Omaha, Neb.- Transgenomic, Inc. (OTC/BB: TBIO) today reported financial results for the first quarter ended March 31, 2013 and provided a business update.

First Quarter Financial Results

Net sales for the first quarter of 2013 increased by $0.2 million, or 2%, to $7.4 million compared to $7.2 million for the same period in 2012. The increase from last year’s first quarter was principally driven by an 11% increase in the Laboratory Services unit, reflecting higher test volumes from our Nuclear Mitome, ScoliScoreTM and C-GAAP diagnostic tests, as well as a modest shift toward higher priced tests. This increase was partially offset by lower sales of instruments in the Diagnostic Tools segment.

Gross profit was $3.7 million or 50 percent of net sales, compared with gross profit of $3.1 million or 43 percent of net sales for the same period in 2012. The increase in gross profit was largely attributable to improved margins on our Nuclear Mitome test, due to a change in vendors, in our Laboratory Services segment, and a favorable shift to higher margin instruments sold in Diagnostic Tools.

Operating expenses were $7.5 million during the first quarter of 2013, compared with $5.5 million in the prior year. The increase was due to higher costs related to expansion of our field sales force to support the sales of C-GAAP and ScoliScore™ and a higher bad debt provision.

The net loss for the first quarter of 2013 was $3.6 million or $0.04 per share compared to a loss of $2.7 million, or $0.05 per share for the first quarter of 2012.

Modified EBITDA, which is a non-GAAP measure that Transgenomic views as an appropriate and sound measure of the Company’s results was a $2.9 million loss for the first quarter of 2013 compared to a $1.6 million loss for the same period for 2012. A reconciliation of Net Loss to Modified EBITDA is presented below.

Cash and cash equivalents were $7.7 million as of March 31, 2013, compared with $4.5 million as of December 31, 2012.

“The top line growth in our core Laboratory Services segment in the first quarter was fueled by our newer product offerings, which include our Nuclear Mitome, ScoliScoreTM and C-GAAP tests,” said Craig Tuttle, President and Chief Executive Officer. “As we progress throughout the year, it remains our goal to increase revenues in both our Laboratory Services and Diagnostic Tools segments through the commercialization of new products that have been acquired, in-licensed, or developed internally.”

First Quarter and Recent Highlights

• Signed Collaboration Agreement with Amgen: Earlier this week, Transgenomic announced a new collaboration with Amgen Inc. to develop a CE-IVD test to screen patients with metastatic colorectal cancer (mCRC) for RAS mutations (KRAS and NRAS). These RAS mutations, identified using the CE-IVD CRC RAScan™ kits which use Surveyor®-Wave® technology, provide physicians with important information regarding tumor mutation status to inform clinical treatment decisions for their mCRC patients.

• Completed $8.3 Million Private Placement Financing: In January 2013, Transgenomic completed a private placement financing with a syndicate of institutional and other accredited investors to raise gross proceeds of $8.3 million. The syndicate was comprised of new and existing investors, including entities associated with Third Security, LLC, a leading life sciences

investment firm. Lazard Capital Markets LLC served as the lead placement agent for the offering with Craig-Hallum Capital Group LLC acting as co-placement agent for the offering.

• Secured $8.0 Million Credit Facility: In March 2013, Transgenomic secured an $8.0 million term and revolving credit facility. Proceeds from the facility were used to refinance the Company’s outstanding debt and will be used to support strategic growth initiatives and help fund working capital requirements.

• Received Nebraska Bioscience Award: Transgenomic was awarded the 2013 Governor’s Bioscience Award in April 2013. The Bioscience Award recognizes individuals and companies that have made significant contributions to the bioscience industry in Nebraska.

Conference Call

Transgenomic will host a conference call to discuss first quarter 2013 financial results at 5:00 p.m. Eastern Time today. To access the call via telephone, please dial 866-952-1907 from the U.S. or Canada or 785-424-1826 for international participants and enter conference ID TRANS. The call will also be broadcast live over the Internet. To listen to the webcast, please log onto the Company’s Investor Relations web page at https://www.transgenomic.com/calendar/2013/04/first-quarter-financial-resultsconference-call-may-8-2013 and follow the instructions. An archived webcast of the call will be available for 14 days. A telephone replay will be available from 8:00 p.m. Eastern Time on May 8, 2013 through

11:59 p.m. Eastern Time on May 22, 2013 by dialing 800-839-1198 (domestic) or 402-220-0458

(international).

About Transgenomic

Transgenomic, Inc. (www.transgenomic.com) is a global biotechnology company advancing personalized medicine in cardiology, oncology, and inherited diseases through its proprietary molecular technologies and world-class clinical and research services. The Company is a global leader in cardiac genetic testing with a family of innovative products, including its C-GAAP test, designed to detect gene mutations which indicate cardiac disorders, or which can lead to serious adverse events. Transgenomic has three complementary business divisions: Transgenomic Clinical Laboratories, which specializes in molecular

diagnostics for cardiology, oncology, neurology, and mitochondrial disorders; Transgenomic Pharmacogenomic Services, a contract research laboratory that specializes in supporting all phases of preclinical and clinical trials for oncology drugs in development; and Transgenomic Diagnostic Tools, which produces equipment, reagents, and other consumables that empower clinical and research applications in molecular testing and cytogenetics. Transgenomic believes there is significant opportunity for continued growth across all three businesses by leveraging their synergistic capabilities, technologies, and expertise. The Company actively develops and acquires new technology and other intellectual property that strengthens its leadership in personalized medicine.