NEW YORK (GenomeWeb) – CombiMatrix today said that it anticipates reporting record volume of prenatal testing for the third quarter, as well as an increase in total microarray testing volume.
The Irvine, Calif.-based firm said that billable prenatal testing volume for the three months ended Sept. 30 is anticipated to be up 71 percent year over year. The growth in prenatal testing, which includes prenatal and miscarriage testing, was driven by CombiMatrix's shift in focus to the prenatal molecular diagnostics testing space, where it believes chromosomal microarray analysis is becoming the standard of care.
The firm also said that total microarray testing volumes in the third quarter are expected to increase 24 percent to 1,420 billable tests performed, compared to 1,145 in the year-ago period. Cash receipts for Q3 2014 are expected to reach more than $2 million, a 33 percent increase from $1.5 million in Q3 a year ago.
CombiMatrix attributed the anticipated increase to management's focus on reimbursement and collections during the past year.
In afternoon trading Tuesday on the Nasdaq, CombiMatrix shares were up 8 percent after rising as much as 24 percent.