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 Record Lab Services Revenue For 2012 Second Quarter

IRVINE, Calif., Aug. 9, 2012 (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 second quarter and first six months of 2012 increased to a record $1.3 million and $2.6 million, respectively, up 6 percent and 19 percent from the second quarter and first six months of 2011. Revenues from the Company's core prenatal testing markets in the second quarter grew by 48 percent over the corresponding period in 2011 and grew by more than 77 percent in the first six months of the year over the prior year period. The Company performed a total of 1,459 billable diagnostic tests for 116 customers in the second quarter of 2012, compared to 1,201 tests for 106 customers in the second quarter of 2011 and 1,377 tests for 105 customers in the first quarter of 2012.

In May, the Company announced that it would direct resources to build on its advantageous position and success in the prenatal and pediatric markets, while in oncology, it would focus almost exclusively on laboratory partnerships and de-emphasize direct oncology efforts. Prenatal testing revenues in the second quarter and first half of 2012 were $422,000 and $794,000, respectively, as compared to $284,000 and $449,000 in the 2011 periods.

CombiMatrix President and Chief Executive Officer Judd Jessup said, "We are pleased that our new strategy and refocused commercial activities had a positive impact on revenues and sales force efficiency in the second quarter. Our expanding test menu and ability to gain the samples earlier in the testing process has allowed us to gain market share in the prenatal segment. We anticipate that momentum to continue and are looking to capitalize on the upcoming publication of the National Institutes of Health (NIH) sponsored study that compares the use of microarray testing to standard chromosome karyotyping. We believe that the results of the study will be published in a top medical journal and that those data will usher in a steady shift among physicians towards making the microarray the standard of care for prenatal genetic testing.

1 of 3

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 17,689.86 -56.12 -0.32%
S&P 500 2,103.84 -4.79 -0.23%
NASDAQ 5,128.2810 -0.5040 -0.01%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs