CombiMatrix Reports Preliminary Quarterly Growth in Prenatal Testing Volumes of 124% for First Quarter
04 Abril 2013 - 4:00AM
CombiMatrix Corporation (Nasdaq:CBMX), a molecular diagnostics
company performing DNA-based testing services for developmental
disorders and cancer diagnostics, today announced that it expects
to report record volumes of prenatal testing in the first quarter
ended March 31, 2013. Preliminary quarterly growth rates of 124
percent over the first quarter of 2012 were achieved for billable
prenatal tests.
The continued rapid growth in prenatal testing is the result of
CombiMatrix's strategic shift in mid-2012 to focus its commercial
resources primarily on the prenatal molecular diagnostic testing
markets, where the Company believes that chromosomal microarray
analysis (CMA) is becoming the standard of care. This strategy is
supported by a pair of National Institute of Health-sponsored
studies published in the New England Journal of Medicine in late
2012, which favored CMA over traditional karyotyping for genetic
prenatal diagnosis and genetic evaluation of stillbirths. Many
experts believe that these publications marked the onset of a
paradigm shift toward CMA. CombiMatrix is the only publicly-traded
company that specializes in CMA.
The Company also announced that it was expanding its technology
offerings to continue to capture market share and serve the
expanding volumes. By recently incorporating Single Nucleotide
Polymorphisms (SNPs) in its array testing, the Company has
significantly expanded its ability for studying variations between
whole genomes, which is crucial in providing resolution to its
customers.
"We have been setting internal growth records since we refocused
our commercial strategy, and now we are expanding our lab
capabilities to realize our goal of being a best-of-class prenatal
technology lab," said CEO Mark McDonough. "With the technologies to
match any lab and the focus of our new prenatal strategy, we
anticipate continued strong progress throughout 2013 and
beyond."
Overall billable testing volumes at the Company, including its
de-emphasized oncology segment, were also up strongly in the
period, growing 25 percent in the quarter over
2012. CombiMatrix expects to report its operating results in
early May, 2013 and file its quarterly report for 2013 on Form 10-Q
in mid-May, 2013. The Company will issue a press release and
hold an investor conference call to discuss results.
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," "objective," similar
expressions, and variations or negatives of these words and
include, but are not limited to, statements regarding the
advantages and efficacy of CMA over standard karyotyping, the
market momentum for CMA, the impact of our CMA focus on market
share, and our preliminary report of prenatal testing
volumes. 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: the risk
that our final reported prenatal testing volumes are different from
this preliminary report; market acceptance of CMA as a preferred
method over karyotyping; the rate of transition to CMA from
karyotyping; 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.
CONTACT: Company Contact:
Mark McDonough
President & CEO, CombiMatrix Corporation
Tel (949) 753-0624
Investor Relations Contact:
John Baldissera
BPC Financial Marketing
Tel (800) 368-1217
Media Contact:
Len Hall
VP, Media Relations
Allen & Caron
Tel (949) 474-4300
len@allencaron.com
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