IRVINE, Calif., Oct. 28, 2013 (GLOBE NEWSWIRE) -- CombiMatrix Corporation (Nasdaq:CBMX), a molecular diagnostics company specializing in DNA-based testing services for developmental disorders and cancer diagnostics, today reported summary selected preliminary unaudited third quarter financial results. The Company is currently in the process of finalizing its unaudited consolidated financial statements for the three months ended September 30, 2013, and therefore, the complete financial results are not yet available.
Total revenues for the three months ended September 30, 2013 are expected to be $1.50 million, compared to revenues of $1.29 million for the three months ended September 30, 2012. The increase was driven primarily by increased microarray testing volumes, which increased by 34% from 857 billable tests for the third quarter ended September 30, 2012, to 1,145 tests for the third quarter ended September 30, 2013. The prior year revenues included $195,000 of clinical trial support services revenues, which did not repeat in 2013. Diagnostic testing revenues of $1.47 million grew by 39% in the third quarter of 2013 from $1.05 million in the third quarter of 2012.
Prenatal microarray revenues increased to $847,000 for the three months ended September 30, 2013, compared to $370,000 for the comparable period in 2012, driven primarily by increased prenatal microarray volumes, which increased to 541 for the three months ended September 30, 2013, compared to 225 in the comparable period in 2012. Prenatal microarray volumes grew by 140% in the third quarter of 2013 over the comparable period in 2012.
Cash and cash equivalents and total assets were $4.0 million and $7.0 million as of September 30, 2013, compared to $2.4 million and $5.2 million as of December 31, 2012, respectively. Cash balances increased due primarily to financing activities in 2013, partially offset by cash used in operations, which was $1.2 million for the three months ended September 30, 2013, compared to $1.4 million in the comparable period in 2012. The warrant liability decreased to $1.1 million as of September 30, 2013, from $4.2 million as of December 31, 2012, as a result of warrant exercises and decreases in the fair value of the derivative warrant liability during 2013. Total liabilities decreased to $2.6 million as of September 30, 2013, from $5.9 million as of December 31, 2012, primarily due to decreases in the derivative warrant liability. Stockholders' equity increased to $4.4 million as of September 30, 2013, from a deficit of $1.1 million as of December 31, 2012. The increase in stockholders' equity is due primarily to financing activities during 2013, coupled with the recognition of warrant derivative gains from lower warrant liability valuations as of September 30, 2013, compared to December 31, 2012.
About CombiMatrix Corporation
CombiMatrix Corporation provides valuable molecular diagnostic solutions and comprehensive clinical support for the highest quality of care – specializing in miscarriage analysis, prenatal and pediatric healthcare. CombiMatrix offers comprehensive testing services for the detection of genetic abnormalities at the DNA level, beyond what can be identified through traditional methodologies. The Company performs genetic testing utilizing advanced technologies, including microarray, FISH, PCR and G-Band chromosome analyses. 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," "objective," similar expressions, and variations or negatives of these words and include, but are not limited to, statements regarding the our financial and performance results. 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: possible adjustments to preliminary operating results; market acceptance of chromosomal microarray analysis (or ''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 Media Contact: Len Hall VP, Media Relations Allen & Caron Tel (949) 474-4300 email@example.com