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CombiMatrix Corporation Reports Third Quarter 2010 Financial Results

IRVINE, Calif., Nov. 10, 2010 (GLOBE NEWSWIRE) -- CombiMatrix Corporation (Nasdaq:CBMX), a molecular diagnostics company with a focus on DNA-based clinical diagnostic testing services for oncology and pre-and postnatal developmental disorders, reported today that revenues for the third quarter of 2010 increased 68 percent to $1.0 million from $603,000 in the third quarter of 2009. Sequentially, from the second quarter to the third quarter of 2010, revenues increased 11 percent.

Net loss for the third quarter of 2010 was $2.2 million, or ($0.28) per share, compared to a net loss of $3.3 million or ($0.44) per share, for the same period in 2009. Net loss from continuing operations during the third quarter of 2010 was $1.9 million, or ($0.25) per share, compared to $1.8 million, or ($0.24) per share in the third quarter of 2009. The increase in the net loss from continuing operations in the third quarter of 2010 was due primarily to a derivative gain of $977,000 recognized in the third quarter of 2009 from the company's secured convertible debenture which was repaid during the first quarter of 2010.

According to Judd Jessup, who was named president and chief executive officer of CombiMatrix in August 2010, the increased revenue during the third quarter of 2010 resulted from an increase of approximately 82 percent in diagnostic testing services revenue to $924,000 from $507,000 in the prior year period, driven by increased volumes in both of the company's key areas of diagnostic testing.

For the first nine months of 2010, revenues were $2.8 million, compared to $1.9 million in the first nine months of 2009, with a net loss of $11.6 million, or ($1.53) per share in the first nine months of 2010, compared to a net loss of $14.0 million, or $(2.01) per share, in the first nine months of 2009. Net loss from continuing operations for the first nine months of 2010 was $4.5 million, or ($0.59) per share, compared to $9.2 million, or ($1.32) per share for the first nine months of 2009.

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