CombiMatrix (CBMX) Tops Q2 EPS by 3c

CombiMatrix (NASDAQ: CBMX) reported Q2 EPS of ($0.13), $0.03 better than the analyst estimate of ($0.16). Revenue for the quarter came in at $2.5 million versus the consensus estimate of $2.4 million.

"Our business momentum remains strong as evidenced by another quarter of record revenues and volume from our prenatal microarray diagnostic tests, as well as record cash collections," said Mark McDonough, CombiMatrix President and CEO. "Contributing to this growth is the introduction of new diagnostic tests including our pediatric buccal swab microarray test launched in May, as well as incremental contributions from our prenatal targeted array test and pre-implantation genetic screening tests. We also increased our billable customers to 224 for the quarter, up 27% from a year ago.

"Our outlook is for continued growth given our significant market opportunities, commitment to high-quality service and fast sample turnaround times," added McDonough. "We hired seven new sales representatives in early June to further capitalize on opportunities in markets where we have an established presence, as well as to expand into new territories and to support the product launches we plan to make in the next nine to twelve months. We expect to end 2015 with up to 20 sales representatives in the field, which is approximately double from where we started the year. Also in 2015, we have added personnel to our revenue-generating departments including payer relations, billing, genetic counseling and laboratory operations."

For earnings history and earnings-related data on CombiMatrix (CBMX) click here.

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