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CombiMatrix Q2 Revenues Jump 31 Percent on Higher Test Volume

NEW YORK (GenomeWeb) – CombiMatrix reported after the close of the market on Wednesday a 31 percent jump in second quarter revenues, setting a record for quarterly revenues based on higher test volume.

For the three-month period ended June 30, CombiMatrix's revenues rose to $2.5 million from $1.9 million in the prior-year period, beating analysts' average estimate of $2.4 million.

On a conference call following the release of results, CombiMatrix CEO Mark McDonough said he was "pleased" with the firm's performance. In addition to total revenue, CombiMatrix set company quarterly records for both prenatal test volume and prenatal revenues. He added that the firm increased its direct sales staff and reached a total of 224 billable customers.

Revenues from prenatal and recurrent pregnancy loss microarray tests increased 32 percent to $1.6 million from $1.2 million, pushing total array revenues up 28 percent to $2.3 million from $1.8 million. Revenues from non-array tests more than doubled to $238,000 from $116,000. Royalty revenue decreased 28 percent to $25,000 from $35,000.

CombiMatrix's net loss in the quarter improved to $1.6 million, or $.13 per share, from $2.6 million, or $.23 per share, in Q2 2014, beating the average Wall Street estimate of a loss of $.16 per share.

CombiMatrix's R&D spending in the second quarter decreased 72 percent to $62,000 from $224,000. The firm's SG&A expenses decreased 20 percent to $2.7 million from $3.3 million due to a decrease in litigation costs offset by costs associated with higher sales and test volumes.

CombiMatrix ended the quarter with cash, cash equivalents, and short-term investments totaling $7.1 million.