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Transgenomic Reports Fourth Quarter Financial Results
Date:3/10/2011

OMAHA, Neb., March 10, 2011 /PRNewswire/ -- Transgenomic, Inc. (OTC Bulletin Board: TBIO) today reported financial results for the three and 12 months ended December 31, 2010, and provided a business update.

The Company reported a net loss for 2010 of $3.1 million or $0.06 per share, compared with a net loss for 2009 of $1.9 million or $0.04 per share.  Net sales for 2010 were $20.0 million, compared with $22.0 million for 2009.  Gross profit was $9.8 million or 49 percent of net sales for 2010, compared with gross profit of $11.6 million or 53 percent of net sales for 2009.  Operating expenses were $13.4 million for 2010, which included acquisition related expense of $0.8 million, or $12.6 million, excluding the acquisition expenses.  Operating expenses for 2009 were $13.5 million.  Other income in the year ended December 31, 2010 includes an award of a federal grant under the Qualifying Therapeutic Discovery Project of $0.6 million, net of consulting fees.

Net loss for the fourth quarter of 2010 was $767,000 or $0.02 per diluted share, compared with a net income of $129,000 or $0.00 per share for the fourth quarter of 2009.  Net sales were $5.1 million during the fourth quarter 2010, compared with $6.5 million during the comparable period of 2009.  The fourth quarter of 2009 included an exceptionally large order of WAVE instruments. Gross profit was $2.4 million or 47 percent of net sales during the fourth quarter of 2010, compared with gross profit of $3.4 million or 52 percent of net sales during the comparable period of 2009.  Operating expenses were $3.7 million during the fourth quarter of 2010, including $0.8 million of costs related to the FAMILION acquisition, or $2.9 million, excluding the acquisition expenses, compared with $3.1 million during the same period of 2009.

Cash and cash equivalents were $3.5 millio
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SOURCE Transgenomic, Inc.
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