CombiMatrix Corporation (NASDAQ:CBMX), a family health molecular
diagnostics company specializing in DNA-based reproductive health
and pediatric testing services, announces financial and operating
results for the three and nine months ended September 30,
2017.
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|
|
Volumes |
|
Revenues (in
000's) |
|
|
Q3
'17 |
|
Q3
'16 |
|
#
Δ |
|
% Δ |
|
Q3
'17 |
|
Q3
'16 |
|
$
Δ |
|
% Δ |
Prenatal |
|
254 |
|
294 |
|
(40 |
) |
|
(13.6 |
%) |
|
$ |
440 |
|
$ |
408 |
|
$ |
32 |
|
|
7.8 |
% |
Miscarriage analysis |
|
1,123 |
|
990 |
|
133 |
|
|
13.4 |
% |
|
|
2,078 |
|
|
1,622 |
|
|
456 |
|
|
28.1 |
% |
PGS |
|
387 |
|
199 |
|
188 |
|
|
94.5 |
% |
|
|
497 |
|
|
286 |
|
|
211 |
|
|
73.8 |
% |
Subtotal - reproductive health |
|
1,764 |
|
1,483 |
|
281 |
|
|
18.9 |
% |
|
|
3,015 |
|
|
2,316 |
|
|
699 |
|
|
30.2 |
% |
Pediatric |
|
490 |
|
505 |
|
(15 |
) |
|
(3.0 |
%) |
|
|
653 |
|
|
589 |
|
|
64 |
|
|
10.9 |
% |
Subtotal |
|
2,254 |
|
1,988 |
|
266 |
|
|
13.4 |
% |
|
|
3,668 |
|
|
2,905 |
|
|
763 |
|
|
26.3 |
% |
FISH and
karyotyping |
|
698 |
|
847 |
|
(149 |
) |
|
(17.6 |
%) |
|
|
309 |
|
|
306 |
|
|
3 |
|
|
1.0 |
% |
Total - all tests |
|
2,952 |
|
2,835 |
|
117 |
|
|
4.1 |
% |
|
|
3,977 |
|
|
3,211 |
|
|
766 |
|
|
23.9 |
% |
Royalties |
|
35 |
|
|
37 |
|
|
(2 |
) |
|
(5.4 |
%) |
Total revenues |
$ |
4,012 |
|
$ |
3,248 |
|
$ |
764 |
|
|
23.5 |
% |
|
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|
|
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|
|
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|
|
|
|
|
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|
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|
Volumes |
|
Revenues (in
000's) |
|
|
9 mo.
'17 |
|
9 mo.
'16 |
|
#
Δ |
|
% Δ |
|
9 mo.
'17 |
|
9 mo.
'16 |
|
$
Δ |
|
% Δ |
Prenatal |
|
871 |
|
860 |
|
11 |
|
|
1.3 |
% |
|
$ |
1,437 |
|
$ |
1,203 |
|
$ |
234 |
|
|
19.5 |
% |
Miscarriage analysis |
|
3,321 |
|
2,886 |
|
435 |
|
|
15.1 |
% |
|
|
6,324 |
|
|
4,701 |
|
|
1,623 |
|
|
34.5 |
% |
PGS |
|
962 |
|
566 |
|
396 |
|
|
70.0 |
% |
|
|
1,247 |
|
|
759 |
|
|
488 |
|
|
64.3 |
% |
Subtotal - reproductive health |
|
5,154 |
|
4,312 |
|
842 |
|
|
19.5 |
% |
|
|
9,008 |
|
|
6,663 |
|
|
2,345 |
|
|
35.2 |
% |
Pediatric |
|
1,552 |
|
1,454 |
|
98 |
|
|
6.7 |
% |
|
|
1,985 |
|
|
1,646 |
|
|
339 |
|
|
20.6 |
% |
Subtotal |
|
6,706 |
|
5,766 |
|
940 |
|
|
16.3 |
% |
|
|
10,993 |
|
|
8,309 |
|
|
2,684 |
|
|
32.3 |
% |
FISH and
karyotyping |
|
2,271 |
|
2,497 |
|
(226 |
) |
|
(9.1 |
%) |
|
|
956 |
|
|
881 |
|
|
75 |
|
|
8.5 |
% |
Total - all tests |
|
8,977 |
|
8,263 |
|
714 |
|
|
8.6 |
% |
|
|
11,949 |
|
|
9,190 |
|
|
2,759 |
|
|
30.0 |
% |
Royalties |
|
91 |
|
|
137 |
|
|
(46 |
) |
|
(33.6 |
%) |
Total revenues |
$ |
12,040 |
|
$ |
9,327 |
|
$ |
2,713 |
|
|
29.1 |
% |
|
|
|
|
|
|
|
|
|
|
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|
Three Months Ended September 30, 2017 and 2016
CombiMatrix reported total revenues for the
third quarter of 2017 of $4.0 million, a 23.5% increase from $3.2
million for the third quarter of 2016. The increase in the
third quarter of 2017 was driven by higher test volumes in the
reproductive health segment and improved reimbursement with higher
average revenue per test across nearly all segments.
Reproductive health diagnostic test revenues for the third quarter
of 2017, which include prenatal, miscarriage analysis and
preimplantation genetic screening (PGS) testing, increased 30.2% to
$3.0 million with testing volumes increasing 18.9% to 1,764.
Also, total billable customers increased to 277 during the third
quarter of 2017 compared to 257 during the third quarter of
2016.
Total operating expenses were $4.6 million for
the third quarter of 2017 compared with $4.1 million for the
prior-year comparable period. The increase was due primarily
to increased general and administrative expenses, which included
$391,000 of merger-related expenses not incurred during the
comparable 2016 period. Operating expenses also increased
from higher cost of services associated with increased testing
volumes, and were partially offset by lower sales and marketing
expenses related to optimized headcount in the field.
Excluding merger-related expenses, non-GAAP general and
administrative expenses for the third quarter of 2017 were $1.5
million. A reconciliation of GAAP to non-GAAP measures is
provided below. Gross margin improved to 59.4% for the third
quarter of 2017 from 54.0% for the third quarter of 2016, driven
primarily by improved average reimbursement per test reflected
above as well as from cost containment strategies undertaken in
recent periods.
Net loss for the third quarter of 2017 was
$610,000, or $0.21 per share, and non-GAAP net loss for the third
quarter of 2017 was $219,000, or $0.08 per share. Net loss
for the third quarter of 2016 was $856,000, or $0.38 per
share. The improvement in net loss was due primarily to the
23.5% increase in total revenues described above, coupled with
improved gross margins. See below for a reconciliation of
GAAP to non-GAAP measures.
Nine Months Ended September 30, 2017 and
2016
CombiMatrix reported total revenues for the
first nine months of 2017 of $12.0 million, a 29.1% increase from
$9.3 million for the first nine months of 2016. The increase
in total revenues for the first nine months of 2017 was driven by
increased volumes for reproductive health and pediatric segments as
well as improved reimbursement resulting in higher revenue per test
across nearly all segments.
Operating expenses for the first nine months of
2017 were $13.5 million compared with $12.9 million from the
prior-year comparable period, with the increase due primarily to
increased general and administrative expenses, which included
$601,000 of merger-related expenses not incurred during the
comparable 2016 period. Operating expenses also increased
from higher cost of services associated with increased testing
volumes, and were partially offset by lower sales and marketing
expenses related to optimized headcount in the field.
Excluding merger-related expenses, non-GAAP general and
administrative expenses for the first nine months of 2017 were $4.8
million. General and administrative expenses for the first
nine months of 2016 were $4.6 million. Gross margin improved
to 60.2% for the first nine months of 2017 from 52.9% for the first
nine months of 2016. See below for a reconciliation of GAAP
to non-GAAP measures.
Net loss attributable to common stockholders for
the first nine months of 2017 was $1.5 million, or $0.52 per share
and non-GAAP net loss for the first nine months of 2017 was
$897,000, or $0.31 per share. Net loss attributable to common
stockholders for the first nine months of 2016 was $5.2 million, or
$3.48 per share. The higher net loss in the 2016 period
reflected one-time, non-cash charges of $1.9 million related to
deemed dividends from the issuance of Series F convertible
preferred stock and warrants in the $8.0 million public offering
that closed on March 24, 2016. This increase was partially
offset by the reversal of the $890,000 Series E deemed dividend
recognized in 2015 from the repurchase of those securities upon
closing of the public offering, partially reduced by $656,000 of
deemed dividends paid to the Series E investors in February of
2016. See below for a reconciliation of GAAP to non-GAAP
measures.
The Company reported $2.4 million in cash, cash
equivalents and short-term investments as of September 30, 2017,
compared with $3.7 million as of December 31, 2016. The
Company used $389,000 and $995,000 in cash to fund operating
activities during the quarter and nine months ended September 30,
2017, respectively. On a non-GAAP basis excluding
merger-related expenditures, the Company used $53,000 and $591,000
in cash to fund operating activities during the quarter and nine
months ended September 30, 2017, respectively. The Company
used $817,000 and $3.4 million in cash to fund operating activities
during the quarter and nine months ended September 30, 2016,
respectively. The significant decrease in cash used to fund
operating activities in the 2017 periods resulted primarily from
improved cash reimbursement of $3.7 million and $10.9 million for
the quarter and nine months ended September 30, 2017, respectively,
compared with $3.1 million and $8.5 million for the quarter and
nine months ended September 30, 2016, respectively. Improved
gross margins and lower sales and marketing expenditures also
contributed to the overall improvement in cash used to fund
operating activities for all periods presented. See below for
a reconciliation of GAAP to non-GAAP measures.
Non-GAAP Financial Measures
Consolidated financial information has been
presented in accordance with GAAP as well as on a non-GAAP basis.
On a non-GAAP basis, financial measures excluded the effect of
merger-related expenses in calculating the non-GAAP operating
expenses, net loss measures and cash used in operations.
CombiMatrix has incurred significant expenses in connection
with its proposed merger with Invitae Corporation, which it
generally would not have otherwise incurred in the periods
presented as part of its continuing operations.
Merger-related expenses incurred to-date consist primarily of legal
and accounting costs incurred associated with execution of the
merger and related agreements and filing of various merger-related
proxy materials. CombiMatrix management believes it is useful to
understand the effects of these items on the total operating
expenses, net loss measures and cash used in operations.
CombiMatrix management uses these non-GAAP
financial measures to monitor and evaluate its operating results
and trends on an ongoing basis, and internally for operating,
budgeting and financial planning purposes. CombiMatrix
management believes the non-GAAP information is useful for
investors by offering them the ability to identify trends in what
management considers to be CombiMatrix’s core operating results and
to better understand how management evaluates the business.
These non-GAAP measures have limitations, however, because
they do not include all items of expense that affect CombiMatrix.
These non-GAAP financial measures are not prepared in
accordance with, and should not be considered in isolation of, or
as an alternative to, measurements required by GAAP, and therefore
these non-GAAP results should only be used for evaluation in
conjunction with the corresponding GAAP measures. A
description of the non-GAAP calculations and reconciliation to
comparable GAAP financial measures is provided in the accompanying
table entitled “Reconciliation of GAAP to Non-GAAP Financial
Measures.”
About CombiMatrix
Corporation
CombiMatrix Corporation provides best-in-class
molecular diagnostic solutions and comprehensive clinical support
to foster the highest quality in patient care. CombiMatrix
specializes in pre-implantation genetic diagnostics and screening,
prenatal diagnosis, miscarriage analysis and pediatric
developmental disorders, offering DNA-based testing for the
detection of genetic abnormalities beyond what can be identified
through traditional methodologies. Our testing focuses on advanced
technologies, including single nucleotide polymorphism chromosomal
microarray analysis, next-generation sequencing, fluorescent in
situ hybridization and high resolution karyotyping.
Additional information about CombiMatrix is available at
www.CombiMatrix.com or by calling (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," “outlook,” “reach,” similar
expressions, and variations or negatives of these words and
include, but are not limited to, statements regarding projected
results of operations, including projected cash flow-positive
operating results, management's future business, operational and
strategic plans, recruiting efforts and test menu expansion. 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 Invitae’s common stock price drops below $9.49; the
risk that “Net Cash” at closing is lower than we forecast; the risk
that holders of less than 90% of the Series F warrants tender or
exercise their securities or our stockholders fail to approve the
merger and the merger agreement is terminated due to these reasons;
the occurrence of any event, change or other circumstances that
could give rise to the termination of the merger agreement; the
possibility that the proposed merger is delayed; the inability to
complete the merger due to the failure to satisfy any of the
conditions to completion of the merger; the impact of the
announcement or the completion of the merger on the market price of
our or Invitae’s common stock, or on our or Invitae’s relationships
with employees, existing customers and suppliers or potential
future customers and suppliers and on operating results and
businesses generally; the ability of Invitae to successfully
integrate our operations and employees; the ability to realize
anticipated synergies and costs savings of the proposed merger; the
risk that if the merger is terminated and we have to pay
termination fees and transaction expenses, we may not have
sufficient funds to make such payments; our ability to grow revenue
and improve gross margin; delays in achieving and maintaining cash
flow-positive operating results; the risk that operating expenses
are not reduced or increase; the risk that test volumes and
reimbursements level off or decline; the risk that payors decide to
not cover our tests or to reduce the amounts they are willing to
pay for our tests; the risk that we will not be able to grow our
business as quickly as we need to; the inability to raise capital;
the loss of members of our sales force; our ability to successfully
expand the base of our customers, add to the menu of our diagnostic
tests, develop and introduce new tests and related reports, expand
and improve our current suite of services, 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 all of
our genetic testing markets; our ability to attract and retain
a qualified sales force in wider geographies; our ability to ramp
production from our sales; 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.
Company Contact:Mark McDonoughPresident &
CEO, CombiMatrix Corporation (949) 753-0624
Investor Contact:LHA Investor Relations Jody
Cain(310) 691-7100jcain@lhai.com
|
Tables to Follow |
|
|
COMBIMATRIX CORPORATION |
CONSOLIDATED STATEMENTS OF
OPERATIONS |
(In thousands, except share and per share
information) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
September
30, |
|
|
September
30, |
|
|
2017 |
|
|
|
2016 |
|
|
|
|
2017 |
|
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
Diagnostic services |
$ |
3,977 |
|
|
$ |
3,211 |
|
|
|
$ |
11,949 |
|
|
$ |
9,190 |
|
Royalties |
|
35 |
|
|
|
37 |
|
|
|
|
91 |
|
|
|
137 |
|
Total
revenues |
|
4,012 |
|
|
|
3,248 |
|
|
|
|
12,040 |
|
|
|
9,327 |
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
Cost of
services |
|
1,614 |
|
|
|
1,476 |
|
|
|
|
4,754 |
|
|
|
4,327 |
|
Research
and development |
|
90 |
|
|
|
88 |
|
|
|
|
260 |
|
|
|
380 |
|
Sales and
marketing |
|
967 |
|
|
|
1,055 |
|
|
|
|
3,005 |
|
|
|
3,532 |
|
General
and administrative |
|
1,930 |
|
|
|
1,450 |
|
|
|
|
5,449 |
|
|
|
4,562 |
|
Patent
amortization and royalties |
|
25 |
|
|
|
25 |
|
|
|
|
75 |
|
|
|
75 |
|
Total
operating expenses |
|
4,626 |
|
|
|
4,094 |
|
|
|
|
13,543 |
|
|
|
12,876 |
|
Operating
loss |
|
(614 |
) |
|
|
(846 |
) |
|
|
|
(1,503 |
) |
|
|
(3,549 |
) |
Other income
(expense): |
|
|
|
|
|
|
|
|
Interest
income |
|
7 |
|
|
|
7 |
|
|
|
|
18 |
|
|
|
19 |
|
Interest
expense |
|
(3 |
) |
|
|
(17 |
) |
|
|
|
(13 |
) |
|
|
(52 |
) |
Total
other income (expense) |
|
4 |
|
|
|
(10 |
) |
|
|
|
5 |
|
|
|
(33 |
) |
Net
loss |
$ |
(610 |
) |
|
$ |
(856 |
) |
|
|
$ |
(1,498 |
) |
|
$ |
(3,582 |
) |
|
|
|
|
|
|
|
|
|
Deemed dividend from
issuing Series F convertible |
|
|
|
|
|
|
|
|
preferred
stock and warrants |
$ |
- |
|
|
$ |
- |
|
|
|
$ |
- |
|
|
$ |
(1,877 |
) |
Deemed dividend paid
for right to repurchase Series E |
|
|
|
|
|
|
|
|
convertible preferred stock |
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
(656 |
) |
Deemed dividend from
issuing and modifying Series E |
|
|
|
|
|
|
|
|
convertible preferred stock and warrants |
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
890 |
|
Net loss
attributable to common stockholders |
$ |
(610 |
) |
|
$ |
(856 |
) |
|
|
$ |
(1,498 |
) |
|
$ |
(5,225 |
) |
|
|
|
|
|
|
|
|
|
Basic
and diluted net loss per share |
$ |
(0.21 |
) |
|
$ |
(0.38 |
) |
|
|
$ |
(0.52 |
) |
|
$ |
(2.38 |
) |
Deemed dividend from
issuing Series F convertible |
|
|
|
|
|
|
|
|
preferred
stock |
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
(1.25 |
) |
Deemed dividend paid
for right to repurchase Series E |
|
|
|
|
|
|
|
|
convertible preferred stock |
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
(0.44 |
) |
Deemed dividend from
issuing and modifying Series E |
|
|
|
|
|
|
|
|
convertible preferred stock |
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
0.59 |
|
Basic and diluted net
loss per share attributable |
|
|
|
|
|
|
|
|
to common
stockholders |
$ |
(0.21 |
) |
|
$ |
(0.38 |
) |
|
|
$ |
(0.52 |
) |
|
$ |
(3.48 |
) |
|
|
|
|
|
|
|
|
|
Basic and diluted
weighted average |
|
|
|
|
|
|
|
|
common
shares outstanding |
|
2,925,580 |
|
|
|
2,253,834 |
|
|
|
|
2,867,860 |
|
|
|
1,502,680 |
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED BALANCE SHEET INFORMATION: |
|
|
|
|
|
September 30, |
|
|
December 31, |
|
|
2017 |
|
|
2016 |
Total cash, cash
equivalents and short-term investments |
$ |
2,382 |
|
$ |
3,727 |
Total assets |
|
7,739 |
|
|
8,478 |
Total liabilities |
|
2,465 |
|
|
1,984 |
Total stockholders’
equity |
|
5,274 |
|
|
6,494 |
|
|
|
|
|
|
|
COMBIMATRIX CORPORATION |
Reconciliation of GAAP to Non-GAAP Financial
Measures |
(In thousands, except share and per share
information) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
September
30, |
|
September
30, |
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
|
|
|
|
|
|
|
|
General and
administrative expenses: |
|
|
|
|
|
|
|
General
and administrative - GAAP |
$ |
1,930 |
|
|
$ |
1,450 |
|
|
$ |
5,449 |
|
|
$ |
4,562 |
|
Merger-related expenses(a) |
|
(391 |
) |
|
|
- |
|
|
|
(601 |
) |
|
|
- |
|
General
and administrative - Non-GAAP |
$ |
1,539 |
|
|
$ |
1,450 |
|
|
$ |
4,848 |
|
|
$ |
4,562 |
|
|
|
|
|
|
|
|
|
Net loss: |
|
|
|
|
|
|
|
Net loss
- GAAP |
$ |
(610 |
) |
|
$ |
(856 |
) |
|
$ |
(1,498 |
) |
|
$ |
(3,582 |
) |
Merger-related expenses (as noted above) |
|
391 |
|
|
|
- |
|
|
|
601 |
|
|
|
- |
|
Net loss
- Non-GAAP |
$ |
(219 |
) |
|
$ |
(856 |
) |
|
$ |
(897 |
) |
|
$ |
(3,582 |
) |
|
|
|
|
|
|
|
|
Net loss per
share: |
|
|
|
|
|
|
|
Basic and
diluted net loss per share - GAAP |
$ |
(0.21 |
) |
|
$ |
(0.38 |
) |
|
$ |
(0.52 |
) |
|
$ |
(2.38 |
) |
Merger-related expenses per share (as noted above) |
|
0.13 |
|
|
|
- |
|
|
|
0.21 |
|
|
|
- |
|
Basic and
diluted net loss per share - Non-GAAP |
$ |
(0.08 |
) |
|
$ |
(0.38 |
) |
|
$ |
(0.31 |
) |
|
$ |
(2.38 |
) |
|
|
|
|
|
|
|
|
Basic and diluted
weighted average common shares |
|
|
|
|
|
|
|
outstanding used to compute GAAP and Non-GAAP |
|
|
|
|
|
|
|
basic and
diluted net loss per share |
|
2,925,580 |
|
|
|
2,253,834 |
|
|
|
2,867,860 |
|
|
|
1,502,680 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash used in operating
activities: |
|
|
|
|
|
|
|
Cash used
in operating activities - GAAP |
$ |
(389 |
) |
|
$ |
(817 |
) |
|
$ |
(995 |
) |
|
$ |
(3,361 |
) |
Merger-related expenditures (b) |
|
336 |
|
|
|
- |
|
|
|
404 |
|
|
|
- |
|
Cash used
in operating activites - Non-GAAP |
$ |
(53 |
) |
|
$ |
(817 |
) |
|
$ |
(591 |
) |
|
$ |
(3,361 |
) |
|
|
|
|
|
|
|
|
These non-GAAP financial measures exclude
the following items:
(a) General and administrative expenses:
These expenses are primarily legal costs incurred with
drafting and executing the merger and related agreements with
Invitae Corporation, but also include certain accounting and filing
costs associated with the related special stockholders meeting
proxy statement that have been incurred to-date. The Company
provides non-GAAP information that excludes general and
administrative expenses relating to the proposed merger with
Invitae Corporation. The Company believes that eliminating
these expenses from its non-GAAP measures is useful to investors.
The Company believes that the exclusion of the merger-related
expenses provides for a better comparison of the Company’s
operating results to the prior periods because the Company
generally would not have otherwise incurred these expenses in the
periods presented as part of its continuing operations. (b)
Merger-related expenditures: These
expenditures are identical in nature to (a) above, but reflect
timing differences between when the expenses are recognized for
expense purposes compared to when the vendor charges are actually
paid in cash. The Company provides non-GAAP information that
excludes merger-related expenditures related to the proposed merger
with Invitae Corporation. The Company believes that the
exclusion of the merger-related expenses provides for a better
comparison of the Company’s operating results to the prior periods
because the Company generally would not have otherwise incurred
these expenses in the periods presented as part of its continuing
operations.
Combimatrix Corp. (MM) (NASDAQ:CBMX)
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