CombiMatrix Corporation (Nasdaq:CBMX), a molecular diagnostics
company performing DNA-based testing services for developmental
disorders and cancer, reported today that total revenues for the
first quarter 2013, increased to $1.6 million, up 27% from the
first quarter 2012. Revenues from the Company's core prenatal
testing markets in the first quarter grew by 158% over the
corresponding period in 2012. On a sequential basis, prenatal
testing revenues in the 2013 first quarter grew by 21% over the
2012 fourth quarter, while total revenues grew 11% over the same
period.
As previously reported, the first quarter revenue growth in
prenatal testing was driven by a 124% increase in billable test
volumes. Revenue growth outpaced test volume growth in that
category due to a stronger product mix toward microarrays and a
stabilizing reimbursement mix among third-party payors. The Company
performed a total of 1,718 billable diagnostic tests for 119
customers in the first quarter of 2013, compared to 1,377 tests for
105 customers in the first quarter of 2012.
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 first quarter 2013
were $959,000, as compared to $372,000 in the comparable 2012
period.
CombiMatrix Corporation's President and Chief Executive Officer
Mark McDonough said, "In the first quarter, we continued to execute
in the field and exceed internal plans across developmental
testing, especially in our core prenatal business. That
business was again driven principally by miscarriage management
testing, where we see a wide open opportunity. Prenatal microarray
testing volumes are also increasing as physicians are recognizing
the clinical benefits highlighted in recent high-profile
studies."
Total operating expenses in the 2013 first quarter were $3.2
million, a reduction of 12% from the prior year first quarter total
operating expenses of $3.6 million. The reduction was primarily due
to the Company's cost-cutting activities and organizational shift
in mid-2012 to focus resources more fully on its core prenatal
markets.
"While we have made the Company leaner and more efficient than
it was a year ago, the commercial momentum we have established
remains strong, and we are executing a number of new programs to
make sure those trends continue," added McDonough. "Those
initiatives include placing new sales personnel in key markets
where payback will be rapid, initiating and fostering partnerships
with laboratories that do not have our microarray expertise or
facilities and working to secure additional strategic corporate
relationships that could drive significant growth well into the
future."
Net loss during the first quarter of 2013, including substantial
non-cash warrant derivative gains, was $(48,000), or $(0.02) per
basic and diluted share, compared to $(2.4 million), or $(2.21) per
basic and diluted share in the first quarter of 2012. The
decrease in net loss was partially due to higher revenues and lower
operating expenses previously discussed, but was primarily driven
by a non-cash, warrant derivative gain of $1.8 million that was
recognized during the first quarter of 2013. Under generally
accepted accounting principles, warrants that were issued as part
of the Company's Series A convertible preferred stock financing in
the fourth quarter of 2012 are classified as derivative liabilities
at fair value, with changes to fair value recognized as
non-operating gains or charges in the consolidated statements of
operations. Primarily as a result of certain warrant exercises
during the first quarter of 2013, the value of the derivative
warrant liabilities decreased by $1.8 million, resulting in a
corresponding gain to the 2013 consolidated statement of
operations.
Cash and cash equivalents totaled $3.4 million as of March 31,
2013 vs. $2.4 million as of December 31, 2012. Cash used in
operating activities was $(1.60 million) for the three months ended
March 31, 2013, compared to $(1.63 million) for comparable period
in 2012. The Company completed financing activities in the first
quarter including a registered direct offering for the sale of
Series B convertible preferred stock, common stock and warrants to
an existing institutional investor that resulted in gross proceeds
to the Company of $2.0 million. In addition, the exercise of
certain warrants to purchase common stock from the Company's Series
A convertible preferred stock financing executed in the fourth
quarter of 2012 resulted in additional proceeds of $993,000 through
March 31, 2013, and additional proceeds of $402,000 in April of
2013. Finally, as previously reported, the Company executed a
Series C convertible preferred stock financing with institutional
investors that provided $1.2 million of gross cash proceeds at
closing of the first tranche on May 6, 2013 and, pending
stockholder approval at the Company's upcoming annual shareholders'
meeting on June 27, 2013, will provide an additional $1.2 million
of gross proceeds upon closing of the 2nd tranche.
Conference Call
CombiMatrix will host a conference call at 8:00 a.m. Pacific
Time (11:00 a.m. Eastern) today to discuss the first quarter 2013
financial results. To attend the presentation by phone, dial
1-888-438-5491 for domestic callers and 1-719-457-2085 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 6725021.
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 in
the areas of POC (products of conception), prenatal, pediatric and
oncology. 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. 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, steadily increase the size of our
customer rosters in both prenatal and developmental genetic testing
markets; 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: |
|
|
|
|
Three Months
Ended |
|
March
31, |
|
2013 |
2012 |
Revenues: |
|
|
Diagnostic services |
$ 1,586 |
$ 1,244 |
Royalties |
25 |
25 |
Total revenues |
1,611 |
1,269 |
|
|
|
Operating expenses: |
|
|
Cost of services |
937 |
659 |
Research and development |
183 |
450 |
Sales and marketing |
641 |
873 |
General and administrative |
1,373 |
1,574 |
Patent amortization and royalties |
60 |
76 |
Total operating expenses |
3,194 |
3,632 |
Operating loss |
(1,583) |
(2,363) |
|
|
|
Other income (expense): |
|
|
Interest income |
-- |
1 |
Interest expense |
(302) |
(6) |
Warrant derivative gain |
1,837 |
-- |
Total other income (expense) |
1,535 |
(5) |
Net income (loss) |
$ (48) |
$ (2,368) |
|
|
|
Deemed dividends from issuing Series B |
|
|
convertible preferred stock |
(417) |
-- |
Series A convertible preferred stock
dividends |
(246) |
-- |
Net loss attributable to common
stockholders |
$ (711) |
$ (2,368) |
|
|
|
Basic and diluted net income (loss) per
share |
$ (0.02) |
$ (2.21) |
Deemed dividends from issuing Series B |
|
|
convertible preferred stock |
(0.18) |
-- |
Series A convertible preferred stock
dividends |
(0.11) |
-- |
Basic and diluted net loss per share
attributable |
|
|
to common stockholders |
$ (0.31) |
$ (2.21) |
|
|
|
Basic and diluted weighted average |
|
|
common shares outstanding |
2,314,786 |
1,070,384 |
|
|
|
CONSOLIDATED BALANCE SHEET
INFORMATION: |
|
|
|
|
|
|
March 31, |
December 31, |
|
2013 |
2012 |
|
|
|
Total cash and cash equivalents |
$3,405 |
$2,372 |
Total assets |
$6,405 |
$5,180 |
Total liabilities |
$4,322 |
$5,905 |
Total stockholders' equity (deficit) |
$2,083 |
$ (1,119) |
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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