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Invitae

Invitae issued approximately $21.2 million in shares of its own common stock to former CombiMatrix shareholders. 

The genetic testing firm posted revenues of $18.1 million for the quarter, compared with $6.3 million for the year-ago period.

The revenue increase was driven by higher test volumes in its reproductive health segment and improved test reimbursement across all segments.

The company estimates that the quality control issue resulted in between two and 15 patients getting a false negative result. 

The firm posted revenues of $14.3 million for the three-month period ended June 30, compared with $5.6 million for the second quarter of 2016

The release of the financial results comes just days after molecular diagnostics firm Invitae announced it will acquire CombiMatrix.

Invitae is interested in companies that can contribute positively to its revenues in the next two to three quarters, according to CEO Sean George. 

The company is expecting $14.3 million in Q2 revenues, a 157 percent increase over the same quarter last year.

The acquisitions will enable Invitae to add reproductive health genetic testing to its portfolio and become what it calls a "comprehensive genomic information company." 

The addition of the patient-facing family history platform will expand and enhance Invitae's existing genome management support services, the company said.

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