IRVINE, Calif., May 04, 2017 (GLOBE NEWSWIRE) -- CombiMatrix Corporation (NASDAQ:CBMX), a family health molecular diagnostics company specializing in DNA-based reproductive health and pediatric testing services, announces financial results for the three months ended March 31, 2017 and provides a business update.
“We are delighted to be reporting another quarter of exceptional financial and operational performance,” said Mark McDonough, CombiMatrix President and CEO. “Revenues increased 27% year-over-year to $3.8 million, driven by a 32% increase in our reproductive health segment. Gross margin on diagnostic services improved to 59.9% from 51.6% a year ago, cash collections reached a record $3.4 million, and net loss decreased to $518,000, a nearly $1 million improvement from the prior year. We believe that we are tracking very well toward reaching our goal of positive cash flows from operations by the fourth quarter of 2017.