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CombiMatrix Cuts Spending in Q2 as Revenue Plunges 27 Percent

NEW YORK (GenomeWeb News) — CombiMatrix today said that second-quarter revenue plunged 27 percent as R&D spending was cut nearly in half and net loss widened 5 percent.
Total receipts for the three months ended June 30 decreased to $1.3 million from $1.8 million during the same period last year.
Product sales declined 60 percent to $458,000; government contract revenue rose 20 percent to $680,000; and service revenue was up more than 230 percent to $199,000 from $60,000.
R&D spending fell to $1.1 million from $2.2 million. The numbers include non-cash stock compensation expense of $144,000 for the second quarter of 2007 and $193,000 for the second quarter of 2006.
Net loss increased to $3.6 million from $3.4 million year over year.
CombiMatrix had around $12.8 million in cash, equivalents, and short term investments as of June 30.