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CombiMatrix Posts 27 Percent Gain in Revenues for First Quarter

NEW YORK (GenomeWeb) – CombiMatrix reported after the close of the market Thursday that its first quarter revenues climbed 27 percent driven by an uptick in its reproductive health test sales.

The Irvine, California-based molecular diagnostics firm reported total revenues of $3.8 million, up from $3 million in the first quarter of 2016. It noted that its reproductive health test sales were up 32 percent year over year to $2.9 million, while volume for such tests were up 15 percent to 1,642 in the quarter. Its total test volume increased 11 percent year over year to 2,938.

Sales for its prenatal tests jumped 59 percent to $510,000 from $321,000 year over year, while sales for its miscarriage analysis tests increased 26 percent to $2 million from $1.6 million, and sales for its preimplantation genetic screening tests rose 39 percent to $309,000 from $222,000. Its pediatric test sales increased 21 percent to $606,000 from $500,000, and its FISH and karyotyping test sales climbed 12 percent to $296,000 from $265,000.

"Since complementing our reproductive health offering with in vitro fertilization testing in early 2015, we have reported record revenues for our reproductive health segment in each consecutive quarter," CombiMatrix President and CEO Mark McDonough said in a statement. "Our continuous improvement in billing and collections processes coupled with our focus on delivering high-reimbursed and self-paid diagnostic tests have resulted in record cash collections."

CombiMatrix reported a net loss attributable to common stockholders of $518,000, or $.19 per share, compared to a loss of $3.1 million, or $3.63 per share, for Q1 2016.

The firm reported R&D spending of $85,000 in the quarter, down from $143,000 in Q1 2016, while SG&A expenses were $2.7 million versus $2.9 million in the comparable period a year ago.

CombiMatrix finished the quarter with $3.2 million in cash and cash equivalents. It noted that its burn rate in the first quarter of 2017 was $495,000.

Shares of CombiMatrix were up 6 percent at $5.15 in Friday morning trade on the Nasdaq.