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<SEC-DOCUMENT>0001144204-08-012383.txt : 20080228
<SEC-HEADER>0001144204-08-012383.hdr.sgml : 20080228
<ACCEPTANCE-DATETIME>20080228172655
ACCESSION NUMBER:		0001144204-08-012383
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20080228
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20080228
DATE AS OF CHANGE:		20080228

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TRANSGENOMIC INC
		CENTRAL INDEX KEY:			0001043961
		STANDARD INDUSTRIAL CLASSIFICATION:	LABORATORY ANALYTICAL INSTRUMENTS [3826]
		IRS NUMBER:				911789357
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-30975
		FILM NUMBER:		08651963

	BUSINESS ADDRESS:	
		STREET 1:		12325 EMMET ST
		CITY:			OMAHA
		STATE:			NE
		ZIP:			68164
		BUSINESS PHONE:		4027385480

	MAIL ADDRESS:	
		STREET 1:		12325 EMMET STREET
		CITY:			OMAHA
		STATE:			NE
		ZIP:			68164
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>v105339_8k.txt
<TEXT>

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT
     Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

                Date of Report (Date of earliest event reported):
                                February 28, 2008


                               TRANSGENOMIC, INC.
             (Exact name of registrant as specified in its charter)


        Delaware                   000-30975                    911789357
- ------------------------   ------------------------      ----------------------
(State of Incorporation)  (Commission File Number)         (IRS Employer
                                                        Identification Number)


  12325 Emmet Street, Omaha, Nebraska                        68164
- ----------------------------------------                 ------------
(Address of principal executive offices)                  (Zip Code)


                                 (402) 452-5400
              ----------------------------------------------------
              (Registrant's telephone number, including area code)


                                 Not applicable
          -------------------------------------------------------------
          (Former name or former address, if changed since last report)

Check  the  appropriate  box  below  if the  Form  8-K  filing  is  intended  to
simultaneously  satisfy the filing obligation of the registrant under any of the
following provisions:

|_| Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)

|_| Soliciting  material  pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)

|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))

|_| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))

<PAGE>

Item 2.02 Results of Operations and Financial Condition

      On February 28, 2008, Transgenomic, Inc. issued a press release announcing
its financial  results for the fourth  quarter 2007. A copy of the press release
is being furnished herewith as Exhibit 99.1 to this Current Report on Form 8-K.

      The  information  referenced in this Current Report on Form 8-K (including
Exhibit 99 referenced in Item 9.01 below) is being `furnished" under "Item 2.02.
Results of Operations and Financial Condition" and, as such, shall not be deemed
to be "filed" for the purposes of Section 18 of the  Securities  Exchange Act of
1934, as amended (the "Exchange  Act"), or otherwise  subject to the liabilities
of that Section.  The  information  set forth in this Current Report on Form 8-K
(including  Exhibit 99 referenced in Item 9.01 below) shall not be  incorporated
by reference into any registration  statement or other document  pursuant to the
Securities Act of 1933, as amended (the  "Securities  Act"),  except as shall be
expressly set forth by specific reference in such filing.

Item 9.01.  Financial Statements and Exhibits.

(c)   Exhibits.

      (99)  Press  release  dated  February 28, 2008,  announcing  Transgenomic,
            Inc.'s financial results for the fourth quarter 2007.


                                   SIGNATURES

      Pursuant to the  requirements  of the Securities  Exchange Act of 1934, as
amended,  the  registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.


Dated:  February 28, 2008               TRANSGENOMIC, INC.


                                        By: /s/ Debra A. Schneider
                                            ------------------------------------
                                            Debra A. Schneider
                                            Chief Financial Officer



                                       2
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>v105339_ex99-1.txt
<TEXT>
TO BUSINESS AND MEDICAL EDITORS:

     Transgenomic, Inc. Reports Fourth Quarter and Fiscal Year 2007 Results

      OMAHA,  Neb., Feb. 28  /PRNewswire-FirstCall/  -- Transgenomic,  Inc. (OTC
Bulletin Board:  TBIO) today announced  financial results for the fourth quarter
and year ended December 31, 2007. The Company's  financial results are presented
in the tables that follow.

      Fourth Quarter 2007
      The  Company  reported a net income of $212,000 or $0.00 per share for the
fourth  quarter of 2007 as compared  to a net loss of $1.0  million or $0.02 per
share for the fourth  quarter of 2006.  The 2007 net  income  was  comprised  of
income from continuing  operations of $212,000 or $0.00 per share.  The 2006 net
loss was comprised of a loss from continuing operations of $876,000 or $0.02 per
share and a loss from discontinued operations of $165,000 or $0.00 per share.
      Net sales from  continuing  operations were $6.5 million during the fourth
quarter 2007,  compared to $5.8 million  during the  comparable  period of 2006.
Gross profit from  continuing  operations  was $3.9 million or 60 percent during
the fourth  quarter of 2007  compared to $3.0  million or 52 percent  during the
comparable period of 2006.  Operating  expenses from continuing  operations were
$3.7 million  during the fourth  quarter of 2007 compared to $3.9 million during
the same  period of 2006.  Cash and cash  equivalents  totaled  $5.7  million at
December 31, 2007 compared to $5.9 million at December 31, 2006.

      Year Ended December 31, 2007
      The Company reported a net loss of $2.1 million or $0.04 per share for the
year ended  December 31,  2007,  compared to a net loss of $3.4 million or $0.07
per share for the year ended  December 31, 2006. The 2007 net loss was comprised
of a loss from  continuing  operations  of $2.2  million  or $0.04 per share and
income from discontinued  operations of $67,000 or $0.00 per share. The 2006 net
loss was comprised of a loss from continuing operations of $3.0 million or $0.06
per share and a loss  from  discontinued  operations  of  $468,000  or $0.01 per
share.
      Net sales from continuing operations were $23.2 million for the year ended
December 31,  2007,  compared to $23.4  million for the year ended  December 31,
2006.  Gross profit from  continuing  operations was $12.7 million or 55 percent
for the year ended December 31, 2007 compared to $11.4 million or 49 percent for
the year ended December 31, 2006. Operating expenses from continuing  operations
were $16.0  million  for the year ended  December  31,  2007  compared  to $14.5
million for the year ended  December  31,  2006.  The Company used cash flows in
operations of $2.9 million for the year ended December 31, 2007 compared to cash
flows used in operations of $1.2 million for the year ended December 31, 2006.

      Comment and Outlook
      Craig Tuttle, the Company's President and Chief Executive Officer,  noted,
"We are very pleased to achieve  solid revenue and  profitability  in the fourth
quarter.  These results  reflect  strong core business  sales in our  instrument
product line, and significant growth in our  Pharmacogenomics  Research Services
revenue,  while maintaining our Molecular Clinical Reference  Laboratory revenue
level  during a  seasonably  slow  quarter.  Our  ability to achieve  profitable
performance at this revenue level reflects the significant cost  improvements we
made during the year and  improving  margins based on product mix. In the fourth
quarter,  we completed  Pharmacogenomics  projects  for a number of  significant
pharmaceutical  companies  that resulted in increased  sales of $364,000 for our
Pharmacogenomics  Research  Services over the third  quarter.  We also completed
hiring of  several  key  senior  employees  that  significantly  strengthen  our
organization and our ability to generate continued growth in 2008.

<PAGE>

      "During the fiscal year, the Company made tremendous  progress on numerous
fronts.  We  significantly  strengthened  our Board of  Directors,  assembled  a
world-class Scientific Advisory Board, hired very strong senior team members and
eliminated  $1.7 million of annual  operating  costs  through the closure of two
international  facilities  and reductions in domestic staff as we have discussed
previously in our restructure plan. We are in the process of developing  several
key  collaborations  in  the  areas  of  mitochondrial  diseases,  mitochondrial
assessment and cancer and we will soon be initiating  some pivotal  studies with
key academic  institutions that should contribute strong long-term  potential to
our mutation  detection  and discovery  businesses.  We are excited with how the
Company is well  positioned  for future growth in our  instrument  product line,
particularly  our Cytogenetic  product line, and in both our Molecular  Clinical
Reference Laboratory and Pharmacogenomics Research Service businesses."

      Earnings Call
      Company  management  will  discuss  fourth  quarter  and  full  year  2007
financial  results via  teleconference  on  Thursday,  February 28, at 5:00 p.m.
Eastern  Time.  To  access  the  call  via  telephone,   dial   800-896-8445  or
785-830-1916.  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 Thursday, March 13, 2008. Simply dial
800-839-1229 or 402-220-0459 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.  Their offerings  include systems,  products,  discovery and
laboratory  testing  services to the  academic  and medical  research,  clinical
laboratory  and  pharmaceutical  markets in the fields of  pharmacogenomics  and
personalized medicine. Specific offerings include WAVE(R) DHPLC Systems, related
consumables  and  assay  kits,  cytogenetics  automated  systems,   Transgenomic
Molecular Clinical Reference Laboratory and Pharmacogenomics  Research Services.
Transgenomic's two laboratory  services divisions utilize these technologies and
expertise  to  provide  a  menu  of  mutation   scanning   tests  for  over  700
cancer-associated  genes and more than 60 validated diagnostic tests to meet the
needs  of   pharmaceutical   and  biotech   companies,   research  and  clinical
laboratories, physicians and patients. For more information about the innovative
systems,   products  and  services  offered  by   Transgenomic,   please  visit:
http://www.transgenomic.com.

      Transgenomic Cautionary Statements
      Certain  statements  in this  press  release  constitute  "forward-looking
statements"  of  Transgenomic  within  the  meaning  of the  Private  Securities
Litigation   Reform  Act  of  1995,  which  involve  known  and  unknown  risks,
uncertainties  and  other  factors  that may  cause  our  actual  results  to be
materially  different  from any  future  results,  performance  or  achievements
expressed or implied by such statements. Forward-looking statements include, but
are not  limited  to,  those with  respect  to  management's  current  views and
estimates  of  future  economic  circumstances,   industry  conditions,  company
performance and financial results,  including the ability of the Company to grow
its  involvement  in the  diagnostic  products and services  markets.  The known
risks,   uncertainties  and  other  factors   affecting  these   forward-looking
statements  are  described  from time to time in  Transgenomic's  reports to the
Securities  and  Exchange  Commission.  Any  change in such  factors,  risks and
uncertainties  may cause the actual  results,  events and  performance to differ
materially from those referred to in such statements.  Accordingly,  the company
claims  the  protection  of  the  safe  harbor  for  forward-looking  statements
contained in the Private  Securities  Litigation Reform Act of 1995 with respect
to all statements contained in this press release. All information in this press
release is as of the date of the release and Transgenomic does not undertake any
duty to update  this  information,  including  any  forward-looking  statements,
unless required by law.

<PAGE>

                               Transgenomic, Inc.
                            Summary Financial Results
            Unaudited Condensed Consolidated Statements of Operations
                  (dollars in thousands except per share data)
<TABLE>
<CAPTION>
                                    Three Months Ended                  Year Ended
                                        December 31,                   December 31,
                                ----------------------------    ----------------------------
                                    2007              2006          2007            2006
                                ------------    ------------    ------------    ------------
<S>                             <C>             <C>             <C>             <C>

NET SALES                       $      6,531    $      5,810    $     23,176    $     23,415
COST OF GOODS SOLD                     2,610           2,784          10,483          12,046
                                ------------    ------------    ------------    ------------
  Gross profit                         3,921           3,026          12,693          11,369
OPERATING EXPENSES:
  Selling, general and
   administrative                      2,748           3,304          11,466          12,138
  Research and development               763             641           3,033           2,362
  Restructuring charges                  211              --           1,516              --
                                ------------    ------------    ------------    ------------
                                       3,722           3,945          16,015          14,500
                                ------------    ------------    ------------    ------------
INCOME (LOSS) FROM OPERATIONS            199            (919)         (3,322)         (3,131)
OTHER INCOME (EXPENSE):
  Interest income (expense)               54              (4)            270             205
  Other, net                             177              53           1,121              (7)
                                ------------    ------------    ------------    ------------
                                         231              49           1,391             198
INCOME (LOSS) BEFORE
 INCOME TAXES                            430            (870)         (1,931)         (2,933)
INCOME TAX EXPENSE                       218               6             243              30
                                ------------    ------------    ------------    ------------
INCOME (LOSS) FROM
 CONTINUING OPERATIONS                   212            (876)         (2,174)         (2,963)
INCOME (LOSS) FROM
 DISCONTINUED OPERATIONS,
 NET OF TAX                               --            (165)             67            (468)
                                ------------    ------------    ------------    ------------
NET INCOME (LOSS)               $        212    $     (1,041)   $     (2,107)   $     (3,431)
                                ============    ============    ============    ============

BASIC AND DILUTED LOSS
 PER SHARE:
  From continuing
    operations                  $       0.00    $      (0.02)   $      (0.04)   $      (0.06)
  From discontinued
    operations                            --              --              --           (0.01)
                                ------------    ------------    ------------    ------------
                                $       0.00    $      (0.02)   $      (0.04)   $      (0.07)
                                ============    ============    ============    ============

BASIC AND DILUTED
 WEIGHTED AVERAGE
 SHARES OUTSTANDING               49,189,672      49,189,672      49,189,672      49,188,451
</TABLE>

<PAGE>

                               Transgenomic, Inc.
                            Summary Financial Results
            Unaudited Condensed Consolidated Statements of Cash Flows
                             (dollars in thousands)

                                                         Year Ended
                                                        December 31,
                                                     ------------------
                                                       2007       2006
                                                     -------    -------
NET CASH FLOWS USED IN OPERATING ACTIVITIES           (2,939)    (1,212)

NET CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES     3,083       (195)

NET CASH FLOWS FROM FINANCING ACTIVITIES                  --          5

EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGES
 ON CASH                                                (289)       534
                                                     -------    -------

NET CHANGE IN CASH AND CASH EQUIVALENTS                 (145)      (868)

CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD       5,868      6,736
                                                     -------    -------

CASH AND CASH EQUIVALENTS AT END OF PERIOD           $ 5,723    $ 5,868
                                                     =======    =======

<PAGE>

                               Transgenomic, Inc.
                            Summary Financial Results
                 Unaudited Condensed Consolidated Balance Sheets
                             (dollars in thousands)

                                                   December 31,    December 31,
                                                       2007            2006
                                                   ------------   ------------
                                 ASSETS
CURRENT ASSETS:
  Cash and cash equivalents                        $       5,723   $     5,868
  Accounts receivable (net of allowances
   for bad debts of $703 and $444,
   respectively)                                           5,095         6,525
  Inventories                                              4,586         2,672
  Prepaid expenses and other current assets                  759           540
  Current assets of discontinued operations                   --            --
                                                   -------------   ------------
    Total current assets                                  16,163        15,605
PROPERTY AND EQUIPMENT, NET                                1,579         1,498
OTHER ASSETS:
  Goodwill                                                   638           638
  Other assets                                               710           853
  Non-current assets of discontinued operations               --         2,773
                                                   -------------   ------------
                                                   $      19,090   $    21,367
                                                   =============   ===========
          LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
  Accounts payable                                 $       1,245   $     1,558
  Other accrued expenses                                   3,026         2,898
  Accrued compensation                                       576           689
  Current liabilities of discontinued operations              --           184
                                                   -------------   ------------
    Total current liabilities                              4,847         5,329
  Other long term liabilities                                141            --
    Total liabilities                                      4,988         5,329
STOCKHOLDERS' EQUITY                                      14,102        16,038
                                                   -------------   ------------
                                                   $      19,090   $    21,367
                                                   =============   ===========

SOURCE  Transgenomic, Inc.
    -0-                             02/28/2008
    /CONTACT:  Debra Schneider,
     Chief Financial Officer of Transgenomic, Inc.,
     +1-402-452-5400, or fax, +1-402-452-5461,
     investorrelations@transgenomic.com/
    /First Call Analyst: /
    /FCMN Contact: mmurphy@transgenomic.com /
    /Web site:  http://www.transgenomic.com /
    (TBIO TBIO.OB)
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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