Corporate Banner
Satellite Banner
Genotyping & Gene Expression
Scientific Community
 
Become a Member | Sign in
Home>News>This Article
  News
Return

Affymetrix Reports 2013 First Quarter Results

Published: Wednesday, May 01, 2013
Last Updated: Wednesday, May 01, 2013
Bookmark and Share
Affymetrix, Inc. reported its operating results for the three months ended March 31, 2013.

Results for the three months ended March 31, 2013:
•    Total revenue was $77.9 million, which included revenue from eBioscience of $19.0 million.
•    GAAP net loss was $15.4 million, or $0.24 per diluted share, as compared to a net loss of $4.2 million, or $0.06 per diluted share, in the first quarter of 2012.
•    Non-GAAP net loss was $0.9 million, or $0.01 per diluted share, as compared to a Non-GAAP net loss of $1.8 million, or $0.03 per diluted share, for the first quarter of 2012. Please refer to the “Itemized Reconciliation Between GAAP and Non-GAAP Net Loss” for a reconciliation of these GAAP and non-GAAP financial measures.
•    Total balance in cash and cash equivalents was $38.2 million at the end of March 31, 2013, net of payment of $3.9 million to redeem all of the remaining 3.50% notes and a $3.2 million payment on the Term Loan during the quarter. Total cash and cash equivalents included a prepayment of approximately $13.4 million from customers.

Product revenue for the first quarter of 2013 was $71.6 million and service and other revenue was $6.4 million. This compares to product revenue of $58.5 million and service and other revenue of $6.8 million in the first quarter of 2012. Product revenue for the first quarter of 2013 included Affymetrix core consumable revenue of $49.1 million, instrument revenue of $3.5 million and revenue from eBioscience of $19.0 million. Product revenue for the first quarter of 2012 included Affymetrix core consumable revenue of $53.8 million and instrument revenue of $4.7 million.

Total gross margin was 51%, as compared to 58% in the same period of 2012. Excluding non-GAAP adjustments such as the amortization of step-up in inventory fair value, total margin was 59% for both years. Please refer to the “Itemized Reconciliation Between GAAP and Non-GAAP Gross Margin” for a reconciliation of these GAAP and non-GAAP financial measures.

For the first quarter of 2013, operating expenses were $52.2 million on a GAAP basis as compared to $41.3 million in 2012. Excluding non-GAAP adjustments such as the amortization of acquired intangible assets and non-recurring charges, operating expenses were $43.6 million, compared to an adjusted total of $39.3 million in 2012. The increase in 2013 is primarily due to the acquisition of eBioscience in June 2012 offset by net savings in Affymetrix Core operating expense of approximately $4.4 million primarily driven by lower headcount and variable compensation expenditure following the restructuring announced January 11, 2013. Please refer to the “Itemized Reconciliation Between GAAP and Non-GAAP Operating Expenses” for a reconciliation of these GAAP and non-GAAP financial measures.

“Although the quarter was a challenging one, we continue to focus on opportunities in translational science, molecular diagnostics and applied markets. We again demonstrated strong growth in our Genetic Analysis business segments of cytogenetics and genotyping and a modest increase in eBioscience,” said Frank Witney, President and CEO. “In addition, we continue to pay down our senior debt which we have reduced from $85 million to approximately $70 million over the last 9 months.”

Recent developments:
•    The Company recently signed a contract with UK Biobank to genotype 500,000 DNA samples donated by UK residents as part of a prospective epidemiological study of complex diseases that are of great relevance to public health. Affymetrix’s Axiom® Genotyping Solution will be used to generate billions of high-quality genotypes which will provide UK Biobank and the research community with valuable insight to genetic factors underlying human diseases for improved prevention, diagnosis, and treatment of conditions such as heart disease, cancer, and diabetes. The Company expects to begin processing these samples in the second half of 2013.
•    In February, the Company submitted a 510K for its CytoScan Dx whole genome cytogenetics test intended to detect chromosomal copy number variants (CNVs) and loss of heterozygosity associated with developmental delay, intellectual disability, congenital anomalies, and dysmorphic features.
•    The Company announced a collaboration with Aqua Gen and Center for Integrative Genomics (CIGENE) at the Norwegian University of Life Sciences (UMB) to genotype more than 900,000 markers per sample from the Atlantic salmon (Salmo salar), thereby achieving the capability to implement genomic selection and improve their salmon breeding program at Aqua Gen.
•    During the first quarter the Company redeemed all of the remaining $3.9 million of its 3.5% convertible notes (due in 2038). In April 2013, the Company entered into an amendment to its credit agreement to provide a limited waiver and to amend certain covenants with respect to fiscal year 2013. In the first quarter the Company prepaid an additional $3.2 million of its senior-secured debt, reducing the total balance outstanding to $70.1 million.


Further Information
Access to this exclusive content is for Technology Networks Premium members only.

Join Technology Networks Premium for free access to:

  • Exclusive articles
  • Presentations from international conferences
  • Over 2,500+ scientific posters on ePosters
  • More than 3,800+ scientific videos on LabTube
  • 35 community eNewsletters


Sign In



Forgotten your details? Click Here
If you are not a member you can join here

*Please note: By logging into TechnologyNetworks.com you agree to accept the use of cookies. To find out more about the cookies we use and how to delete them, see our privacy policy.

Related Content

Affymetrix, BioRealm, RUCDR Ally
Affymetrix, BioRealm, and RUCDR Infinite Biologics today announced a strategic alliance to genotype the National Institute of Drug Abuse biorepository.
Wednesday, July 08, 2015
University of Bristol Collaborates with Affymetrix on Genotyping Arrays
Results from the array presented at the 2014 Plant and Animal Genome conference.
Wednesday, January 15, 2014
Ingenuity Systems and Affymetrix Partner
Companies collaborate to eliminate microarray expression analysis bottleneck.
Monday, April 08, 2013
Affymetrix Announces Collaboration with Centre for Proteomic and Genomic Research (CPGR)
CPGR will provide gene expression and Axiom genotyping services to African researchers using GeneTitan® Multi-Channel (MC) Instrument.
Tuesday, November 20, 2012
Affymetrix Announces Research Collaboration with MGH
Collaboration and licensing agreement to validate and develop new oncology biomarker tests.
Thursday, June 07, 2012
Affymetrix and ScreenCell Announce Worldwide Distribution Agreement for CTC Technology
Combination of ScreenCell’s isolation devices and Affymetrix’ QuantiGene® ViewRNA ISH technology enables easy, accessible, sensitive, multiplex, low-cost system to enumerate and characterize CTCs and other rare cells.
Friday, May 18, 2012
South African Core Lab Adopts Affymetrix Technology for Genomic Studies
The Centre for Proteomic and Genomic Research is using many Affymetrix GeneChip arrays to explore applications with molecular diagnostics.
Wednesday, October 08, 2008
Korea NIH Expands KARE Project with Second Affymetrix Technology Order
Institute purchases Affymetrix SNP Array 6.0 to validate previous findings and identify new genetic variations across additional 13,000 samples.
Tuesday, May 27, 2008
LineaGen Selects Affymetrix Technology to Discover Genes Associated With Autism and Multiple Sclerosis
Collaboration of scientists from the University of Utah and Vanderbilt University looks to gain insights for the diagnosis of multiple sclerosis (ms) and autism.
Tuesday, May 13, 2008
Affymetrix Extends Collaborations in Cancer Research Program to North America
More than 25 participants use Affymetrix’ integrated genomics solution to accelerate research on more than 10 types of cancer, according to company.
Wednesday, April 16, 2008
Affymetrix Signs Agreement with Avesthagen Limited
The AVESTAGENOME Project™ to study genetic basis of longevity and create genetic, genealogical and medical database of the Parsi community.
Tuesday, March 25, 2008
The Wellcome Trust Case Control and Cardiogenics Consortiums Identify key Genes in Coronary Artery Disease with Affymetrix Technology
Team discovers genetic variant that may increase the risk of developing CAD by as much as 36 percent.
Friday, July 20, 2007
Genetic Association Information Network Selects Affymetrix SNP Array 6.0 for Genetic Studies
GAIN will use the Genome-Wide Human SNP Array 6.0 for a series of studies designed to identify the genetic causes of common, complex diseases.
Tuesday, July 03, 2007
German Genomics Research Project to Analyze DNA Samples Using Affymetrix Technology
National Genome Research Network has purchased Affymetrix’s Genome-Wide Human SNP Array 5.0 to genotype 17,000 individuals in a study of 25 diseases.
Friday, April 27, 2007
Affymetrix Clinical Services Laboratory Receives CLIA Certification
ACSL has been certified to offer microarray-based molecular diagnostic testing under Clinical Laboratory Improvement Amendments.
Tuesday, April 24, 2007
Scientific News
Poor Survival Rates in Leukemia Linked to Persistent Genetic Mutations
For patients with an often-deadly form of leukemia, new research suggests that lingering cancer-related mutations – detected after initial treatment with chemotherapy – are associated with an increased risk of relapse and poor survival.
Marijuana Genome Unraveled
A study by Canadian researchers is providing a clearer picture of the evolutionary history and genetic organization of cannabis, a step that could have agricultural, medical and legal implications for this valuable crop.
Growing Hepatitis C in the Lab
Recent discovery allows study of naturally occurring forms of hepatitis C virus (HCV) in the lab.
Signature of Microbiomes Linked to Schizophrenia
Studying microbiomes in throat may help identify causes and treatments of brain disorder.
Study Identifies the Off Switch for Biofilm Formation
New discovery could help prevent the formation of infectious bacterial films on hospital equipment.
Genetic Overlapping in Multiple Autoimmune Diseases May Suggest Common Therapies
CHOP genomics expert leads analysis of genetic architecture, with eye on repurposing existing drugs.
Fat in the Family?
Study could lead to therapeutics that boost metabolism.
Combo Tool
Joining molecular components expands ability to manipulate genes in specific cell types.
Team Identifies Structure of Tumor-Suppressing Protein
An international group of researchers led by Carnegie Mellon University physicists Mathias Lösche and Frank Heinrich have established the structure of an important tumor suppressing protein, PTEN.
Genes Associated With Improved Survival for Pancreatic Cancer Patients
Use of non-invasive liquid biopsies could predict in which patients the cancer could recur following surgery.
Skyscraper Banner

Skyscraper Banner
Go to LabTube
Go to eposters
 
Access to the latest scientific news
Exclusive articles
Upload and share your posters on ePosters
Latest presentations and webinars
View a library of 1,800+ scientific and medical posters
2,500+ scientific and medical posters
A library of 2,500+ scientific videos on LabTube
3,800+ scientific videos
Close
Premium CrownJOIN TECHNOLOGY NETWORKS PREMIUM FREE!