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CombiMatrix Says Q2 Revenues Decline 3.5 Percent; Gov't Contracts Shrink Though Sales Surge

NEW YORK (GenomeWeb News) - CombiMatrix yesterday said that second-quarter revenue declined 3.5 percent as R&D spending doubled and net losses narrowed slightly.
Total receipts for the three months ended June 30 declined to $1.79 million from $1.85 million in the year-ago period.
Year over year, revenue from government contracts fell 55 percent to $574,000 from $1.3 million. Revenues from product sales more than doubled to $1.2 million from $567,000 and service contracts quintupled to $60,000 from $9,000, the company said.
CombiMatrix excused the drop in government contracts by saying that the second quarter 2005 had "anomalously high level of activity" under its Department of Defense biological threat detection contract.
The Acacia unit said net losses shrank slightly to $3.4 million versus $3.7 million in the year-ago period. The current quarter's loss included non-cash stock compensation, patent amortization, and depreciation charges totaling $971,000 versus $541,000 in the comparable 2005 period.
R&D spending in the period increased to $2.2 million from $1.2 million year over year. This increase was due "primarily" to developments ongoing at the CombiMatrix Molecular Diagnostics division.
CombiMatrix reported $10 million in cash, cash equivalents, and short-term investments as of June 30.

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