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CBMX > SEC Filings for CBMX > Form 8-K on 25-Oct-2013All Recent SEC Filings

Show all filings for COMBIMATRIX CORP

Form 8-K for COMBIMATRIX CORP


25-Oct-2013

Results of Operations and Financial Condition, Other Events


Item 2.02 Results of Operations and Financial Condition.

The information disclosed in Item 8.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.02.



Item 8.01 Other Events.

We are currently in the process of finalizing our unaudited consolidated financial statements for the three months ended September 30, 2013, and therefore, our complete financial results are not yet available. Our unaudited consolidated financial statements for the three months ended September 30, 2013, have not yet been reviewed by our independent registered public accounting firm.

We expect total revenues for the three months ended September 30, 2013 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. Also, 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 by 140% to 541 for the three months ended September 30, 2013, compared to 225 in 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. Our cash balances have 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. Our 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.


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