CombiMatrix Provides Update On Financial Results And Strategic Restructuring -- Appoints Judd Jessup As Full-Time CEO
IRVINE, Calif., Aug. 16, 2010 (GLOBE NEWSWIRE) -- CombiMatrix Corporation (Nasdaq:CBMX) today reported financial results for the three month period ended June 30, 2010 and provided operational updates on its strategic restructuring plan. Key highlights for the second quarter and through the date of this release include:
- 51% increase in diagnostic lab revenues from Q2-2009 to Q2-2010
- 12% sequential increase in diagnostic lab revenues from Q1-2010 to Q2-2010
- Shut-down of CustomArray business substantially complete; revised estimate of total cash restructuring costs reduced to $975,000 - significantly below initial estimates of $1.5 million.
- Relocation to Irvine, California completed in early August, approximately one month ahead of schedule.
- Recognized one-time, non-cash impairment charges of approximately $20.3 million; ended June 30, 2010 with $10.2 million in cash.
"The first stage of our strategic restructuring plan is in its final phase and is running ahead of schedule and below budget," stated Mark McGowan, Chairman and Chief Executive Officer of CombiMatrix. "With phase one of our restructuring drawing to a close, the next step in our plan was to hire a highly qualified, commercially oriented CEO and focus company efforts intensely on our Molecular Diagnostics business. After working through an extensive process in conjunction with Caldwell Partners, involving multiple rounds of vetting and drawing from a large number of highly qualified candidates, CBMX is delighted to have retained Judd Jessup, former CEO of US LABS, as our permanent CEO, effective August 23, 2010. Mr. Jessup has extensive experience within the healthcare and managed care industries, and a proven track record with turnaround situations analogous to present-day CombiMatrix. He is the ideal candidate for the job ahead," concluded Mr. McGowan.
"I am excited about the opportunity ahead of us at CombiMatrix," noted Judd Jessup. "I appreciate the 'heavy lifting' which has already been accomplished during the restructuring and look forward to focusing on continuing to build a high performance laboratory," concluded Mr. Jessup.
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