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CombiMatrix Posts 24 Percent Jump in Q3 Revenues

NEW YORK (GenomeWeb) – CombiMatrix today reported a 24 percent year-over-year increase in its third quarter revenues amid higher test volumes in its reproductive health segment and improved test reimbursement across all segments.

For the three-month period ended Sept. 30, CombiMatrix's revenues grew to $4.0 million from $3.2 million the year before. Reproductive health diagnostic test revenues — which include prenatal, miscarriage analysis, and preimplantation genetic screening testing — increased 30 percent year over year to $3.0 million from $2.3 million, with testing volumes up 19 percent to 1,764. Additionally, total billable customers increased to 277 during the third quarter compared with 257 during the same period the year before.

The company's third quarter net loss fell to $610,000, or $.21 per share, from a year-ago loss of $856,000, or $.38 per share. CombiMatrix attributed the lower net loss to the increased revenues and improved gross margins.

On an adjusted basis, the company had a net loss of $.08 per share.

CombiMatrix's Q3 R&D spending edged up to $90,000 from $88,000, while its SG&A costs — which include expenses related to the firm's upcoming merger with Invitae — climbed 16 percent to $2.9 million from $2.5 million.

CombiMatrix finished the third quarter with $2.4 million in cash, cash equivalents, and short-term investments.

During early morning trading on the Nasdaq, shares of CombiMatrix were up $.11 to $7.16.