Skip to main content
Premium Trial:

Request an Annual Quote

Diagnostic Revenues Drive up CombiMatrix Q2 Revenues 31 Percent

NEW YORK (GenomeWeb News) – CombiMatrix today reported a 31 percent increase year over year in its second-quarter revenues on an uptick in its diagnostic testing service revenues.

For the three months ended June 30, the firm posted revenues of $1.2 million, compared to $916,000 a year ago. Total revenues were comprised completely of diagnostic testing revenues, which rose 51 percent from $796,000 a year ago.

During the quarter, CombiMatrix performed 1,201 billable diagnostic tests for 106 customers, it said, up from 773 tests for 66 customers during the year-ago period.

The firm had no product revenues, compared to $120,000 a year ago.

"While we are pleased with the progress, it is very early in the game and the level of activity and change at the company must continue in order to reach our goals for the year and beyond," CombiMatrix CEO Judd Jessup, said in a statement. "We are continuing to add to our test menu in order to obtain samples earlier in the diagnostic continuum, we are working closely with our new laboratory partners to develop services and reports that we believe will set us apart in the cancer testing marketplace, and we are actively preparing for some landmark data early next year that we believe may drive a much broader segment of the prenatal genetic screening towards our microarray technology."

The company more than halved its R&D spending to $321,000 during the quarter from $725,000 during the second quarter of 2010 and cut its SG&A expenses 9 percent to $2 million from $2.2 million.

CombiMatrix had a net loss of $1.7 million, or $.16 per share, down from a net loss of $24.8 million, or $3.27 per share, a year ago.

The company ended the quarter with almost $10 million in cash and cash equivalents.

The Scan

Study Reveals New Details About Genetics of Major Cause of Female Infertility

Researchers in Nature Medicine conducted a whole-exome sequencing study of mote than a thousand patients with premature ovarian insufficiency.

Circulating Tumor DNA Shows Potential as Biomarker in Rare Childhood Cancer

A study in the Journal of Clinical Oncology has found that circulating tumor DNA levels in rhabdomyosarcoma may serve as a biomarker for prognosis.

Study Recommends Cancer Screening for Dogs Beginning Age Seven, Depending on Breed

PetDx researchers report in PLOS One that annual cancer screening for dogs should begin by age seven.

White-Tailed Deer Harbor SARS-CoV-2 Variants No Longer Infecting Humans, Study Finds

A new study in PNAS has found that white-tailed deer could act as a reservoir of SARS-CoV-2 variants no longer found among humans.