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CombiMatrix Corporation Reports Record Microarray Volumes For 2013 Second Quarter

Stocks in this article: CBMX

IRVINE, Calif., Aug. 7, 2013 (GLOBE NEWSWIRE) -- CombiMatrix Corporation (Nasdaq:CBMX), a molecular diagnostics company specializing in DNA-based testing services for developmental disorders and cancer diagnostics, reported today that total revenues for the second quarter and first six months of 2013 increased to $1.5 million and $3.1 million, respectively, up 15 percent and 21 percent from the second quarter and first six months of 2012, respectively. Revenues from the Company's core prenatal microarray testing markets grew by 152 percent in the second quarter of 2013 over the corresponding period in 2012, and by 159 percent year-over-year for the first six months. Prenatal microarray volumes grew by 156 percent and 171 percent in the same periods, respectively. The Company performed a total of 1,485 billable diagnostic tests for 125 customers in the second quarter of 2013, compared to 1,459 tests for 116 customers in the second quarter of 2012.

Last year, 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. In addition, the Company has announced that technology advancements and the continued acceptance of microarray testing as an emerging standard would allow the Company to eliminate focus on older testing technologies to focus on microarray testing. Prenatal microarray testing revenues in the second quarter and first half of 2013 were $836,000 and $1.7 million, respectively, as compared to $331,000 and $645,000 in the 2012 periods.

CombiMatrix President and Chief Executive Officer Mark McDonough said, "We believe the quality of our testing platform and the service commitment of our organization are making it possible to succeed on multiple commercial fronts. Growth in our microarray volumes, positive coverage decisions at multiple third-party payors and the recently announced partnership with Sequenom provides evidence of that progress. In addition, we are driving the fastest growth in the most important and highest margin segment of our business – prenatal microarray testing."

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