CombiMatrix Sees Rise In Q3 Revenues - Quick Facts

(RTTNews) - CombiMatrix Corp. (CBMX), a molecular diagnostics company specializing in DNA-based testing services for developmental disorders and cancer diagnostics, reported summary selected preliminary unaudited third quarter financial results.

Total revenues for the third-quarter ended September 30, 2013 are expected to be $1.50 million, compared to revenues of $1.29 million for the third-quarter ended September 30, 2012. The increase was driven primarily by increased microarray testing volumes, which increased by 34% from 857 billable tests for the third quarter ended September 30, 2012, to 1,145 tests for the third quarter ended September 30, 2013.

The prior year revenues included $195,000 of clinical trial support services revenues, which did not repeat in 2013. Diagnostic testing revenues of $1.47 million grew by 39% in the third quarter of 2013 from $1.05 million in the third quarter of 2012.

Prenatal microarray revenues increased to $847,000 for the three months ended September 30, 2013, compared to $370,000 for the comparable period in 2012, driven primarily by increased prenatal microarray volumes, which increased to 541 for the three months ended September 30, 2013, compared to 225 in the comparable period in 2012. Prenatal microarray volumes grew by 140% in the third quarter of 2013 over the comparable period in 2012.

The company said it is currently in the process of finalizing its unaudited consolidated financial statements for the three months ended September 30, 2013, and therefore, the complete financial results are not yet available.