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CombiMatrix Posts 20 Percent Q3 Revenue Gain

NEW YORK (GenomeWeb News) – CombiMatrix reported today that its third-quarter revenues increased 20 percent year over year as it trimmed its net loss.

The Irvine, Calif.-based molecular diagnostics service provider reported total revenues of $1.2 million for the three-month period ended Sept. 30, compared to revenues of $1 million for the third quarter of 2010.

The firm said that it performed a total of 1,157 billable tests for 101 customers during the quarter, up from 967 tests for 77 customers during the third quarter of 2010.

"Our focus for the year is to build our commercial base and expand our menu, and we generated great commercial momentum entering the fourth quarter," CombiMatrix President and CEO Judd Jessup said in a statement. "Despite some summer seasonality in the developmental side of the business, we were pleased to see revenues and test volumes continue to ramp year-over-year and new customer additions continue through the third quarter."

He added, "The additions of gene mutation analysis and karyotyping are beginning to make an impact on the order flow and the type of customers that we can approach."

CombiMatrix posted a net loss of $2 million, or $.18 per share, for the quarter, down from $2.2 million, or $.28 per share.

The company's R&D expenses declined to $345,000 from $575,000, while its SG&A spending jumped 29 percent to $2.2 million from $1.7 million.

CombiMatrix finished the quarter with $7.9 million in cash and cash equivalents.

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