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CombiMatrix's Q4 Revenues Dip 8 Percent

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – CombiMatrix reported after the close of the market Wednesday that its fourth-quarter revenues fell 8 percent on lower government contract receipts.

The Mukilteo, Wash.-based molecular diagnostics and microarray-based research products firm, brought in total revenues of $1.1 million for the three-month period ended Dec. 31, 2009, compared to $1.2 million for the fourth quarter of 2008. Its government contracts revenue fell to $269,000 from $338,000, while its products revenue declined to $229,000 from $247,000, and its services revenue increased to $588,000 from $549,000.

Its results fell short of analysts' consensus revenue estimate of $1.3 million.

CombiMatrix's net loss for Q4 was $3.6 million, or $.47 per share, compared to $4.1 million, or $.66 per share, for the comparable period of 2008. It beat analysts' estimate of a $.51 loss per share.

Its R&D expenses were roughly flat at $1.3 million, while its SG&A spending dropped to $2.1 million from $2.4 million.

For full-year 2009, CombiMatrix had revenues of $4.9 million, down from $6.3 million. Its government contracts revenue declined sharply to $1.2 million from $2.7 million, while its products revenue fell to $1 million from $1.6 million. Its services revenue was up to $2.4 million from $1.7 million year over year.

"During the year, CombiMatrix continued its progress in the molecular diagnostics space," CombiMatrix President and CEO Amit Kumar said in a statement. "For the whole of 2009, our diagnostic revenues increased by 49 percent over 2008, despite a difficult economic environment and challenges associated with insurance reimbursement for our tests."

"We continued progress with our Comprehensive Cancer Array test development, and have completed three internal, double blind studies," he said. "While the first two demonstrated high sensitivity and specificity, the third, which utilized patient samples from multiple sites and multiple collection methods, demonstrated good, but poorer, performance than the first two trials. We are analyzing the results and intend to provide a report in the near future."

CombiMatrix's net loss for the year was $17.6 million, or $2.47 per share, versus $15 million, or $2.46 per share, for 2008.

Its R&D expenses for the year totaled $5.2 million versus $4.9 million the prior year, while its SG&A spending increased to 410 million from $9.2 million.

The firm finished the year with $5.4 million in cash, cash equivalents, and available-for-sale investments. However, that amount was bolstered by its recent settlement of litigation with National Union Fire Insurance, under which CombiMatrix received settlement proceeds, net of attorneys' fees, of $19.4 million.

CombiMatrix said that it believes it will be able to meet its cash requirements through approximately June 2011.

In early Thursday trade on the Nasdaq, shares of CombiMatrix were down around 1 percent at $5.99.

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