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CollabRx Reports Q3 Fiscal Year 2013 Financial Results

Stocks in this article: CLRX

SAN FRANCISCO, Feb. 12, 2013 (GLOBE NEWSWIRE) -- CollabRx, Inc. (the "Company") (Nasdaq:CLRX) today announced financial results for the Third Quarter Fiscal Year 2013, which ended December 31, 2012.

Fiscal 2013 Second Quarter Financial Statement Highlights

  • The Company's Net Loss per share in the Third Quarter of Fiscal 2013 was $(0.61), compared with Net Income per share of $1.35 in the Third Quarter of the prior fiscal year and Net Loss per share of $(0.68) in the Second Quarter of Fiscal Year 2013.  
  • CollabRx recorded a Net Loss of $(1.15) million in the Third Quarter of Fiscal Year 2013, compared with Net Profit of $2.27 million in the Third Quarter of the prior fiscal year and Net Loss of $(1.28 million) in the Second Quarter of Fiscal Year 2013.  
  • Operating Expenses totaled $1.28 million for the three months ended December 31, 2012 and included a full quarter of the expenses of the merged company.  
  • CollabRx ended the Third Quarter of Fiscal Year 2013 with approximately $5.1 million in cash.

Business Highlights

  • Under the terms of a multi-year partnership agreement with Life Technologies Corporation (Nasdaq:LIFE), CollabRx initiated activities during the Fiscal Third Quarter related to the development and commercialization of CollabRx technology and content resources to be used in conjunction with Life Technologies' global cancer diagnostics development and its laboratory developed test services business.  
  • CollabRx introduced a second-generation Lung Cancer Therapy Finder App, which is available to 96% of all U.S. oncologists via the "Oncology Next" portion of MedPage Today, a property of Everyday Health. CollabRx subsequently announced an enhancement of the app on February 7, 2013. CollabRx receives license fees and a portion of sponsorship revenue associated with the "Oncology Next" webpage.  
  • The Third Quarter of Fiscal 2013 marked the completion of the transition of the Company from the former Tegal Corporation to CollabRx, Inc., a data analytics company that uses cloud-based expert systems to inform healthcare decision-making. The Company consolidated operations from Petaluma, CA, and Palo Alto, CA, and completed its relocation into new headquarters in San Francisco, CA. 

CollabRx noted that its acquired operation was a development-stage company and that its stock began trading on Nasdaq under the symbol CLRX, on September 27, 2012 – two trading days before the beginning of the Third Quarter of Fiscal 2013. The financial report for the fiscal third quarter includes one-time launch activities for the newly public CollabRx. CollabRx entered its commercialization stage in the current Fourth Quarter of Fiscal 2013.

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