CombiMatrix Q4 Operating Net Loss Widens - Quick Facts

(RTTNews) - CombiMatrix Corp. (CBMX), a molecular diagnostics company specializing in DNA-based testing services for developmental disorders and cancer diagnostics, reported that its fourth-quarter operating net loss widened to $1.81 million from $1.27 million in the prior year quarter.

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.

President and Chief Executive Officer Mark McDonough said, "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."

Quarterly revenues rose to $1.75 million from the prior year's $1.48 million.