CombiMatrix Corporation (CBMX) saw its loss narrow to $0.56 million, or $0.22 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $1.54 million, or $1.82 a share.

Revenue during the quarter surged 31.97 percent to $3.54 million from $2.68 million in the previous year period. Gross margin for the quarter expanded 1154 basis points over the previous year period to 58.78 percent. Operating margin for the quarter stood at negative 15.36 percent as compared to a negative 56.63 percent for the previous year period.

Operating loss for the quarter was $0.54 million, compared with an operating loss of $1.52 million in the previous year period.

"I'm proud to report a strong finish to 2016 with substantial improvements in key financial and operating metrics as we continue to make progress toward our stated goal of sustained profitability," said Mark McDonough, CombiMatrix president and chief executive officer. "Total revenues for the quarter increased 32% year-over-year to $3.5 million, driven by record reproductive health test volume and revenues, and across-the-board increases in average revenue per test. We also benefitted from further improvement in gross margin, which expanded significantly from a year ago to 58.4%. Our cash collections reached $3.3 million in fourth quarter of 2016-another new record. These favorable results along with our ability to manage expenses led to a nearly $1 million improvement in quarterly operating loss from the prior-year period."