OMAHA, Neb., May 13 /PRNewswire-FirstCall/ -- Transgenomic, Inc. (OTC Bulletin Board: TBIO) today announced financial results for the first quarter ended March 31, 2009. The Company's financial results are presented in the tables that follow.
The Company reported a net loss of $953,000 or $.02 per share for the first quarter of 2009 as compared to a net income of $122,000 or $0.00 per share for the first quarter of 2008.
Net sales from continuing operations were $5.0 million during the first quarter 2009, compared to $6.3 million during the comparable period of 2008. Gross profit from continuing operations was $2.8 million or 56 percent during the first quarter of 2009 compared to $3.6 million or 58 percent during the comparable period of 2008. Operating expenses from continuing operations were $3.8 million during the first quarter of 2009 compared to $3.5 million during the same period of 2008. Excluding the impact of foreign currency revaluation gains/losses, operating expenses were down by $0.1 million in the first quarter of 2009 compared to the same period of 2008. Cash and cash equivalents totaled $4.8 million at March 31, 2009.
Comment and Outlook
Craig Tuttle, the Company's President and Chief Executive Officer, noted 'Unfortunately, like many companies today, we are also experiencing an impact from the overall economic slowdown. This resulted in a decline in first quarter revenue to $5.0 million compared to our first quarter revenues in 2008 of $6.3 million and a net loss of $1.0 million in the quarter. This decline was primarily the result of a slowdown in instrument orders compared to what we experienced throughout 2008. Our Molecular Diagnostics Laboratory grew from $.9 million to $1.0 million in revenue in the first quarter of 2009 compared to the fourth quarter of 2008. The Molecular Diagnostics Laboratory grew by $447,000 over the first quarter of 2008. We have added an additional 24 new ordering institutions during the first quarter of 2009. This business was also impacted by the current economy which slowed our quarterly growth rates. We believe this is the result of potential patients delaying diagnostic testing during the current economic tumult since we are performing testing for 64 more customers than in the first quarter of 2008. In addition, we do have some customers whose volumes are lower compared to the same period of the prior year. On a positive note, we are beginning to see signs of improved instrument sales for the second quarter.'
Earnings Call
Company management will discuss first quarter 2009 financial results via teleconference on Wednesday, May 13, 2009 at 5:00 p.m. Eastern Time. To access the call via telephone, dial 800-895-0231 or 785-424-1054. The Company will also host a live broadcast of the call over the Internet. To listen to the webcast, investors should log on to the Company's Investor Relations web page at http://www.transgenomic.com/events.asp?id=6 and follow the instructions provided. An archived recording of the conference call will be available and can be accessed via the web using the same link listed above for 14 days after the call. Investors can also listen to a replay via telephone until 11:59 p.m. Eastern Time on Wednesday, May 27, 2009. Simply dial 800-723-0544 or 402-220-2656 from any telephone.
About Transgenomic
Transgenomic is a global biotechnology company that provides unique products and services for automated high sensitivity genetic variation and mutation analysis.
