Transgenomic (TBIO) Tops Q3 EPS by 9c

Transgenomic (NASDAQ: TBIO) reported Q3 EPS of ($0.18), $0.09 better than the analyst estimate of ($0.27). Revenue for the quarter came in at $4 million versus the consensus estimate of $6.65 million.

“We made progress on many fronts during the third quarter, most importantly on accelerating our transformation into a slimmed down, agile provider of products and services based on our best-in-class Multiplexed ICE COLD-PCR (MX-ICP) enabling technology for molecular diagnostics and precision medicine,” said Paul Kinnon, President and Chief Executive Officer of Transgenomic. “We divested one legacy business and are nearing completion of the divestiture of the second business that are not aligned with our strategic focus—our ion chromatography columns business and the remainder of our Genetic Analysis & Platform business. These businesses have required company resources and management attention for several years, and they would require major investments to be competitive. We are therefore pleased to have sold the columns business for more than $2 million and to have found a home for our GAP business, ending our ongoing commitments to that sizeable operation at minimal cost to the company. These divestments free up precious resources and management attention as we move to rapidly commercialize our MX-ICP technology.”

For earnings history and earnings-related data on Transgenomic (TBIO) click here.

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