NEW YORK (GenomeWeb News) – CombiMatrix reported after the close of the market Wednesday that its third-quarter revenues increased 68 percent on an 82 percent rise in diagnostic testing revenue.
The Irvine, Calif.-based firm brought in total revenues of $1 million for the three-month period ended Sept. 30, compared to $603,000 for the third quarter of 2009. Its services revenue for the quarter rose to $924,000 from $507,000 year over year, while product revenue declined to $90,000 from $96,000.
CombiMatrix posted a net loss of $2.2 million, or $.28 per share, for the quarter, down from a net loss of $3.3 million, or $.44 per share, for Q3 2009. The third quarter of 2009 included a $1.5 million loss from discontinued operations, while this year the firm reported a $265,000 loss for that item.
The firm's R&D spending declined to $575,000 from $684,000, and its SG&A expenses increased to $1.7 million from $1.6 million.
CombiMatrix finished the quarter with $7.9 million in cash and cash equivalents.
Judd Jessup, who was named president and CEO of CombiMatrix in August, said in a statement that among his priorities for the firm are expanding its base of customers and partners, increasing its menu of molecular diagnostic tests, and optimizing reimbursements for the firm's testing services.
This past year, CombiMatrix has been restructuring its business, which has included shutting down its CustomArray business and closing its Mukilteo, Wash.-based offices; moving its headquarters to Irvine; refocusing the business on its molecular diagnostics services; and replacing its CEO.