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TheStreet Open House

CombiMatrix Corporation Reports Fourth Quarter And Year End 2010 Financial Results

Stock quotes in this article: CBMX

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."

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