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<SEC-DOCUMENT>0001144204-08-026571.txt : 20080507
<SEC-HEADER>0001144204-08-026571.hdr.sgml : 20080507
<ACCEPTANCE-DATETIME>20080507152947
ACCESSION NUMBER:		0001144204-08-026571
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20080507
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20080507
DATE AS OF CHANGE:		20080507

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:		08809770

	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>v113094_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): May 7, 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 May 7, 2008,  Transgenomic,  Inc. issued a press release announcing its
financial  results for the first  quarter  2008. 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 May 7, 2008,  announcing  Transgenomic,  Inc.'s
            financial results for the first quarter 2008.


                                   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:  May 7, 2008                     TRANSGENOMIC, INC.


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


                                       2
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>v113094_ex99.txt
<TEXT>
Wednesday, May 7, 2008

COMPANY PRESS RELEASE

              Transgenomic, Inc. Reports First Quarter 2008 Results

OMAHA, Neb., May 7, 2008 - Transgenomic,  Inc. (OTCBB:  TBIO.OB) today announced
financial results for the quarter ended March 31, 2008. The Company's  financial
results are presented in the tables that follow.

The  Company  reported  net income of  $122,000 or $0.00 per share for the first
quarter of 2008 as compared to a net loss of $1.2 million or $0.02 per share for
the first  quarter of 2007.  All first  quarter  2008 net income  resulted  from
continuing  operations.  The first quarter 2007 net loss was comprised of a loss
from  continuing  operations  of  $1,270,000 or $0.02 per share offset by income
from discontinued operations of $74,000 or $0.00 per share.

Net sales from continuing  operations were $6.3 million during the first quarter
of 2008,  compared to $5.2 million during the comparable  period of 2007.  Gross
profit from  continuing  operations  was $3.6  million or 58 percent  during the
first  quarter  of 2008  compared  to $2.7  million  or 52  percent  during  the
comparable period of 2007.  Operating  expenses from continuing  operations were
$3.5 million  during the first quarter of 2008  compared to $4.0 million  during
the same period of 2007. Cash and cash equivalents totaled $5.8 million at March
31, 2008 compared to $5.7 million at December 31, 2007.

Comment and Outlook
Craig Tuttle, the Company's  President and Chief Executive  Officer,  noted, "We
are very pleased to announce  another  successful  quarter  with strong  revenue
performance which resulted in net profit for the company. We continue to achieve
our plan and this has resulted in our second  straight  quarter with  profitable
results. Our instrument and consumables sales achieved  expectations and our two
laboratory services businesses performed very well in the quarter. Our Molecular
Clinical  Reference  Laboratory  achieved  revenue over  $500,000 in the quarter
which  represents  growth  of 74% over  the  prior  year's  first  quarter.  Our
Pharmacogenomics  Research Services  Laboratory  generated  revenues of $467,000
which is almost 500% above the prior  year's  first  quarter  result.  Our field
sales  organization   continues  to  reach  new  customers  for  these  services
businesses and we expect continued growth from these efforts."

"We  continue  to  make  progress  in   establishing   key   relationships   and
collaborations  that will enhance our product  portfolio  in the future.  We are
excited by the recent  announcement  of our study in agreement with the National
Cancer  Institute  on the  NCI 60  cancer  cell  lines.  In this  study,  we are
completing  a full  mitochondrial  genome  and key  nuclear  mitochondrial  gene
analysis of the NCI 60 cancer cell lines to evaluate the amount of mitochondrial
DNA  damage  that  occurs  in  these  cancer  cell  lines as well as  trying  to
understand  if there are any  linkages  between  mitochondrial  DNA  changes and
treatment outcomes. This is the first mitochondrial study on the NCI 60 approved
by the NCI."

"In  addition,  we believe  that recent  evaluations  of our `OEM'  cytogenetics
platform by Quest and LabCorp were positive and may result in further instrument
sales opportunities with both organizations. The Hanabi cytogenetic harvester is
finding strong demand worldwide and we expect it to provide growth opportunities
to us  going  forward.  We are  also  seeing  increasing  interest  in the  high
sensitivity  of our  mutation  detection  technology  for several  diseases,  in
particular cancer, as standard DNA sequencing misses many low level mutations in
cancer.  We are pursuing  several  collaborations  to validate these findings to
better publicize this advantage from our proprietary technology."

<PAGE>

Earnings Call
Company  management  will  discuss  first  quarter  2008  financial  results via
teleconference  on  Wednesday,  May 7, at 5:00 p.m.  Eastern Time. To access the
call via telephone,  dial  800-894-5910 or  785-424-1052.  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  21,  2008.   Simply  dial  800-388-6197  or
402-220-1115 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: 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.

For confirmation of release or further information, please contact:

Debra Schneider
Chief Financial Officer
Transgenomic, Inc.
12325 Emmet Street
Omaha, NE  68164

Phone: 402-452-5400
Fax:   402-452-5461

investorrelations@transgenomic.com


<PAGE>

                               Transgenomic, Inc.
                            Summary Financial Results
            Unaudited Condensed Consolidated Statements of Operations
                  (dollars in thousands except per share data)


                                                         Three Months Ended
                                                             March 31,
                                                   -----------------------------

                                                        2008            2007
                                                   ------------    ------------
NET SALES                                          $      6,254    $      5,222
COST OF GOODS SOLD                                        2,614           2,514
                                                   ------------    ------------
      Gross profit                                        3,640           2,708
OPERATING EXPENSES:
      Selling, general and administrative                 2,975           2,980
      Research and development                              572           1,058
                                                   ------------    ------------
                                                          3,547           4,038
                                                   ------------    ------------
INCOME (LOSS) FROM OPERATIONS                                93          (1,330)
OTHER INCOME (EXPENSE):
      Interest income (expense)                              33              61
      Other, net                                             (1)              4
                                                   ------------    ------------
                                                             32              65
                                                   ------------    ------------
INCOME (LOSS) BEFORE INCOME TAXES                           125          (1,265)

INCOME TAX EXPENSE                                            3               5
                                                   ------------    ------------
INCOME (LOSS) FROM CONTINUING OPERATIONS                    122          (1,270)
INCOME FROM DISCONTINUED OPERATIONS,
    NET OF TAX                                               --              74
                                                   ------------    ------------
NET INCOME (LOSS)                                  $        122    $     (1,196)
                                                   ============    ============

BASIC AND DILUTED LOSS PER SHARE:

      From continuing operations                   $       0.00    $      (0.02)
      From discontinued operations                           --           (0.00)
                                                   ------------    ------------
                                                   $       0.00    $      (0.02)
                                                   ============    ============

BASIC WEIGHTED AVERAGE SHARES OUTSTANDING            49,189,672      49,189,672
                                                   ============    ============
DILUTED WEIGHTED AVERAGE SHARES OUTSTANDING          49,192,571      49,189,672
                                                   ============    ============


<PAGE>

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



                                                              Three Months Ended
                                                                  March 31,
                                                             -------------------

                                                               2008       2007
                                                             -------    -------
NET CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES        225       (771)

NET CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES        (85)     2,848

EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGES ON CASH         (59)       (33)
                                                             -------    -------

NET CHANGE IN CASH AND CASH EQUIVALENTS                           81      2,044

CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD               5,723      5,868
                                                             -------    -------

CASH AND CASH EQUIVALENTS AT END OF PERIOD                   $ 5,804    $ 7,912
                                                             =======    =======


<PAGE>

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

                                                        (Unaudited)
                                                         March 31, (December 31,
                                                            2008          2007
                                                          -------       -------
                         ASSETS
CURRENT ASSETS:
   Cash and cash equivalents                              $ 5,804       $ 5,723
   Accounts receivable (net of allowances
   for bad debts of $372 and $703, respectively)            6,354         5,095
   Inventories                                              4,299         4,586
   Prepaid expenses and other current assets                  535           759
                                                          -------       -------
         Total current assets                              16,992        16,163
PROPERTY AND EQUIPMENT, NET                                 1,461         1,579
OTHER ASSETS:
   Goodwill                                                   638           638
   Other assets                                               698           710
                                                          -------       -------
                                                          $19,789       $19,090
                                                          =======       =======
            LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
   Accounts payable                                       $ 1,212       $ 1,245
   Other accrued expenses                                   3,618         3,152
   Accrued compensation                                       607           450
                                                          -------       -------
         Total current liabilities                          5,437         4,847
   Other long term liabilities                                147           141
                                                          -------       -------
         Total liabilities                                  5,584         4,988
STOCKHOLDERS' EQUITY                                       14,205        14,102
                                                          -------       -------
                                                          $19,789       $19,090
                                                          =======       =======

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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