Revenue during the quarter grew 28.58 percent to $3.25 million from $2.53 million in the previous year period. Gross margin for the quarter expanded 998 basis points over the previous year period to 54.56 percent. Operating margin for the quarter stood at negative 26.05 percent as compared to a negative 66.23 percent for the previous year period.

Operating loss for the quarter was $0.85 million, compared with an operating loss of $1.67 million in the previous year period.

"Excellent execution on our business initiatives keeps us squarely on the path to profitability," said Mark McDonough, CombiMatrix president and chief executive officer. "Among quarterly financial highlights, we are reporting revenue growth of 29%, our third consecutive quarter of gross margin above 50% and record cash reimbursement of $3.1 million, or 95% of total revenues. Combined with our ability to manage expenses, we reduced both our operating loss and our cash burn by nearly half from one year ago. “We are pleased with our recent performance and expect continued growth in revenue and test volume, along with consistent cash reimbursement and prudent expense management in the coming year with a focus on creating value for our shareholders,” Mr. McDonough added. “Given our outlook, we are increasingly confident we will reach our goal of positive cash flow from operations by the fourth quarter of 2017."