Neurology lab business and in our FAMILION product group with sales of $1.2 million for Neurology and $2.6 million for FAMILION. We expect these lab areas to continue growing due to new test offerings and further sales penetration into their respective markets. The FAMILION tests are an important means of identifying cardiac channelopathies, potentially life threatening defects in the heart.  Both doctors and patients recognize the benefit that these tests provide in at risk populations, and we expect to continue to expand this franchise."

"As we experienced in the first quarter, and again this quarter, our significant stock price increase has resulted in non-cash charges due to the revaluation of our preferred stock conversion feature and warrant liability," Tuttle continued. "In the first quarter, this resulted in an expense of $2 million and, with further strengthening of our share price in second quarter; the expense reached an additional $4.2 million bringing the total expense for the first six months of 2011 to $6.3 million. While this non-cash expense appears significant, I want to emphasize that it does not affect our cash flow.  I trust that shareholders are encouraged by the growth in our market capitalization since we secured this financing and acquired the FAMILION Business."

Modified EBITDA, which we are emphasizing as an appropriate and sound measure of our real business results, improved to $(369,000) in the second quarter of 2011 from $(939,000) in the second quarter of 2010.

Transgenomic anticipates growth in both our diagnostics and our laboratory services businesses as we commercialize new assa
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SOURCE Transgenomic, Inc.
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