CombiMatrix Reports Summary Selected Preliminary Third Quarter Financial Results
October 28 2013 - 5:00AM
CombiMatrix Corporation (Nasdaq:CBMX), a molecular diagnostics
company specializing in DNA-based testing services for
developmental disorders and cancer diagnostics, today reported
summary selected preliminary unaudited third quarter financial
results. The Company is currently in the process of finalizing its
unaudited consolidated financial statements for the three months
ended September 30, 2013, and therefore, the complete financial
results are not yet available.
Total revenues for the three months ended September 30, 2013 are
expected to be $1.50 million, compared to revenues of $1.29 million
for the three months ended September 30, 2012. The increase was
driven primarily by increased microarray testing volumes, which
increased by 34% from 857 billable tests for the third quarter
ended September 30, 2012, to 1,145 tests for the third quarter
ended September 30, 2013. The prior year revenues included $195,000
of clinical trial support services revenues, which did not repeat
in 2013. Diagnostic testing revenues of $1.47 million grew by
39% in the third quarter of 2013 from $1.05 million in the third
quarter of 2012.
Prenatal microarray revenues increased to $847,000 for the three
months ended September 30, 2013, compared to $370,000 for the
comparable period in 2012, driven primarily by increased prenatal
microarray volumes, which increased to 541 for the three months
ended September 30, 2013, compared to 225 in the comparable period
in 2012. Prenatal microarray volumes grew by 140% in the third
quarter of 2013 over the comparable period in 2012.
Cash and cash equivalents and total assets were $4.0 million and
$7.0 million as of September 30, 2013, compared to $2.4 million and
$5.2 million as of December 31, 2012, respectively. Cash
balances increased due primarily to financing activities in 2013,
partially offset by cash used in operations, which was $1.2 million
for the three months ended September 30, 2013, compared to $1.4
million in the comparable period in 2012. The warrant
liability decreased to $1.1 million as of September 30, 2013, from
$4.2 million as of December 31, 2012, as a result of warrant
exercises and decreases in the fair value of the derivative warrant
liability during 2013. Total liabilities decreased to $2.6
million as of September 30, 2013, from $5.9 million as of December
31, 2012, primarily due to decreases in the derivative warrant
liability. Stockholders' equity increased to $4.4 million as
of September 30, 2013, from a deficit of $1.1 million as of
December 31, 2012. The increase in stockholders' equity is due
primarily to financing activities during 2013, coupled with the
recognition of warrant derivative gains from lower warrant
liability valuations as of September 30, 2013, compared to December
31, 2012.
About CombiMatrix Corporation
CombiMatrix Corporation provides valuable molecular diagnostic
solutions and comprehensive clinical support for the highest
quality of care – specializing in miscarriage analysis, prenatal
and pediatric healthcare. CombiMatrix offers comprehensive testing
services for the detection of genetic abnormalities at the DNA
level, beyond what can be identified through traditional
methodologies. The Company performs genetic testing utilizing
advanced technologies, including microarray, FISH, PCR and G-Band
chromosome analyses. Additional information about CombiMatrix is
available at www.combimatrix.com or by calling 1-800-710-0624.
Safe Harbor Statement under the Private Securities
Litigation Reform Act of 1995
This press release contains forward-looking statements within
the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995. These statements are
based upon our current expectations, speak only as of the date
hereof and are subject to change. All statements, other than
statements of historical fact included in this press release, are
forward-looking statements. Forward-looking statements can
often be identified by words such as "anticipates," "expects,"
"intends," "plans," "goal," "predicts," "believes," "seeks,"
"estimates," "may," "will," "should," "would," "could,"
"potential," "continue," "ongoing," "objective," similar
expressions, and variations or negatives of these words and
include, but are not limited to, statements regarding the our
financial and performance results. These forward-looking
statements are not guarantees of future results and are subject to
risks, uncertainties and assumptions that could cause our actual
results to differ materially and adversely from those expressed in
any forward-looking statement. The risks and uncertainties
referred to above include, but are not limited to: possible
adjustments to preliminary operating results; market acceptance of
chromosomal microarray analysis (or ''CMA'') as a preferred method
over karyotyping; the rate of transition to CMA from karyotyping;
our ability to successfully expand the base of our customers and
strategic partners, add to the menu of our diagnostic tests in both
of our primary markets, develop and introduce new tests and related
reports, optimize the reimbursements received for our testing
services, and increase operating margins by improving overall
productivity and expanding sales volumes; our ability to
successfully accelerate sales, allow access to samples earlier in
the testing continuum, steadily increase the size of our customer
rosters in both developmental medicine and oncology; our ability to
attract and retain a qualified sales force; rapid technological
change in our markets; changes in demand for our future products;
legislative, regulatory and competitive developments; general
economic conditions; and various other factors. Further
information on potential factors that could affect our financial
results is included in our Annual Report on Form 10-K, Quarterly
Reports of Form 10-Q, and in other filings with the Securities and
Exchange Commission. We undertake no obligation to revise or
update publicly any forward-looking statements for any reason,
except as required by law.
CONTACT: Company Contact:
Mark McDonough
President & CEO, CombiMatrix Corporation
Tel (949) 753-0624
Media Contact:
Len Hall
VP, Media Relations
Allen & Caron
Tel (949) 474-4300
len@allencaron.com
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