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 fourth quarter and twelve months ended
December 31, 2013 increased to $1.75 million and $6.37 million,
respectively, up 18 percent and 19 percent from the comparable
periods in 2012, respectively. Revenues from the Company's core
prenatal microarray testing markets grew by 57 percent in the
fourth quarter of 2013 over the corresponding period in 2012, and
by 112 percent year-over-year. Sequentially, prenatal microarray
testing revenues grew by 22% from the third quarter of 2013 to the
fourth quarter. Prenatal microarray volumes grew by 74 percent and
126 percent in the fourth quarter and twelve months ended December
31, 2013, respectively, from the comparable periods in
2012. Billable prenatal microarray tests were 674 and 2,222
for the three and twelve months ended December 31, 2013, both of
which represent record prenatal microarray volumes for the
Company.
CombiMatrix President and Chief Executive Officer Mark McDonough
said, "We are a vastly different company from a year ago. We
have a sharper focus with millions more patients covered for
microarray testing and numerous leading labs and physician groups
now on board. Our strategy to build a dominant position in the
prenatal and pediatric markets continues to prove out as our
commercial productivity continued to grow in Q4. The success
of that model, along with our recent financing, has allowed us to
add key sales regions and further expand our commercial effort into
the new year."
Record prenatal microarray testing revenues in the fourth
quarter and twelve months ended December 31, 2013 were $1.0 million
and $3.6 million, respectively, as compared to $659,000 and $1.7
million in the 2012 periods.
"We intend to become the premier independent laboratory focused
on delivering microarray technologies," continued
McDonough. "Recent announcements detailing new partners in the
marketplace indicate that others share that vision and value the
quality and flexibility of our service offerings. We look forward
to additional partnerships and commercial channels forming in 2014
in addition to growth in productivity from our growing direct sales
team and acceleration of test volume growth throughout the
year."
Total operating expenses were $3.6 million in the fourth quarter
of 2013 compared to $2.8 million in the fourth quarter of
2012. The increase was driven primarily by higher test
volumes, increased sales and marketing expenses from expanding the
Company's sales force and increased general and administrative
costs, due primarily to one-time executive relocation costs not
expected to repeat in future periods. For the twelve months
ended December 31, 2013 and 2012, total operating expenses were
$12.8 million and $12.3 million, respectively. The net
increase in year-over-year operating expenses was also due to
increased microarray costs from record microarray volumes and
higher sales and marketing costs, partially offset by lower
research and development and lower general and administrative costs
as a result of cost-reduction efforts undertaken in 2012.
Cash, cash equivalents and short-term investments totaled $14.0
million as of December 31, 2013 compared to $2.4 million as of
December 31, 2012. Cash used in operating activities was $(1.5
million), $(5.6 million), $(1.4 million) and $(5.9 million) for the
three and twelve months ended December 31, 2013 and 2012,
respectively. The slight increase in cash used in operating
activities quarter-over-quarter was primarily due to one-time
executive relocation costs incurred during the fourth quarter of
2013.
As previously reported, the Company completed a Series D
convertible preferred stock financing during the 2013 fourth
quarter, which resulted in gross proceeds of $12.0 million. In
addition, proceeds from the exercise of certain common stock
warrants provided an additional $743,000 of cash proceeds during
the 2013 fourth quarter. Combined with prior 2013 quarterly
financing activities, the Company has received cash proceeds from
Series B, C and D financings and warrant exercises totaling $17.8
million, net of offering-related costs paid through December 31,
2013. Management believes that the Company has fully mitigated
its risk regarding operating as a going concern and now has
sufficient cash resources to last well beyond 2014.
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 2013
financial results. To attend the presentation by phone, dial
1-888-287-5563 for domestic callers and 1-719-457-2661 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 8996370.
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; 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, unaudited) |
|
|
|
|
|
|
For the Three
Months Ended December 31, |
For the Years
Ended December 31, |
|
2013 |
2012 |
2013 |
2012 |
Revenues: |
|
|
|
|
Diagnostic services |
$ 1,705 |
$ 1,426 |
$ 6,204 |
$ 4,975 |
Clinical trial support
services |
-- |
-- |
-- |
195 |
Royalties |
48 |
54 |
163 |
180 |
Total revenues |
1,753 |
1,480 |
6,367 |
5,350 |
Operating expenses: |
|
|
|
|
Cost of services |
894 |
719 |
3,527 |
2,702 |
Research and development |
404 |
297 |
1,011 |
1,400 |
Sales and marketing |
771 |
574 |
2,764 |
2,596 |
General and administrative |
1,433 |
1,104 |
5,206 |
5,378 |
Patent amortization and
royalties |
64 |
57 |
254 |
266 |
Total operating expenses |
3,566 |
2,751 |
12,762 |
12,342 |
Operating net loss |
$ (1,813) |
$ (1,271) |
$ (6,395) |
$ (6,992) |
|
CONSOLIDATED BALANCE
SHEET INFORMATION: |
|
|
|
|
December 31,
2013 |
December 31,
2012 |
|
|
|
Total cash, cash equivalents and short-term
investments |
$ 14,036 |
$ 2,372 |
Total assets |
$ 16,832 |
$ 5,180 |
Total liabilities |
$ 2,168 |
$ 5,905 |
Total stockholders' equity (deficit) |
$ 14,664 |
$ (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
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