By a GenomeWeb staff reporter <\/p>\n
NEW YORK (GenomeWeb News) Transgenomic today reported 69 percent revenue growth year over year for the fourth quarter. <\/p>\n
For the period ended Dec. 31, 2011, the Omaha, Neb.-based firm posted $8.6 million in revenues, up from $5.1 million a year ago. The Clinical Labs business recorded $4.6 million in revenue, Diagnostic Tools saw $3.5 million in revenues, and Pharmacogenomics had $500,000 in revenues. <\/p>\n
Its R&D costs increased 60 percent to $568,000 from $354,000 a year ago, and SG&A costs rose 48 percent to $4.9 million from $3.3 million. <\/p>\n
A net loss of $767,000, or $.02 per share, in Q4 2010 was turned into a profit of $263,000, or break-even on a per-share basis, in Q4 2011. <\/p>\n
For full-year 2011, Transgenomic saw revenues climb to $32 million, up 60 percent year over year from $20 million in 2010. Clinical Labs revenue came in at $16 million, Diagnostic tools had $13.7 million, and Pharmacogenomics had $2.3 million. <\/p>\n
Transgenomic decreased R&D spending 4 percent year over year to $2.2 million from $2.3 million but increased SG&A spending 76 percent to $19.2 million from $10.9 million. <\/p>\n
The company had a net loss of $9.8 million, or $.22 per share, compared to a net loss of $3.1 million, or $.06 per share, in 2010. Transgenomic attributed the increase in net loss to an interest expense of $1 million and non-cash charges for preferred-stock valuation of $6.1 million, as well as amortization related to acquired intangibles and stock option expenses. <\/p>\n
The firm ended 2011 with $4.9 million in cash and cash equivalents. <\/p>\n
In a statement, Transgenomic President and CEO Craig Tuttle said that the year-over-year growth in 2011 reflected improvement in the firm's clinical reference lab and pharmacogenomics lab businesses. <\/p>\n<\/p>\n
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