BRIEF: Transgenomic reports loss

Wed. August 12, 2009; Posted: 09:36 PM

Aug 12, 2009 (Omaha World-Herald - McClatchy-Tribune Information Services via COMTEX) -- TBIO | Quote | Chart | News | PowerRating -- Transgenomic Inc., an Omaha biotechnology company, Wednesday reported a second-quarter loss of $730,000, a penny a share, on a 12 percent decline in sales.

In the second quarter of 2008 the company recorded a profit of $101,000 on revenue of $6.25 million. Revenue in this year's April-June quarter was $5.47 million.

CEO and President Craig Tuttle noted in the earnings report that sales had increased by $500,000 over the first quarter. He said he was optimistic sales would return to 2008 levels within a quarter or two, aided by new products to be launched in the fourth quarter.

Transgenomic sells laboratory services as well as equipment and consumable supplies for genetic testing in research and clinical settings.

Six-month results showed a loss of $1.68 million, 3 cents a share, compared with profits of $223,000, break even on a per-share basis, in the January-June period of 2008. Revenue fell to $10.46 million from $12.5 million.

The company released earnings after the market closed Wednesday. Transgenomic shares closed at 39 cents, 3 cents higher than Tuesday's close. Closing prices have ranged between 21 cents on March 9 and 77 cents on Sept. 2.

Contact the writer:

444-1081, virgil.larson@owh.com

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