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Service Business Lifts CombiMatrix's Q1 Revenues 11 Percent

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – CombiMatrix said revenues for the first quarter rose 11 percent year over year, with all revenues generated from its diagnostic testing services.

After the close of the market on Wednesday, the Irvine, Calif.-based molecular diagnostics firm said that revenues for the three months ended March 31 totaled $913,000, compared to $820,000 a year ago. Service revenues were up 18 percent from $772,000 a year ago. The company posted no product revenues in the quarter, compared to $48,000 a year ago.

In April 2010, the firm announced a restructuring to focus on its diagnostics services business, and in a statement today President and CEO Judd Jessup said that the pace of organizational change at the firm had accelerated during the first quarter as sales and marketing positions were filled and the first addition to CombiMatrix's testing menu "is now up and running."

Moving ahead, the focus will be on getting new tests available; allowing access to test samples earlier in the testing continuum; finalizing oncology reports so that physicians can use them to guide patients to treatments or clinical trials; and increasing its customer base in both developmental medicine and oncology, Jessup said.

The firm's net loss for the quarter was $2 million, or $.26 per share, compared to a profit of $15.3 million, or $2.01 a share, a year ago. Figures for the first quarter of 2010 includes a gain of $19.4 million from the settlement of a lawsuit. CombiMatrix also retired secured convertible debenture during the year-ago quarter, resulting in a decrease in interest expense.

Its R&D expenses dropped nearly in half to $339,000 during the quarter from $660,000 a year ago, while SG&A costs dropped 5 percent to $1.9 million from $2 million.

CombiMatrix said it had $4.9 million in cash and cash equivalents at the end of the quarter.

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