$PRPO

TRANSGENOMIC INC

CIK:0001043961|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue, net of contractual allowances and adjustments	$ 7,021	$ 5,629	$ 13,982	$ 10,540
Adjustment for allowance for credit losses		25	(250)	43
Net sales	7,021	5,654	13,732	10,583
Total cost of sales	3,885	3,225	7,871	6,014
Gross profit	3,136	2,429	5,861	4,569
OPERATING EXPENSES:
Operating expenses	3,735	3,253	7,888	6,252
OPERATING LOSS	(599)	(824)	(2,027)	(1,683)
OTHER INCOME (EXPENSE):
Interest expense, net	(9)	(23)	(24)	(48)
Gain on settlement of liability		143		143
Employee Retention Credit	389	789	389	789
Other expense		(11)		(11)
Total other income (expense)	380	898	365	873
(LOSS) INCOME BEFORE INCOME TAXES	(219)	74	(1,662)	(810)
NET (LOSS) INCOME	$ (219)	$ 74	$ (1,662)	$ (810)
Net (loss) income per common share:
BASIC (LOSS) INCOME PER COMMON SHARE	$ (0.12)	$ 0.05	$ (0.93)	$ (0.54)
BASIC WEIGHTED-AVERAGE SHARES OF COMMON STOCK OUTSTANDING	1,787,294	1,514,452	1,785,199	1,508,585
DILUTED LOSS PER COMMON SHARE	$ (0.12)	$ 0.05	$ (0.93)	$ (0.54)
DILUTED WEIGHTED-AVERAGE SHARES OF COMMON STOCK OUTSTANDING	1,787,294	1,602,438	1,785,199	1,508,585
Service revenue, net
Revenue, net of contractual allowances and adjustments	$ 6,115	$ 5,005	$ 12,417	$ 9,262
Adjustment for allowance for credit losses		25	(250)	43
Net sales	6,115	5,030	12,167	9,305
Total cost of sales	3,454	2,873	7,159	5,339
Product revenue
Revenue, net of contractual allowances and adjustments	906	624	1,565	1,278
Net sales	906	624	1,565	1,278
Total cost of sales	$ 431	$ 352	$ 712	$ 675

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (1,662)	$ (810)
Adjustments to reconcile net loss to net cash flows provided by operating activities:
Depreciation and amortization	572	631
Amortization of operating lease right-of-use asset	231	128
Amortization of finance lease right-of-use asset	123	80
Amortization of deferred financing costs, debt discounts and debt premiums	1	1
Gain on settlement of liability		(143)
Stock-based compensation	1,760	872
Value of stock issued in payment of Board fees and consulting services	87	132
Provision for credit losses	250	(63)
Derecognition of finance lease right-of-use asset and liability		(4)
Derecognition of operating lease right-of-use asset and liability		(11)
Loss on disposal of asset		11
Changes in operating assets and liabilities:
Accounts receivable	(545)	(626)
Inventories	159	(335)
Other assets	75	148
Accounts payable	(159)	539
Operating lease liabilities	(199)	(106)
Deferred revenue	82	46
Accrued expenses	(51)	(181)
Net cash provided by operating activities	724	309
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(182)	(197)
Net cash used in investing activities	(182)	(197)
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments on finance lease obligations	(114)	(68)
Deposits on finance lease right-of-use assets		(20)
Payments to repurchase common stock	(29)
Proceeds from exercise of stock options	41
Principal payments on long-term debt	(16)	(283)
Net cash flows used in financing activities	(118)	(371)
NET CHANGE IN CASH	424	(259)
CASH AT BEGINNING OF PERIOD	2,651	1,389
CASH AT END OF PERIOD	3,075	1,130
SUPPLEMENTAL CASH FLOW INFORMATION
Cash paid during the period for interest	50	54
SUPPLEMENTAL DISCLOSURE OF CONSULTING SERVICES OR ANY OTHER NON-CASH COMMON STOCK RELATED ACTIVITY
Purchases of equipment financed through accounts payable		7
Equipment financed through finance lease obligations	263
Operating lease right-of-use assets obtained in exchange for operating lease obligations	0	1,490
Finance lease right-of-use assets obtained in exchange for finance lease obligations	$ 0	$ 340

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
CURRENT ASSETS:
Cash	$ 3,075	$ 2,651
Accounts receivable (net of allowance for credit losses of $1,295 and $1,045, respectively)	2,279	1,984
Inventories	776	935
Other current assets	407	469
Total current assets	6,537	6,039
PROPERTY AND EQUIPMENT, NET	1,077	729
OTHER ASSETS:
Finance lease right-of-use assets, net	875	998
Operating lease right-of-use assets, net	2,334	2,565
Intangibles, net	10,444	10,919
Other assets	54	67
Total assets	21,321	21,317
CURRENT LIABILITIES:
Current maturities of long-term debt, less debt issuance costs	73	30
Current maturities of finance lease liabilities	195	209
Current maturities of operating lease liabilities	458	410
Accounts payable	972	1,131
Accrued expenses	1,639	1,690
Deferred revenue	364	282
Total current liabilities	3,701	3,752
LONG TERM LIABILITIES:
Long-term debt, less current maturities and debt issuance costs	252	47
Finance lease liabilities, less current maturities	651	751
Operating lease liabilities, less current maturities	1,959	2,206
Total liabilities	6,563	6,756
COMMITMENTS AND CONTINGENCIES (Note 5)
STOCKHOLDERS' EQUITY:
Preferred stock - $0.01 par value, 15,000,000 shares authorized at June 30, 2026 and December 31, 2025, 47 shares issued and outstanding at June 30, 2026 and December 31, 2025, liquidation preference of $145 at June 30, 2026
Common stock, $0.01 par value, 150,000,000 shares authorized at June 30, 2026 and December 31, 2025, 1,790,118 and 1,780,899 issued at June 30, 2026 and December 31, 2025, respectively, and 1,789,144 and 1,780,899 shares outstanding at June 30, 2026 and December 31, 2025, respectively	18	18
Additional paid-in capital	119,234	117,346
Treasury stock, 974 and zero shares as of June 30, 2026 and December 31, 2025, respectively	(29)
Accumulated deficit	(104,465)	(102,803)
Total stockholders' equity	14,758	14,561
Total liabilities and stockholders' equity	$ 21,321	$ 21,317