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CombiMatrix Corporation Reports Results For 2012 Fourth Quarter

Stocks in this article: CBMX

Cash and cash equivalents totaled $2.4 million as of December 31, 2012 vs. $6.4 million as of December 31, 2011. Cash used in operating activities were $(1.4 million) and $(5.9 million) for the three and 12 months ended December 31 2012, respectively, compared to $(1.4 million) and $(6.5 million) for comparable periods in 2011.     

Conference Call

CombiMatrix will host a conference call at 8:00 a.m. Pacific Time (11:00 a.m. Eastern) today to discuss the fourth quarter 2012 financial results. To attend the presentation by phone, dial 1-888-395-3227 for domestic callers and 1-719-325-2215 for direct-dial or international callers. To listen to the call via CombiMatrix's website, go to www.combimatrix.com in the Investor/Events section ( http://investor.combimatrix.com/events.cfm ). A replay of the presentation will be available following the presentation, either via the CombiMatrix website Investor/Events section ( http://investor.combimatrix.com/events.cfm ) or by dialing 1-877-870-5176 for domestic callers or 1-858-384-5517 for direct-dial international callers. When prompted, enter playback pin number 3824098.

About CombiMatrix Corporation

CombiMatrix Corporation, through its wholly owned subsidiary, CombiMatrix Molecular Diagnostics, Inc. (CMDX), is a molecular diagnostics laboratory which offers DNA-based testing services to the prenatal, pediatric and oncology markets. The Company performs genetic testing utilizing Microarray, FISH, PCR and G-Band Chromosome Analysis. CMDX offers prenatal and pediatric testing services for the detection of abnormalities of genes at the DNA level beyond what can be identified through traditional technologies. CMDX was also the first commercial clinical laboratory in the United States to make comprehensive DNA-based genomic analysis of solid tumors, including breast, colon, lung, prostate and brain tumors, available to oncology patients and medical professionals. Additional information about CMDX is available at www.cmdiagnostics.com or by calling 1-800-710-0624.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements are based upon our current expectations, speak only as of the date hereof and are subject to change. All statements, other than statements of historical fact included in this press release, are forward-looking statements. Forward-looking statements can often be identified by words such as "anticipates," "expects," "intends," "plans," "goal," "predicts," "believes," "seeks," "estimates," "may," "will," "should," "would," "could," "potential," "continue," "ongoing," similar expressions, and variations or negatives of these words and include, but are not limited to, statements regarding projected results of operations and management's future business, operational and strategic plans, test menu expansion, services and reports development and attracting greater prenatal genetic screening business. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause our actual results to differ materially and adversely from those expressed in any forward-looking statement. The risks and uncertainties referred to above include, but are not limited to: our ability to successfully expand the base of our customers and strategic partners, add to the menu of our diagnostic tests in both of our primary markets, develop and introduce new tests and related reports, optimize the reimbursements received for our testing services, and increase operating margins by improving overall productivity and expanding sales volumes; our ability to successfully accelerate sales, allow access to samples earlier in the testing continuum, steadily increase the size of our customer rosters in both developmental medicine and oncology; our ability to attract and retain a qualified sales force; rapid technological change in our markets; changes in demand for our future products; legislative, regulatory and competitive developments; general economic conditions; and various other factors. Further information on potential factors that could affect our financial results is included in our Annual Report on Form 10-K, Quarterly Reports of Form 10-Q, and in other filings with the Securities and Exchange Commission. We undertake no obligation to revise or update publicly any forward-looking statements for any reason, except as required by law.

 
COMBIMATRIX CORPORATION
CONSOLIDATED SUMMARY FINANCIAL INFORMATION
(In thousands, except share and per share information)
(Unaudited)
         
CONSOLIDATED STATEMENTS OF OPERATIONS:
         
  For the Three Months Ended December 31, For the Years Ended December 31,
  2012 2011 2012 2011
Revenues:        
Diagnostic services  $ 1,426  $ 1,224  $ 4,975  $ 4,558
Clinical trial support services  --  --  195  --
Royalties  54  25  180  100
Total revenues  1,480  1,249  5,350  4,658
Operating expenses:        
Cost of services  719  677  2,702  2,642
Research and development  297  361  1,400  1,366
Sales and marketing  574  754  2,596  2,715
General and administrative  1,104  1,391  5,378  5,567
Patent amortization and royalties  57  64  266  266
Total operating expenses  2,751  3,247  12,342  12,556
Operating loss  (1,271)  (1,998)  (6,992)  (7,898)
Other income (expenses):        
Interest income  --  --  1  3
Interest expense  (160)  (6)  (179)  (20)
Warrant derivative charges  (2,357)  --   (2,357)  -- 
Total other (expense) income  (2,517)  (6)  (2,535)  (17)
Net loss from continuing operations  (3,788)  (2,004)  (9,527)  (7,915)
(Loss) income from discontinued operations  --   (2)  --   316
Net loss  $ (3,788)  $ (2,006)  $ (9,527)  $ (7,599)
Deemed dividends from issuing Series A convertible preferred stock  (617)  --   (617)  -- 
Series A convertible preferred stock dividends  (123)  --   (123)  -- 
Net loss attributable to common stockholders  $ (4,528)  $ (2,006)  $ (10,267)  $ (7,599)
         
Basic and diluted net loss per share from continuing operations  $ (3.31)  $ (1.87)  $ (8.75)  $ (8.01)
Basic and diluted net loss per share from discontinued operations  --   --   --   0.32
Deemed dividend associated with beneficial conversion of Series A preferred stock  (0.54)  --   (0.57)  -- 
Series A convertible preferred stock dividends  (0.11)  --   (0.11)  -- 
Basic and diluted net loss per share  $ (3.96)  $ (1.87)  $ (9.43)  $ (7.69)
         
Basic and diluted weighted average common shares outstanding  1,143,778  1,070,412  1,088,833  988,461
         
         
CONSOLIDATED BALANCE SHEET INFORMATION:
     
  December 31, December 31,
  2012 2011
     
Total cash and cash equivalents $2,372 $6,385
Total assets $5,180 $9,448
Total liabilities $5,905 $1,298
Total shareholders' equity $(1,119) $8,150
CONTACT: R. Judd Jessup
         President & CEO, CombiMatrix Corporation
         Tel (949) 753-0624
         
         Media Contact:
         Len Hall
         VP, Media Relations
         Allen & Caron
         Tel (949) 474-4300
         len@allencaron.com
         
         Investor Relations Contact:
         John Baldissera
         BPC Financial Marketing
         Tel (800) 368-1217

CombiMatrix Corporation

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