CombiMatrix Corporation (Nasdaq:CBMX), a molecular diagnostics
company performing DNA-based testing services for cancer and
developmental disorders, reported today that total revenues for the
fourth quarter and full-year 2012, increased to $1.5 million and
$5.4 million, respectively, up 18% and 15% from the fourth quarter
and full-year 2011. Revenues from the Company's core prenatal
testing markets in the fourth quarter grew by 161% over the
corresponding period in 2011 and grew by more than 101% for
full-year 2012 over the comparable prior year. On a sequential
basis, prenatal testing revenues in the 2012 fourth quarter grew by
76% over the 2012 third quarter.
As previously reported, the revenue growth in prenatal testing
was driven by a 172% and 171% increase in billable test volumes
quarter-over-quarter and year-over-year, respectively. The Company
performed a total of 1,595 billable diagnostic tests for 108
customers in the fourth quarter of 2012, compared to 1,318 tests
for 103 customers in the fourth quarter of 2011. On an annual
basis, billable test volumes for the full year grew 25% in 2012 to
5,787 from a total of 4,634 in 2011.
In 2012, the Company announced that it would direct resources to
build on its advantageous position and success in the prenatal
markets, while in oncology, it would focus almost exclusively on
laboratory partnerships and de-emphasize direct oncology efforts.
Prenatal testing revenues in the fourth quarter and full-year 2012
were $791,000 and $2.0 million, respectively, as compared to
$303,000 and $1.0 million in the comparable 2011 periods.
CombiMatrix President and Chief Executive Officer Judd Jessup
said, "The growth in our core prenatal business continued to
accelerate and exceeded our expectations in the fourth quarter.
That business was driven principally by miscarriage management
testing, where we see a great deal of opportunity. In addition,
prenatal microarray testing volumes are also increasing as the
seminal studies favorably comparing that technology to the current
standard are becoming more widely accepted."
Total operating expenses in the 2012 fourth quarter were $2.8
million, a reduction of 15% from the prior year fourth quarter
total operating expenses of $3.2 million. The reduction was
primarily due to the Company's cost-cutting activities and
organizational shift to focus resources more fully on its core
prenatal markets.
The Company also announced on February 22, 2013 that Mark
McDonough, currently the Company's Chief Commercial Officer, will
become Chief Executive Officer following the retirement of Judd
Jessup, who has announced his retirement, effective March 15,
2013.
"The momentum we had at year-end is also continuing in the new
year," said McDonough, "We are continuing to refine our selling
organization and approach to take advantage of the prenatal market
opportunity, and we anticipate that the de-emphasized oncology
business will stabilize soon – allowing for strong year-over-year
top line growth in the entire Company for 2013."
Net loss from continuing operations during the fourth quarter of
2012, including substantial non-cash charges, was $(3.8 million),
or $(3.31) per basic and diluted share from continuing operations,
compared to $(2.0 million), or $(1.87) per basic and diluted share
from continuing operations in the fourth quarter of 2011. Net loss
from continuing operations for 2012 was $(9.5 million), or $(8.75)
per basic and diluted share from continuing operations, compared to
$(7.6 million), or $(8.01) per basic and diluted share from
continuing operations for 2011. The increases for all periods
presented were primarily driven by non-cash warrant derivative
charges of $2.4 million that were recognized during the fourth
quarter of 2012, as a result of issuing warrants to certain
investors in the Company's Series A Preferred Stock financing,
which closed in two tranches on October 1, 2012 and December 6,
2012. Under generally accepted accounting principles, the
warrants are classified as derivative liabilities at fair value,
with changes to fair value recognized as non-operating credits or
charges in the consolidated statements of
operations. Partially offsetting the increases in net loss for
all periods presented were lower operating expenses resulting from
the cost reduction efforts executed during the second quarter of
2012.
Cash and cash equivalents totaled $2.4 million as of December
31, 2012 vs. $6.4 million as of December 31, 2011. Cash used
in operating activities were $(1.4 million) and $(5.9 million) for
the three and 12 months ended December 31 2012, respectively,
compared to $(1.4 million) and $(6.5 million) for comparable
periods in 2011.
Conference Call
CombiMatrix will host a conference call at 8:00 a.m. Pacific
Time (11:00 a.m. Eastern) today to discuss the fourth quarter
2012 financial results. To attend the presentation by phone,
dial 1-888-395-3227 for domestic callers and 1-719-325-2215 for
direct-dial or international callers. To listen to the call via
CombiMatrix's website, go to www.combimatrix.com in the
Investor/Events section
(http://investor.combimatrix.com/events.cfm). A replay of the
presentation will be available following the presentation, either
via the CombiMatrix website Investor/Events section
(http://investor.combimatrix.com/events.cfm) or by dialing
1-877-870-5176 for domestic callers or 1-858-384-5517 for
direct-dial international callers. When prompted, enter playback
pin number 3824098.
About CombiMatrix Corporation
CombiMatrix Corporation, through its wholly owned subsidiary,
CombiMatrix Molecular Diagnostics, Inc. (CMDX), is a molecular
diagnostics laboratory which offers DNA-based testing services to
the prenatal, pediatric and oncology markets. The Company
performs genetic testing utilizing Microarray, FISH, PCR and G-Band
Chromosome Analysis. CMDX offers prenatal and pediatric
testing services for the detection of abnormalities of genes at the
DNA level beyond what can be identified through traditional
technologies. CMDX was also the first commercial clinical
laboratory in the United States to make comprehensive DNA-based
genomic analysis of solid tumors, including breast, colon, lung,
prostate and brain tumors, available to oncology patients and
medical professionals. Additional information about CMDX is
available at www.cmdiagnostics.com or by calling
1-800-710-0624.
Safe Harbor Statement under the Private Securities
Litigation Reform Act of 1995
This press release contains forward-looking statements within
the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995. These statements are
based upon our current expectations, speak only as of the date
hereof and are subject to change. All statements, other than
statements of historical fact included in this press release, are
forward-looking statements. Forward-looking statements can
often be identified by words such as "anticipates," "expects,"
"intends," "plans," "goal," "predicts," "believes," "seeks,"
"estimates," "may," "will," "should," "would," "could,"
"potential," "continue," "ongoing," similar expressions, and
variations or negatives of these words and include, but are not
limited to, statements regarding projected results of operations
and management's future business, operational and strategic plans,
test menu expansion, services and reports development and
attracting greater prenatal genetic screening business. These
forward-looking statements are not guarantees of future results and
are subject to risks, uncertainties and assumptions that could
cause our actual results to differ materially and adversely from
those expressed in any forward-looking statement. The risks
and uncertainties referred to above include, but are not limited
to: our ability to successfully expand the base of our
customers and strategic partners, add to the menu of our diagnostic
tests in both of our primary markets, develop and introduce new
tests and related reports, optimize the reimbursements received for
our testing services, and increase operating margins by improving
overall productivity and expanding sales volumes; our ability to
successfully accelerate sales, allow access to samples earlier in
the testing continuum, steadily increase the size of our customer
rosters in both developmental medicine and oncology; our ability to
attract and retain a qualified sales force; rapid technological
change in our markets; changes in demand for our future products;
legislative, regulatory and competitive developments; general
economic conditions; and various other factors. Further
information on potential factors that could affect our financial
results is included in our Annual Report on Form 10-K, Quarterly
Reports of Form 10-Q, and in other filings with the Securities and
Exchange Commission. We undertake no obligation to revise or
update publicly any forward-looking statements for any reason,
except as required by law.
|
COMBIMATRIX
CORPORATION |
CONSOLIDATED SUMMARY
FINANCIAL INFORMATION |
(In thousands, except
share and per share information) |
(Unaudited) |
|
|
|
|
|
CONSOLIDATED STATEMENTS
OF OPERATIONS: |
|
|
|
|
|
|
For the Three
Months Ended December 31, |
For the Years
Ended December 31, |
|
2012 |
2011 |
2012 |
2011 |
Revenues: |
|
|
|
|
Diagnostic services |
$ 1,426 |
$ 1,224 |
$ 4,975 |
$ 4,558 |
Clinical trial support services |
-- |
-- |
195 |
-- |
Royalties |
54 |
25 |
180 |
100 |
Total revenues |
1,480 |
1,249 |
5,350 |
4,658 |
Operating expenses: |
|
|
|
|
Cost of services |
719 |
677 |
2,702 |
2,642 |
Research and development |
297 |
361 |
1,400 |
1,366 |
Sales and marketing |
574 |
754 |
2,596 |
2,715 |
General and administrative |
1,104 |
1,391 |
5,378 |
5,567 |
Patent amortization and royalties |
57 |
64 |
266 |
266 |
Total operating expenses |
2,751 |
3,247 |
12,342 |
12,556 |
Operating loss |
(1,271) |
(1,998) |
(6,992) |
(7,898) |
Other income (expenses): |
|
|
|
|
Interest income |
-- |
-- |
1 |
3 |
Interest expense |
(160) |
(6) |
(179) |
(20) |
Warrant derivative charges |
(2,357) |
-- |
(2,357) |
-- |
Total other (expense) income |
(2,517) |
(6) |
(2,535) |
(17) |
Net loss from continuing operations |
(3,788) |
(2,004) |
(9,527) |
(7,915) |
(Loss) income from discontinued
operations |
-- |
(2) |
-- |
316 |
Net loss |
$ (3,788) |
$ (2,006) |
$ (9,527) |
$ (7,599) |
Deemed dividends from issuing Series A
convertible preferred stock |
(617) |
-- |
(617) |
-- |
Series A convertible preferred stock
dividends |
(123) |
-- |
(123) |
-- |
Net loss attributable to common
stockholders |
$ (4,528) |
$ (2,006) |
$ (10,267) |
$ (7,599) |
|
|
|
|
|
Basic and diluted net loss per share from
continuing operations |
$ (3.31) |
$ (1.87) |
$ (8.75) |
$ (8.01) |
Basic and diluted net loss per share from
discontinued operations |
-- |
-- |
-- |
0.32 |
Deemed dividend associated with beneficial
conversion of Series A preferred stock |
(0.54) |
-- |
(0.57) |
-- |
Series A convertible preferred stock
dividends |
(0.11) |
-- |
(0.11) |
-- |
Basic and diluted net loss per share |
$ (3.96) |
$ (1.87) |
$ (9.43) |
$ (7.69) |
|
|
|
|
|
Basic and diluted weighted average common
shares outstanding |
1,143,778 |
1,070,412 |
1,088,833 |
988,461 |
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED BALANCE
SHEET INFORMATION: |
|
|
|
|
December 31, |
December 31, |
|
2012 |
2011 |
|
|
|
Total cash and cash equivalents |
$2,372 |
$6,385 |
Total assets |
$5,180 |
$9,448 |
Total liabilities |
$5,905 |
$1,298 |
Total shareholders' equity |
$(1,119) |
$8,150 |
CONTACT: R. Judd Jessup
President & CEO, CombiMatrix Corporation
Tel (949) 753-0624
Media Contact:
Len Hall
VP, Media Relations
Allen & Caron
Tel (949) 474-4300
len@allencaron.com
Investor Relations Contact:
John Baldissera
BPC Financial Marketing
Tel (800) 368-1217
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