NEW YORK (GenomeWeb News) – CombiMatrix yesterday reported a 9 percent dip in third-quarter revenues amid a double-digit decline in R&D spending and a smaller net loss.
For the quarter ended Sept. 30 -- its first as a standalone firm after splitting from Acacia Research in August -- revenue fell 9 percent to $1.7 million from $1.8 million in the comparable period of 2006.
“The decrease relative to 2006 was expected as we made a significant strategic shift in our commercial focus early in 2007 from selling R&D products to researchers to selling diagnostic products and services to physicians, patients and reference laboratories,” Amit Kumar, president and CEO of CombiMatrix, said in a statement.
Third-quarter revenues from government contracts fell to $627,000 from $725,000 in the prior-year period, while product sales dropped to $828,000 from $968,000 in the third quarter of 2006. Service contract revenue rose to $164,000 from $88,000 in the year-ago quarter.
R&D spending fell 32 percent to $1.9 million from $2.8 million in the comparable period of 2006.
CombiMatrix narrowed its net loss by 20 percent to $3.4 million from $4.3 million in the third quarter of 2006.
CombiMatrix had cash, cash equivalents, and short-term investments of $10.5 million as of Sept. 30.