News Column

TRANSGENOMIC INC - 10-Q - Management's Discussion and Analysis of Financial Condition and Results of Operations

August 8, 2014

Forward-Looking Information This report, including this Management's Discussion and Analysis, contains forward-looking statements. These statements are based on management's current views, assumptions or beliefs of future events and financial performance and are subject to uncertainty and changes in circumstances. Readers of this report should understand that these statements are not guarantees of performance or results. Many factors could affect our actual financial results and cause them to vary materially from the expectations contained in the forward-looking statements. These factors include, among other things: our expected revenue, income (loss), receivables, operating expenses, supplier pricing, availability and prices of raw materials, Medicare/Medicaid/Insurance reimbursements, product pricing, foreign currency exchange rates, sources of funding operations and acquisitions, our ability to raise funds, sufficiency of available liquidity, future interest costs, future economic circumstances, industry conditions, our ability to execute our operating plans, the success of our cost savings initiatives, competitive environment and related market conditions, actions of governments and regulatory factors affecting our business and other risks as described in our reports filed with the Securities and Exchange Commission. In some cases these statements are identifiable through the use of words such as "anticipate," "believe," "estimate," "expect," "intend," "plan," "project," "target," "can," "could," "may," "should," "will," "would" or the negative versions of these terms and other similar expressions. You are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements we make are not guarantees of future performance and are subject to various assumptions, risks and other factors that could cause actual results to differ materially from those suggested by these forward-looking statements. Actual results may differ materially from those suggested by the forward-looking statements that we make for a number of reasons including those described in Part II, Item 1A, "Risk Factors," of this report and in Part I, Item 1A, "Risk Factors" of our Annual Report on Form 10-K for the fiscal year ended December 31, 2013, which we filed with the Securities and Exchange Commission on March 27, 2014. We expressly disclaim any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. The following discussion should be read together with our financial statements and related notes contained in this report and with the financial statements, related notes and Management's Discussion and Analysis included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2013, which we filed with the Securities and Exchange Commission on March 27, 2014. Results for the three and six months ended June 30, 2014 are not necessarily indicative of results that may be attained in the future.



Overview

We are a global biotechnology company advancing personalized medicine in the detection and treatment of cancer and inherited diseases through our proprietary molecular technologies and clinical and research services. We have two complementary business segments: • Laboratory Services. Our laboratories specialize in genetic testing for cardiology, neurology, mitochondrial disorders and oncology. Our Patient Testing laboratories located in New Haven, Connecticut and Omaha, Nebraska are certified under the Clinical Laboratory Improvement Amendment or, CLIA, as high complexity labs and our Omaha facility is also accredited by the College of American Pathologists. Our Biomarker Identification laboratory located in Omaha, Nebraska also provides pharmacogenomics research services supporting Phase II and Phase III clinical trials conducted by pharmaceutical companies. Our laboratories employ a variety of genomic testing service technologies, including ICE COLD-PCR technology. ICE COLD-PCR is a proprietary platform technology that can be run in any laboratory with standard PCR technology and that enables detection of multiple unknown mutations from virtually any sample type including tissue biopsies, blood, cell-free DNA, or cfDNA, and circulating tumor cells, or CTCs, at levels greater than 1,000-fold higher than standard DNA sequencing techniques. • Genetic Assays and Platforms. Our proprietary product is the WAVE® System, which has broad applicability to genetic variation detection in both molecular genetic research and molecular diagnostics. We also distribute bioinstruments produced by other manufacturers, or OEM Equipment, through our sales and distribution network. Service contracts to maintain installed systems are sold and supported by our technical support personnel. The installed WAVE base and some OEM Equipment platforms generate a demand for consumables that are required for the continued operation of the bioinstruments. We develop, manufacture and sell these consumable products. In addition, we manufacture and sell consumable products that can be used on multiple, independent platforms. These products include a range of chromatography columns. 22



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Second Quarter 2014 Overview and Recent highlights

We are a global biotechnology company advancing personalized medicine in cardiology, oncology, and inherited diseases through state-of-the-art diagnostic technologies, such as our revolutionary ICE COLD-PCRTM, and state of the art genetic tests provided through our Patient Testing business. We also provide specialized clinical and research services to biopharmaceutical companies developing targeted therapies, and sell equipment, reagents and other consumables for applications in molecular testing and cytogenetics. Our diagnostic technologies are designed to improve medical diagnoses and patient outcomes while reducing costs.

Our strategy aims to optimize, through channel partnerships, the commercial potential of our assets aimed at large genetic testing markets. This allows us to focus resources on our areas of strength, including developing and marketing tests for rare genetic disorders and other genetic-mediated conditions in the U.S., where we are a market leader, and developing biomarkers, genetic tests and companion diagnostics using proprietary technology that is unequalled for the identification and detection of low-level genetic mutations that is a prerequisite for improved diagnosis and treatment of cancer and other diseases.

During the second quarter, we continued to make progress in implementing key initiatives to leverage our products, our distinctive technologies and our infrastructure and expertise with the goal of achieving leadership in the rapidly growing field of personalized medicine.

At the start of this quarter, we announced that we would provide clinical genetic testing services to Raptor Pharmaceuticals Corp. for a novel agent to treat inherited mitochondrial disorders. This is an example of our strategy to become a "Go To" provider for biomarker discovery and genetic testing designed to improve clinical diagnoses and outcomes. We plan to build a portfolio of these types of commercial relationships and business arrangements with a variety of pharmaceutical and biotechnology companies.

During this quarter, we achieved a major goal when our uplisting to the NASDAQ Capital Market became effective. Our shares of common stock began trading on the NASDAQ Capital Market on May 9, 2014, under the ticker TBIO. Our move to a major stock exchange is important symbolically, signaling our emergence as a technology-based company on the move, and we also expect it to benefit our stockholders through the company's greater visibility, access to capital and increased share liquidity.

After adding Dr. Michael Luther to our Board of Directors in the first quarter of this year, we recruited another strong addition to our Board of Directors this quarter; John D. Thompson, who brings extensive experience in life sciences business development, corporate strategy and mergers and acquisitions at top tier companies such as Invitrogen Corporation (now Life Technologies). We view the recruitment of two outstanding new Board members this year as a reflection of the revitalization of the company as a respected life sciences innovator.

We believe that our ICE COLD-PCR technology has transformative potential and we expect it to play a key role in our personalized medicine strategy. ICE COLD-PCR's ability to identify both known and unknown genetic mutations at very high sensitivity give it the potential to revolutionize cancer screening, diagnosis, monitoring, and treatment selection, by enabling less invasive, less costly and more frequent assessments of cancer and its mutations, through a simple blood draw.

ICE COLD-PCR can also analyze DNA from fine needle aspirates, core-biopsies, or directly from tumors, and it can be used with standard Sanger sequencing, next generation sequencing, digital PCR and other technologies. We are actively pursuing a number of activities to develop, protect and commercialize this opportunity.

An important development during the quarter was the signing of a license agreement in May 2014 with the Dana-Farber Cancer Institute, pursuant to which we were granted worldwide rights to develop and commercialize multiplexed versions of ICE COLD-PCR technology (MX ICE COLD-PCR). The new license is exclusive to us and expands the current relationship that we have with Dana-Farber. It covers all fields and applications of the multiplexed technology, which makes possible the simultaneous detection of multiple DNA mutations from a single liquid sample, such as blood or urine. Our current version of the ICE COLD-PCR technology is also exclusively licensed from Dana-Farber.

Multiplexing makes our ICE COLD-PCR technology far more efficient and allows us to assemble targeted panels of relevant mutations that can be simultaneously analyzed from a single sample. We believe this greatly increases its availability for routine use in cancer therapy, as well as for our biopharmaceutical customers who plan to use MX ICE COLD-PCR to develop new cancer treatments and companion diagnostics.

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Our work with researchers at leading cancer centers, including scientists at the University of Texas MD Anderson Cancer Center and the Dana-Farber Cancer Institute, is producing a growing body of studies that confirm the extraordinary performance of ICE COLD-PCR technology in enabling the accurate detection of tumor mutations from patient blood or plasma. The potential of the ICE COLD-PCR technology was highlighted by genomic researchers, academic scientists, cancer specialists and potential strategic partners who viewed scientific posters on ICE COLD-PCR at our booth at the 2014 American Society of Clinical Oncology (ASCO) Annual Meeting in late May 2014.

An important element of our strategy is to focus resources on key growth areas for the company. Just after the end of the second quarter, on July 2, 2014, we announced that we had entered into an agreement to sell to Integrated DNA Technologies, Inc. ("IDT") the rights to our SURVEYOR® Nuclease technology and assets for a minimum of $4.25 million, including a $3.65 million upfront payment. SURVEYOR® Mutation Detection Kits provide researchers with a simple, robust and versatile method to detect mutations and polymorphisms in DNA from a variety of organisms.

As part of the agreement, IDT will exclusively sublicense rights for all clinical and diagnostic applications of the SURVEYOR® technology back to Transgenomic. The monetization of this asset will also provide resources for expedited development and commercialization efforts for ICE COLD-PCR.

Uncertainties

We have historically operated at a loss and have not consistently generated sufficient cash from operating activities to cover our operating and other cash expenses. We have been able to historically finance our operating losses through borrowings or from the issuance of additional equity. At June 30, 2014, we had cash and cash equivalents of $1.2 million. We believe that existing sources of liquidity, including the proceeds from the sale of the rights to our SURVEYOR® Nuclease technology and assets to IDT discussed above, are sufficient to meet expected cash needs for at least the next 12 months. The uncertainty of current general economic conditions could negatively impact our business in the future. There are many factors that affect the market demand for our products and services that we cannot control. Demand for our Genetic Assays and Platforms business is affected by the needs and budgetary resources of research institutions, universities and hospitals. The instrument purchase represents a significant expenditure by these types of customers and often requires a long sales cycle. These customers may not have the funding available to purchase our instruments. Competition and new instruments in the marketplace also may impact our sales. Our Laboratory Services business is dependent upon reimbursement from government and private payors that continually look for ways to reduce costs, including by unilaterally reducing reimbursement for services such as those that we provide. The government issued new reimbursement codes in 2013, which were set at pricing levels that were generally lower than the levels for identical tests in 2012. Certain private payors also used the issuance of the new codes as an opportunity to unilaterally lower their reimbursement rates. There are no assurances that reimbursements from certain of these providers will remain at levels that will allow us to be profitable. We have translation risk that occurs when transactions are consummated in a currency other than British Pound Sterling, which is the functional currency of our foreign subsidiary. These transactions, which are most often consummated in Euros, must be translated into British Pound Sterling. In addition, results of operations and the balance sheet of our foreign subsidiary are translated from British Pound Sterling to our reporting currency, which is the U.S. Dollar. As a result, we are subject to exchange rate risk. Fluctuations in foreign exchange rates could impact our business and financial results.

Results of Operations Net sales for the three months ended June 30, 2014 decreased by $0.5 million, or 7%, compared to the same period in 2013. During the three months ended June 30, 2014, net sales from our Laboratory Services segment decreased by $0.2 million compared to the same three month period in 2013. Net sales in our Genetic Assays and Platforms segment decreased $0.4 million for the three months ended June 30, 2014 compared to the same period in 2013. Our gross profit margin decreased to 35% for the three months ended June 30, 2014 from 41% for the three months ended June 30, 2013. Loss from operations was $4.0 million for the three months ended June 30, 2014, compared to $2.9 million for the three months ended June 30, 2013. Three Months Ended June 30, 2014 and 2013 Net Sales. Net sales for the three months ended June 30, 2014 decreased by $0.5 million, or 7%, compared to the same period in 2013. Net sales performance in each of our segments was as follows: 24



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Table of Contents Dollars in Thousands Three Months Ended June 30, Change 2014 2013 $ %



Laboratory Services $ 3,843$ 4,012$ (169 ) (4 )% Genetic Assays and Platforms 2,921

3,294 (373 ) (11 )% Total Net Sales $ 6,764$ 7,306$ (542 ) (7 )%



Laboratory Services net sales decreased $0.2 million, or 4%, during the three months ended June 30, 2014 as compared to the same period in 2013. The decrease reflects lower sales of our contract laboratory services, partially offset by higher sales of patient tests, spurred by a number of new products launched in late 2013.

Genetic Assays and Platforms net sales were $2.9 million for the three months ended June 30, 2014, which represented a decrease of $0.4 million as compared to the same period in 2013. The decrease in net sales was due to lower instrument sales. Cost of Goods Sold. Cost of goods sold includes material costs for the products that we sell and substantially all other costs associated with our manufacturing facilities (primarily personnel costs, rent and depreciation). It also includes direct costs (primarily personnel costs, rent, supplies and depreciation) associated with our Laboratory Services operations. Gross Profit. Gross profit and gross margins for each of our business segments were as follows:

Dollars in Thousands Three Months Ended June 30, Margin % 2014 2013 2014 2013



Laboratory Services $ 1,490$ 1,853 39 % 46 % Genetic Assays and Platforms 903

1,120 31 % 34 % Gross Profit $ 2,393$ 2,973 35 % 41 % Gross profit was $2.4 million, or 35% of total net sales, during the second quarter of 2014, compared to $3.0 million, or 41% of total net sales, during the same period of 2013. During the three months ended June 30, 2014, the gross margin for Laboratory Services was 39% as compared to 46% in the same period of 2013 as a result of lower volumes in our Biomarker Identification laboratory. The gross margin for Genetic Assays and Platforms decreased to 31% for the three months ended June 30, 2014 from 34% in the same period of 2013, due to fewer instruments sold. Selling, General and Administrative Expenses. Selling, general and administrative expenses primarily consist of personnel costs, marketing, travel costs, professional fees, facility costs and bad debt provisions. Our selling, general and administrative costs increased $0.6 million to $5.6 million from $5.0 million during the three month period ended June 30, 2014 as compared to the same period in 2013. The increase was due to higher stock compensation costs and a higher bad debt provision in the second quarter of 2014 as compared to the second quarter of 2013. Research and Development Expenses. Research and development expenses primarily include personnel costs, intellectual property fees, outside services, collaboration expenses, supplies and facility costs and are expensed in the period in which they are incurred. For the three months ended June 30, 2014 and 2013, these costs totaled $0.8 million and $0.9 million, respectively. Research and development expenses totaled 12% of net sales during each of the three months ended June 30, 2014 and 2013. Other Income (Expense). Other expense for the three months ended June 30, 2014 and 2013 includes interest expense of $0.1 million and $0.2 million, respectively. In addition, other income includes the revaluation of the common stock warrants, which is due to the change in fair value of the common stock warrant liability. The income associated with the change in fair value of the warrants is a non-cash item. Income Tax Expense/(Benefit). Net income tax benefit for the three months ended June 30, 2014 and 2013 was less than $0.1 million for both periods. The income tax benefit for the three months ended June 30, 2014 includes approximately $0.1 million of deferred income tax expense for a deferred tax liability related to the tax deductibility of our goodwill, which is an indefinite-lived asset. We expect this deferred income tax expense to be approximately $0.2 million annually going forward. 25



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Six Months Ended June 30, 2014 and 2013 Net Sales. Net sales for the six months ended June 30, 2014 decreased by $1.7 million, or 11%, compared to the same period in 2013. Net sales performance in each of the segments was as follows:

Dollars in Thousands Six Months Ended June 30, Change 2014 2013 $ %



Laboratory Services $ 7,531$ 8,439$ (908 ) (11 )% Genetic Assays and Platforms 5,484 6,241 (757 ) (12 )% Total Net Sales

$ 13,015$ 14,680$ (1,665 ) (11 )% Laboratory Services net sales decreased $0.9 million, or 11%, during the six months ended June 30, 2014 as compared to the same period in 2013. The decrease reflects a decline in contract laboratory service revenues and also resulted from a higher than usual level of sales in the first half of 2013 that resulted from working down a backlog of Nuclear Mitome tests from the previous year. These decreases were partially offset by increased test volume in our core Laboratory Services business for the six months ended June 30, 2014 as compared to the same period of 2013. Genetic Assays and Platforms net sales of $5.5 million represented a decrease of $0.8 million, or 12%, during the six months ended June 30, 2014 compared to the same period in 2013. The decrease in net sales was due to lower instrument sales. Cost of Goods Sold. Cost of goods sold includes material costs for the products that we sell and substantially all other costs associated with our manufacturing facilities (primarily personnel costs, rent and depreciation). It also includes direct costs (primarily personnel costs, rent, supplies and depreciation) associated with our Laboratory Services operations. Gross Profit. Gross profit and gross margins for each of our business segments were as follows: Dollars in Thousands Six Months Ended June 30, Margin % 2014 2013 2014 2013



Laboratory Services $ 3,122$ 4,046 41 % 48 % Genetic Assays and Platforms 1,765 2,182 32 % 35 % Gross Profit

$ 4,887$ 6,228 38 % 42 % Gross profit was $4.9 million, or 38% of total net sales, during the six months ended June 30, 2014, compared to $6.2 million, or 42% of total net sales, during the same period of 2013. During the six months ended June 30, 2014, the gross margin for Laboratory Services declined to 41%, as compared to 48% in the same period of 2013 as a result of lower sales in our contract laboratory group. The gross margin for Genetic Assays and Platforms decreased to 32% for the six months ended June 30, 2014 from 35% in the same period of 2013 due to fewer instruments sold. Selling, General and Administrative Expenses. Selling, general and administrative expenses primarily consist of personnel costs, marketing, travel costs, professional fees, facility costs and bad debt provisions. Our selling, general and administrative costs decreased $0.4 million to $10.9 million from $11.3 million during the six month period ended June 30, 2014 compared to the same period in 2013. The decrease was due to lower bad debt provisions and lower amortization costs in the first half of 2014 as compared to the first half of 2013 along with lower salaries and employee related costs in our Laboratory Services sales force. These decreases were partially offset by increased stock compensation costs. Research and Development Expenses. Research and development expenses primarily include personnel costs, intellectual property fees, outside services, collaboration expenses, supplies and facility costs and are expensed in the period in which they are incurred. For the six months ended June 30, 2014 and 2013, these costs totaled $1.5 million and $1.7 million, respectively. Research and development expenses totaled 12% and 11% of net sales during the six months ended June 30, 2014 and 2013, respectively. Other Income (Expense). Net other income (expense) for each of the six months ended June 30, 2014 and 2013 includes interest expense of $0.3 million. In addition, other income includes the revaluation of common stock warrants, which was due to the change in fair value. The income associated with the change in fair value of the warrants is a non-cash item. 26



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Income Tax Expense. Income tax expense for the six months ended June 30, 2014 and 2013 was $0.5 million and $0.1 million, respectively. The income tax expense for the six months ended June 30, 2014 includes approximately $0.5 million of deferred income tax expense for a deferred tax liability related to the tax deductibility of our goodwill, which is an indefinite-lived asset. We expect this deferred income tax expense to be approximately $0.2 million annually going forward.

Liquidity and Capital Resources Our working capital positions at June 30, 2014 and December 31, 2013 were as follows: Dollars in Thousands June 30, December 31, 2014 2013 Change



Current assets (including cash and cash equivalents of $1,191 and $1,626, respectively) $ 13,377$ 11,835$ 1,542 Current liabilities

9,761 8,625 1,136 Working capital $ 3,616$ 3,210$ 406



Historically, we have operated at a loss and have not consistently generated sufficient cash from operating activities to cover our operating and other cash expenses. We have been able to finance our operating losses through borrowings or from the issuance of additional equity. At June 30, 2014, we had cash on hand of $1.2 million. On March 3, 2014, we entered into a fourth amendment to the Loan and Security Agreement dated March 13, 2013, entered into among us and affiliates of Third Security, LLC (the "Loan Agreement"). The fourth amendment provides that we will not be required to make any principal or interest payments under the term loan governed by the Loan Agreement for the period from March 1, 2014 through March 31, 2015. Accordingly, pursuant to the Loan Agreement, as amended by the fourth amendment, the next principal and interest payment under the term loan will be due on April 1, 2015. On March 5, 2014, we sold and issued an aggregate of 1,443,297 shares of our Series B Convertible Preferred Stock at a price per share of $4.85 for an aggregate purchase price of approximately $7.0 million. Net proceeds were used to pay down the revolving credit line governed by the Loan Agreement, which can be redrawn by us, and for working capital purposes. On July 1, 2014, we sold our Surveyor Kits product line and related technology for a minimum of $4.25 million, comprised of an initial payment of $3.65 million and an additional amount equal to an aggregate of $600,000 in four equal installments, the first of which must be made by October 1, 2014, and the last of which must be made by July 1, 2015. We cannot be certain that we will be able to increase our net sales, further reduce our expenses or raise additional capital. However, we believe that existing sources of liquidity as of June 30, 2014, along with net proceeds of the July 2014 product line sale, are sufficient to meet expected cash needs. Accordingly, we believe we have sufficient liquidity to continue our operations for at least the next twelve months. Please see Note 5 - "Debt" and Note 6 - "Commitments and Contingencies" to the notes to our accompanying unaudited condensed consolidated financial statements for additional information regarding our outstanding debt and debt servicing obligations.

Analysis of Cash Flows - Six Months Ended June 30, 2014 and 2013 Net Change in Cash and Cash Equivalents. Cash and cash equivalents decreased by $0.4 million during the six months ended June 30, 2014, compared to an increase of $1.9 million during the six months ended June 30, 2013. During the six months ended June 30, 2014, we used cash of $7.3 million in operating activities and $0.2 million in investing activities, which was offset by cash provided by financing activities of $7.0 million. In the six months ended June 30, 2013, net cash used in operating activities was $5.7 million, and net cash used in investing activities was $1.4 million, which was offset by cash provided by financing activities of $9.0 million. Cash Flows Used in Operating Activities. Cash flows used in operating activities totaled $7.3 million during the six months ended June 30, 2014, compared to cash flows used in operating activities of $5.7 million during the six months ended June 30, 2013. The cash flows used in operating activities in the first six months of 2014 included the net loss of $8.1 million and an increase in accounts receivable of $3.5 million, offset by non-cash items, including the provision for losses on doubtful accounts of $1.5 million, stock option expense of $0.6 million and depreciation and amortization of $1.0 million. The cash flows used in operating activities in the first six months of 2013 included the net loss of $6.5 million and an increase in accounts receivable of $2.2 million, offset by non-cash items, including the provision for losses on doubtful accounts of $2.2 million, stock option expense of $0.2 million and depreciation and amortization of $1.4 million. Cash Flows Used in Investing Activities. Cash flows used in investing activities totaled $0.2 million during the six months ended June 30, 2014, compared to cash flows used in investing activities of $1.4 million during the same period of 2013. Cash 27



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flows used in investing activities in the first six months of 2014 included purchases of property and equipment of $0.1 million. Cash flows used in investing activities in the first six months of 2013 included payments made in connection with the acquisition of ScoliScore assets of $0.8 million and purchases of property and equipment of $0.4 million. Cash Flows Provided by Financing Activities. Cash flows provided by financing activities totaled $7.0 million for the six months ended June 30, 2014. Cash flows provided by financing activities during the six months ended June 30, 2014 included the proceeds from the issuance of Series B Convertible Preferred Stock and net borrowing on our debt, partially offset by payments on our capital lease obligations. Cash flows provided by financing activities during the six months ended June 30, 2013 included the proceeds from the issuance of common stock and net borrowing on our debt, partially offset by payments on our capital lease obligations.

Off-Balance Sheet Arrangements At each of June 30, 2014 and December 31, 2013, we did not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

Contractual Obligations and Commitments There have been no material changes to our contractual obligations outside the normal course of business as compared to those disclosed in our Annual Report on Form 10-K for the year ended December 31, 2013, filed with the Securities and Exchange Commission on March 27, 2014.

Critical Accounting Policies and Estimates Accounting policies used in the preparation of the consolidated financial statements may involve the use of management judgments and estimates. Certain of our accounting policies are considered critical as they are both important to the portrayal of our financial statements and they require significant or complex judgments on the part of management. Our judgments and estimates are based on experience and assumptions that we believe are reasonable under the circumstances. Further, we evaluate our judgments and estimates from time to time as circumstances change. Actual financial results based on judgments or estimates may vary under different assumptions or circumstances. Our critical accounting policies are discussed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2013, filed with the Securities and Exchange Commission on March 27, 2014.

Recently Issued Accounting Pronouncements Please refer to our Annual Report on Form 10-K for the fiscal year ended December 31, 2013, filed with the Securities and Exchange Commission on March 27, 2014. There have been no changes to those accounting pronouncements listed except as noted in Note 2 - "Summary of Significant Accounting Policies" to the notes to our accompanying unaudited condensed consolidated financial statements contained in this report.

Impact of Inflation We do not believe that price inflation or deflation had a material adverse effect on our financial condition or results of operations during the periods presented.


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