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Affymetrix Reports 2013 First Quarter Results

Published: Wednesday, May 01, 2013
Last Updated: Wednesday, May 01, 2013
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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.

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