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Combimatrix Q3 Revenues Climb 23 Percent

NEW YORK (GenomeWeb) - CombiMatrix reported after the close of the market on Wednesday a 23 percent jump in third quarter revenues.

For the three-month period ended Sept. 30, CombiMatrix's revenues rose to $2.5 million from $2.1 million in the prior-year period.

In a statement, CombiMatrix CEO Mark McDonough said the firm "[continues] to perform and execute on key metrics in terms of driving testing volumes, adding new customers, securing reimbursement contracts, collecting cash, and entering and developing key markets."

On a conference call following the release of the results, CombiMatrix CFO Scott Burell said the underlying reason for the firm's revenue growth was its reproductive health diagnostic testing. "Total reproductive health test volumes increased 37 percent to 1,265 tests during the quarter, led by growth in miscarriage analysis and PGS tests," he said.

McDonough said that the firm would add another genetic test in the next several months to augment its reproductive health offering. "That's being worked on in R&D right now," he said. "We are going to be looking at various next-generation sequencing platforms and determining if there's clinical value in preimplantation genetic screening."

Revenues from prenatal and recurrent pregnancy loss microarray tests were up 27 percent to $1.7 million from $1.3 million in the prior-year period, pushing revenue from all arrays up 21 percent to $2.2 million from $1.8 million. Revenues from non-array tests jumped 50 percent year over year to $261,000 from $174,000. Royalty revenue decreased 12 percent to $45,000 from $51,000.

CombiMatrix's net loss in the quarter improved to $1.7 million, or $.13 per share, from a loss of $2.5 million, or $.23 per share, in Q3 2014.

CombiMatrix's R&D spending in the third quarter decreased 42 percent to $133,000 from $228,000. The firm's SG&A expenses decreased 20 percent to $2.5 million from $3.2 million, due to decreased litigation costs and despite adding seven new sales reps since June.

CombiMatrix ended the quarter with cash, cash equivalents, and short-term investments totaling $5.5 million.