IRVINE, Calif., Aug. 16, 2010 (GLOBE NEWSWIRE) -- CombiMatrix Corporation (Nasdaq:CBMX) today reported financial results for the three month period ended June 30, 2010 and provided operational updates on its strategic restructuring plan. Key highlights for the second quarter and through the date of this release include:
- 51% increase in diagnostic lab revenues from Q2-2009 to Q2-2010
- 12% sequential increase in diagnostic lab revenues from Q1-2010 to Q2-2010
- Shut-down of CustomArray business substantially complete; revised estimate of total cash restructuring costs reduced to $975,000 - significantly below initial estimates of $1.5 million.
- Relocation to Irvine, California completed in early August, approximately one month ahead of schedule.
- Recognized one-time, non-cash impairment charges of approximately $20.3 million; ended June 30, 2010 with $10.2 million in cash.