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CombiMatrix Corporation Reports Results For 2012 Fourth Quarter

Stocks in this article: CBMX

IRVINE, Calif., Feb. 27, 2013 (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 and full-year 2012, increased to $1.5 million and $5.4 million, respectively, up 18% and 15% from the fourth quarter and full-year 2011. Revenues from the Company's core prenatal testing markets in the fourth quarter grew by 161% over the corresponding period in 2011 and grew by more than 101% for full-year 2012 over the comparable prior year. On a sequential basis, prenatal testing revenues in the 2012 fourth quarter grew by 76% over the 2012 third quarter.

As previously reported, the revenue growth in prenatal testing was driven by a 172% and 171% increase in billable test volumes quarter-over-quarter and year-over-year, respectively. The Company performed a total of 1,595 billable diagnostic tests for 108 customers in the fourth quarter of 2012, compared to 1,318 tests for 103 customers in the fourth quarter of 2011. On an annual basis, billable test volumes for the full year grew 25% in 2012 to 5,787 from a total of 4,634 in 2011.

In 2012, the Company announced that it would direct resources to build on its advantageous position and success in the prenatal markets, while in oncology, it would focus almost exclusively on laboratory partnerships and de-emphasize direct oncology efforts. Prenatal testing revenues in the fourth quarter and full-year 2012 were $791,000 and $2.0 million, respectively, as compared to $303,000 and $1.0 million in the comparable 2011 periods.

CombiMatrix President and Chief Executive Officer Judd Jessup said, "The growth in our core prenatal business continued to accelerate and exceeded our expectations in the fourth quarter. That business was driven principally by miscarriage management testing, where we see a great deal of opportunity. In addition, prenatal microarray testing volumes are also increasing as the seminal studies favorably comparing that technology to the current standard are becoming more widely accepted."

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