Affymetrix Announces Preliminary Revenue for Third Quarter 2012
October 08 2012 - 6:00AM
Business Wire
Affymetrix, Inc. (Nasdaq: AFFX) today reported that based on
preliminary financial data, the Company expects total revenue of
approximately $80 million for the third quarter of 2012, with
revenue of approximately $18 million from the eBioscience business.
The Company expects to report cash-on-hand of approximately $39.6
million as of September 30, 2012, after a $3.5 million interest and
principal payment on the Company’s senior debt.
The Company believes that total revenue for the third quarter
was negatively impacted by a tightening academic funding
environment worldwide, primarily affecting its gene expression and
eBioscience business units.
“Based on ongoing concerns about global academic funding as well
as a weaker Euro, we now believe that total revenue for Affymetrix
excluding eBioscience will be flat to slightly down for 2012
relative to the prior year,” said Frank Witney, President and CEO.
“We continue to believe that the Affymetrix business is
stabilizing, with double digit revenue growth for the quarter in
our cytogenetics and genotyping product lines as compared to the
third quarter 2011. However, our gene expression and eBioscience
business segments were weaker than expected in the quarter.
Finally, the integration of eBioscience is on track and we have
important new product development and commercial programs that are
underway.”
The Company will provide a more detailed business update and
complete financial information when it reports its third quarter
results after the close of the market on Wednesday, October 31,
2012. The Company is currently observing a pre-earnings quiet
period and will not make further comments about its third quarter
results in the interim.
Affymetrix’s management team will host a conference call on
October 31, 2012 at 2:00 p.m. PT. A live webcast can be accessed by
visiting the Investor Relations section of the Company's website at
http://www.affymetrix.com. In addition, investors and other
interested parties can listen by dialing domestic: (877) 407-4812,
international: (201) 689-8345. The passcode to access the
conference call is 401334.
About Affymetrix
Affymetrix technologies are used by the world's top
pharmaceutical, diagnostic, and biotechnology companies, as well as
leading academic, government, and nonprofit research institutes.
More than 26,000 peer-reviewed papers have been published citing
the technologies. Affymetrix is headquartered in Santa Clara,
Calif., and has manufacturing facilities in Santa Clara, San Diego,
Cleveland, Ohio, Singapore, and Austria. The company has about
1,180 employees worldwide and maintains sales and distribution
operations across Europe, Asia, and Latin America. For more
information about Affymetrix, please visit www.affymetrix.com.
Affymetrix has not filed the Form 10-Q for the third quarter of
fiscal 2012. As a result, all financial results described in this
press release should be considered preliminary, and are subject to
change to reflect any necessary corrections or adjustments, or
changes in accounting estimates, that are identified prior to the
time the company is in a position to complete these filings.
All statements in this press release that are not historical are
"forward-looking statements" within the meaning of Section 21E of
the Securities Exchange Act as amended, including statements
regarding Affymetrix' "expectations," "beliefs," "hopes,"
"intentions," "strategies" or the like. Such statements are subject
to risks and uncertainties that could cause actual results to
differ materially for Affymetrix from those projected, including,
but not limited to: Affymetrix's ability to timely and successfully
integrate and realize the anticipated strategic benefits and costs
savings or other synergies of the acquisition of eBioscience in a
cost-effective manner while minimizing the disruption to its
business; risks that eBioscience's future performance may not be
consistent with its historical performance; risks relating to
Affymetrix's ability to make scheduled payments of the principal
of, to pay interest on or to refinance its indebtedness; risks
relating to Affymetrix's ability to successfully develop and
commercialize new products, including its ability to successfully
develop and commercialize novel molecular solutions based on
eBioscience's portfolio of reagents; risks relating to past and
future acquisitions, including the ability of Affymetrix to
successfully integrate such acquisitions into its existing
business; risks of Affymetrix's ability to achieve and sustain
higher levels of revenue, higher gross margins and reduced
operating expenses; risks relating to Affymetrix's ability to
generate cash in the second half of 2012 after interest and
principal payments; uncertainties relating to technological
approaches; risks associated with manufacturing and product
development; personnel retention; uncertainties relating to cost
and pricing of Affymetrix products; dependence on collaborative
partners; uncertainties relating to sole-source suppliers;
uncertainties relating to FDA and other regulatory approvals;
competition; risks relating to intellectual property of others and
the uncertainties of patent protection and litigation. These and
other risk factors are discussed in Affymetrix's Annual Report on
Form 10-K for the year ended December 31, 2011, and other SEC
reports, including its Quarterly Reports on Form 10-Q for
subsequent quarterly periods. Affymetrix expressly disclaims any
obligation or undertaking to release publicly any updates or
revisions to any forward-looking statements contained herein to
reflect any change in Affymetrix's expectations with regard thereto
or any change in events, conditions or circumstances on which any
such statements are based.
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