CombiMatrix Corporation (Nasdaq:CBMX), a molecular diagnostics
company specializing in DNA-based testing services for
developmental disorders and cancer diagnostics, reported today that
total revenues for the second quarter and first six months of 2013
increased to $1.5 million and $3.1 million, respectively, up 15
percent and 21 percent from the second quarter and first six months
of 2012, respectively. Revenues from the Company's core prenatal
microarray testing markets grew by 152 percent in the second
quarter of 2013 over the corresponding period in 2012, and by 159
percent year-over-year for the first six months. Prenatal
microarray volumes grew by 156 percent and 171 percent in the same
periods, respectively. The Company performed a total of 1,485
billable diagnostic tests for 125 customers in the second quarter
of 2013, compared to 1,459 tests for 116 customers in the second
quarter of 2012.
Last year, the Company announced that it would direct resources
to build on its advantageous position and success in the prenatal
and pediatric markets, while in oncology, it would focus almost
exclusively on laboratory partnerships and de-emphasize direct
oncology efforts. In addition, the Company has announced that
technology advancements and the continued acceptance of microarray
testing as an emerging standard would allow the Company to
eliminate focus on older testing technologies to focus on
microarray testing. Prenatal microarray testing revenues in the
second quarter and first half of 2013 were $836,000 and $1.7
million, respectively, as compared to $331,000 and $645,000 in the
2012 periods.
CombiMatrix President and Chief Executive Officer Mark McDonough
said, "We believe the quality of our testing platform and the
service commitment of our organization are making it possible to
succeed on multiple commercial fronts. Growth in our microarray
volumes, positive coverage decisions at multiple third-party payors
and the recently announced partnership with Sequenom provides
evidence of that progress. In addition, we are driving the fastest
growth in the most important and highest margin segment of our
business – prenatal microarray testing."
"We intend to become the premier independent laboratory focusing
on delivering microarray technologies," continued McDonough. "As we
continue to secure partners in the marketplace that recognize the
value and flexibility we provide in offering microarray services,
we will also continue to build out our commercial team to take
advantage of broadening geographies and the dynamic caused by all
of the recent positive clinical trial data supporting microarray
testing."
Total operating expenses were $3.0 million and $6.2 million for
the second quarter and first six months of 2013, representing
reductions of 9% and 10% from the comparable prior periods' total
operating expenses of $3.3 million and $7.0 million, respectively.
The reductions were 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. CombiMatrix CFO Scott
Burell said, "We have successfully controlled costs and reduced our
need for cash in recent quarters. That discipline, combined with
record cash reimbursement levels, the recent financing activities
and common stock warrant exercises, have provided us with the
highest cash balance we have had in more than 6 quarters."
Net loss was $(121,000), or $(0.03) per basic and diluted share,
in the second quarter of 2013, compared to $(2.0 million), or
$(1.90) per basic and diluted share, in the second quarter of 2012.
Net loss was $(169,000), or $(0.06) per basic and diluted share, in
the first six months of 2013, compared to $(4.4 million), or
$(4.11) per basic and diluted share, in the first six months of
2012. The decrease in net loss for all periods presented was
partially due to higher revenues and lower operating expenses
previously discussed, but was primarily driven by non-cash, warrant
derivative gains of $1.4 million and $3.3 million for the three and
six months ended June 30, 2013, respectively. 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 at each balance sheet date. Primarily as a result of
certain warrant exercises during the first and second quarters of
2013, the value of the derivative warrant liabilities has decreased
by a combined $3.3 million since December 31, 2012, resulting in
corresponding gains to the 2013 consolidated statements of
operations.
Net loss attributable to common shareholders for the three and
six months ended June 30, 2013 was $(1.3 million), or $(0.37) per
basic and diluted share, and $(2.1 million), or $(0.69) per basic
and diluted share, respectively. Net loss attributable to common
shareholders includes deemed dividends from the issuance of Series
B and C convertible preferred stock of $417,000 and $1.2 million,
respectively, in the first six months of 2013.
Cash and cash equivalents totaled $5.7 million as of June 30,
2013 compared to $2.4 million as of December 31, 2012. Cash
used in operating activities was $(1.2 million), $(2.8 million),
$(1.5 million) and $(3.1 million) for the three and six months
ended June 30, 2013 and 2012, respectively, and is lower for all
periods presented due to higher revenues and cost-containment
efforts discussed above. The Company achieved the highest
quarterly cash reimbursements in its history of $1.5 million in the
2013 second quarter, despite industry-wide shifts in reimbursement
codes.
As previously reported, the Company completed a Series C
convertible preferred stock financing in two tranches during the
2013 second quarter, which resulted in gross proceeds of $2.4
million. In addition, proceeds from the exercise of certain
common stock warrants provided an additional $1.4 million of cash
proceeds during the 2013 second quarter. Combined with first
quarter financing activities, the Company has received cash
proceeds from Series B and C financings and warrant exercises of
$6.4 million, net of offering-related costs paid through June 30,
2013. Management believes that it now has sufficient cash
resources to last into the third quarter of 2014. In addition,
by achieving $5.7 million of stockholders' equity as of June 30,
2013, the Company believes it satisfies the Nasdaq listing
requirement for minimum stockholders' equity and expects to regain
compliance with this listing requirement after filing its Quarterly
Report on Form 10-Q with the Securities and Exchange
Commission. There can be no assurance, however, that the
Company will be able to maintain compliance with such listing
requirement in the future. On July 22, 2013, as a result of
the appointment of Robert Hoffman to the Company's Board of
Directors, Nasdaq notified the Company that it had regained
compliance with the requirement to have a majority of independent
directors.
Conference Call
CombiMatrix will host a conference call at 8:00 a.m. Pacific
Time (11:00 a.m. Eastern) today to discuss the second quarter 2013
financial results. To attend the presentation by phone, dial
1-888-364-3108 for domestic callers and 1-719-325-2452 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 6677286.
About CombiMatrix Corporation
CombiMatrix Corporation provides valuable molecular diagnostic
solutions and comprehensive clinical support for the highest
quality of care. CombiMatrix specializes in miscarriage
analysis, prenatal and pediatric healthcare, offering DNA-based
testing for the detection of genetic abnormalities beyond what can
be identified through traditional methodologies. CombiMatrix
performs genetic testing utilizing a variety of advanced
cytogenomic techniques, including microarray, standardized and
customized FISH, and high resolution karyotyping. Additional
information about CombiMatrix is available at www.combimatrix.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,
the ability to regain compliance with Nasdaq listing requirements,
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 microarray testing services, and increase operating margins by
improving overall productivity and expanding sales volumes; the
possibility that Nasdaq will determine that the we have not
regained compliance with the stockholders' equity listing
requirement due to perceived long-term factors; 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
in wider geographies; rapid technological change in our markets;
changes in demand for our future services; 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) |
|
|
|
|
|
|
Three Months
Ended |
Six Months
Ended |
|
June
30, |
June
30, |
|
2013 |
2012 |
2013 |
2012 |
|
|
|
|
|
Revenues |
|
|
|
|
Diagnostic services |
$ 1,445 |
$ 1,252 |
$ 3,031 |
$ 2,496 |
Royalties |
55 |
54 |
80 |
79 |
Total revenues |
1,500 |
1,306 |
3,111 |
2,575 |
|
|
|
|
|
Operating expenses: |
|
|
|
|
Cost of services |
851 |
677 |
1,788 |
1,336 |
Research and development |
177 |
342 |
360 |
792 |
Sales and marketing |
695 |
679 |
1,336 |
1,552 |
General and administrative |
1,251 |
1,569 |
2,624 |
3,143 |
Patent amortization and
royalties |
66 |
66 |
126 |
142 |
Total operating expenses |
3,040 |
3,333 |
6,234 |
6,965 |
Operating loss |
(1,540) |
(2,027) |
(3,123) |
(4,390) |
Other income (expense): |
|
|
|
|
Interest income |
1 |
-- |
1 |
1 |
Interest expense |
(19) |
(6) |
(321) |
(12) |
Warrant derivative gains |
1,437 |
-- |
3,274 |
-- |
Total other income
(expense) |
1,419 |
(6) |
2,954 |
(11) |
Net loss |
$ (121) |
$ (2,033) |
$ (169) |
$ (4,401) |
|
|
|
|
|
Series A convertible preferred stock
dividends |
$ -- |
$ -- |
$ (246) |
$ -- |
Series C convertible preferred stock
dividends |
(11) |
-- |
(11) |
-- |
Deemed dividends from issuing Series B
convertible preferred stock |
-- |
-- |
(417) |
-- |
Deemed dividends from issuing Series C
convertible preferred stock |
(1,213) |
-- |
(1,213) |
-- |
Net loss attributable to common
stockholders |
$ (1,345) |
$ (2,033) |
$ (2,056) |
$ (4,401) |
|
|
|
|
|
Basic and diluted net income (loss) per
share |
$ (0.03) |
$ (1.90) |
$ (0.06) |
$ (4.11) |
Series A convertible preferred stock
dividends |
-- |
-- |
(0.08) |
-- |
Deemed dividends from issuing Series B
convertible preferred stock |
-- |
-- |
(0.14) |
-- |
Deemed dividends from issuing Series C
convertible preferred stock |
(0.34) |
-- |
(0.41) |
-- |
Basic and diluted net loss per share
attributable to common stockholders |
$ (0.37) |
$ (1.90) |
$ (0.69) |
$ (4.11) |
|
|
|
|
|
Basic and diluted weighted average common
shares outstanding |
3,547,709 |
1,070,384 |
2,934,653 |
1,070,384 |
|
|
|
CONSOLIDATED BALANCE SHEET
INFORMATION: |
|
|
|
|
|
|
June 30, |
December 31, |
|
2013 |
2012 |
|
|
|
Total cash and cash equivalents |
$5,724 |
$2,372 |
Total assets |
$8,603 |
$5,180 |
Total liabilities |
$2,934 |
$5,905 |
Total stockholders' equity |
$5,669 |
$ (1,119) |
CONTACT: Company Contact:
Mark McDonough
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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