![]() Net loss from continuing operations during the first quarter of 2011 was $(2.0 million), or ($0.26) per basic and diluted share, compared to net income from continuing operations of $16.8 million, or $2.20 per basic share and $2.14 per diluted share, in the first quarter of 2010. The decrease for the periods presented was due primarily to a one-time litigation settlement gain of $19.4 million recognized during the first quarter of 2010 as well as a decrease in interest expense as a result of retiring the Company's secured convertible debenture during the first quarter of 2010.Ĭash and cash equivalents totaled $4.9 million as of March 31, 2011, compared to $6.6 million as of December 31, 2010. Net cash flows (used in) provided by operating activities were $(1.6 million) and $16.5 million for the three months ended Maand 2010, respectively. Cash flows for the three months ended Maincluded the receipt of $19.4 million in net litigation settlement proceeds. Contributing to the improvement in net cash flows used in operating activities (excluding net litigation settlement proceeds) for the periods presented was due primarily to our restructuring plan executed earlier in 2010, whereby the former CustomArray operations in Mukilteo, Washington were shut down. Those elements include plans to get the new tests up and running allow access to samples earlier in the testing continuum finalize our oncology reports that will give physicians actionable results for guiding their patients to appropriate treatments or clinical trials and steadily increase the size of our customer rosters in both developmental medicine and oncology," concluded Jessup. "While these milestones are important measurements of progress, the entire team is focused on the timeline and execution that we believe will allow for an accelerating sales ramp in the second half of this year. ![]() This pace has continued after the end of the first quarter with a new round of financing that provided what we believe is a much stronger capital structure and the signing of our first commercial agreement with a national laboratory." In comparison to the fourth quarter of 2010, diagnostic testing services revenues increased sequentially by 15% from $791,000.ĬombiMatrix President and Chief Executive Officer Judd Jessup said, "The pace of organizational change at CombiMatrix accelerated in the first quarter as sales and marketing positions have been filled and our first addition to the testing menu is now up and running. First quarter 2011 revenues were generated exclusively from the delivery of diagnostic testing services, compared to diagnostic test services revenues of $772,000 and array CGH revenues of $48,000 during the first quarter of 2010, representing an 18% increase in diagnostic test services revenues for the 2011 period. IRVINE, Calif., (GLOBE NEWSWIRE) - CombiMatrix Corporation (Nasdaq:CBMX), a molecular diagnostics company performing DNA-based testing services for cancer and developmental disorders, reported today that total revenues for the first quarter of 2011 increased 11% to $913,000 from $820,000 in the first quarter of 2010.
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