This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

CombiMatrix Corporation Reports Fourth Quarter And Year End 2010 Financial Results

IRVINE, Calif., Feb. 24, 2011 (GLOBE NEWSWIRE) -- CombiMatrix Corporation (Nasdaq:CBMX), a molecular diagnostics company performing DNA-based testing services for cancer and developmental disorders, reported today that total revenues for the fourth quarter of 2010 increased 26 percent to $804,000 from $637,000 in the fourth quarter of 2009. For 2010, total revenues increased 38 percent to $3.6 million from $2.6 million in 2009. Fourth quarter 2010 revenues included diagnostic test revenues of $791,000 and array CGH sales of $13,000, compared to diagnostic test revenues of $575,000 and array CGH sales of $62,000 during the fourth quarter of 2009. For 2010, diagnostic test revenues were $3.3 million and array CGH sales were $271,000, compared to diagnostic test revenues of $2.3 million and array CGH sales of $238,000 during 2009. In addition, during the fourth quarter of 2010, CombiMatrix was awarded and paid $489,000 in grants under the Internal Revenue Service's Section 48D for Qualified Therapeutic Discovery Projects. These proceeds were recorded as other income.

CombiMatrix President and Chief Executive Officer Judd Jessup said, "While the growth in revenues for the quarter and year is encouraging, it reflects largely the result of legacy strategies with limited commercial focus. More important were the many steps taken during the past months including a change in strategic direction, the establishment of sales and marketing programs, key hires and expansion of the commercial team."

"Our near-term strategy is to expand the base of our customers and laboratory partners, add to our menu of molecular diagnostic tests in both oncology and developmental markets, introduce new technologies and reports that differentiate us from other labs providing 'actionable results' for guiding cancer treatment, optimize reimbursement for the company's services, and increase operating margins," continued Jessup. "We anticipate results from these programs, combined with a new commercial orientation, disciplined marketing approach and a growing sales force to be reflected in a change of revenue trajectory beginning in the second half of 2011."

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,643.01 -11.76 -0.07%
S&P 500 1,988.87 +1.21 0.06%
NASDAQ 4,828.3250 +15.6170 0.32%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs