This article has been updated to include news of a court award to CombiMatrix and a stock quote.
NEW YORK (GenomeWeb News) – CombiMatrix today reported that its fourth-quarter revenues more than doubled and the firm cut its net loss 22.2 percent as it continued its transition to focusing on molecular diagnostics.
CombiMatrix reported revenues of $1.9 million for the three months ended Dec. 31, compared to $859,000 in the fourth quarter of 2006. The firm reported increased sales from products, services, and government contracts.
It also cut its net loss to $3.5 million, or $.58 per share, from $4.5 million. There is no comparable earnings per share loss, as CombiMatrix was part of Acacia Research during the fourth quarter of 2006. The firm completed its spin-off from Acacia in August.
CombiMatrix cut its R&D spending 47.6 percent year over year to $1.1 million from $2.1 million. Its SG&A expenses dropped 16.7 percent to $2.5 million from $3 million.
For full-year 2007, the Mukilteo, Wash.-based firm reported revenues of $6 million, up 5.3 percent from 2006 revenues of $5.7 million. Its net loss fell 37 percent to $12.6 million, or $2.10 per share, from $20 million in 2006.
CombiMatrix’s 2007 R&D spending declined 58.3 percent to $6 million from $9.5 million, while its SG&A expenses dropped 25.2 percent to $9.5 million from $12.7 million.
The company finished the year with $8.2 million in cash, cash equivalents, and short-term investments.
CombiMatrix also said today that the US District Court for the Central District of California has awarded the firm $32.1 million in its lawsuit against National Union Fire Ins. Co. of Pittsburgh, Pa., a member of the American International Group. The award is slightly higher than the $31.4 million judgment in the case that CombiMatrix announced last month.
The firm still intends to seek recovery of its attorneys' fees and costs associated with the litigation, it said today.
In late Friday trade on the Nasdaq, CombiMatrix's shares were down 4.9 percent at $9.95.