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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.

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