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.
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