Affymetrix Announces Positive Operating Income and Net Income for Q4-2010
12 January 2011 - 10:00PM
Business Wire
Affymetrix, Inc. (NASDAQ:AFFX) today announced that based on
preliminary financial data, the Company expects to generate
positive operating income and net income on a GAAP basis for the
fourth-quarter of 2010. Total revenue for the fourth quarter is
expected to be approximately $85 million and includes a $4.8
million milestone payment from a “Powered by Affymetrix” diagnostic
partner.
The Company also announced that it has repurchased an additional
$53 million face value of 3.5% convertible notes. The Company
repurchased more than $150 million of 3.5% convertible notes in
2010 and now has about $95 million in outstanding convertible debt.
The Company expects to have a year-end net cash balance of
approximately $140 million.
“We made significant progress in 2010 and we expect to report
positive operating income and net income for both the fourth
quarter and the second half of 2010,” said Kevin M. King, president
and chief executive officer. “These results reflect our disciplined
focus on operations which has significantly lowered our break-even
point. We exit 2010 in a strong financial position and we are
committed to the continued improvement of our business in 2011 and
beyond.”
Affymetrix will webcast its presentation at the 29th Annual JP
Morgan Healthcare Conference on Thursday, January 13, 2011 at 7:30
a.m. PT. A live webcast will be available at
http://www.affymetrix.com under the "Investors" link. The archived
webcast will be available for 30 days.
Affymetrix' management team will host a conference call on
February 2, 2011 at 2:00 p.m. PT to review its operating results
for the fourth quarter and fiscal year 2010. A live webcast can be
accessed by visiting the Investor Relations section of the
Company’s website at www.affymetrix.com. In addition, investors and
other interested parties can listen by dialing domestic: (877)
407-8291, international: (201) 689-8345.
A replay of this call will be available from 5:00 p.m. PT on
February 2, until 8:00 p.m. PT on February 9, 2011 at the following
numbers: domestic: (877) 660-6853, international: (201) 612-7415.
The passcode for both replays is 364850. An archived webcast of the
conference call will be available under the Investor Relations
section of the Company's website.
About Affymetrix
Affymetrix technology is used by the world’s top pharmaceutical,
diagnostic, and biotechnology companies, as well as leading
academic, government, and nonprofit research institutes. More than
2,000 systems have been shipped around the world and more than
22,000 peer-reviewed papers have been published using the
technology.
Affymetrix is headquartered in Santa Clara, Calif., and has
manufacturing facilities in Santa Clara, Cleveland, Ohio, and
Singapore. The company has about 1,000 employees worldwide and
maintains sales and distribution operations across Europe and Asia.
For more information about Affymetrix, please visit
www.affymetrix.com.
Forward-looking statements
Affymetrix has not filed its Annual Report Form 10-K for the
year ended December 31, 2010. All financial results described in
this press release should be considered preliminary and unaudited,
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 files its Annual Report on
Form 10-K for the year ended December 31, 2010.
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: risk relating to the Company’s ability to
successfully commercialize new products, risk relating to past and
future acquisitions, including the ability of the Company to
successfully integrate such acquisitions into its existing
business; risks relating to the Company's ability to achieve and
sustain higher levels of revenue, higher gross margins and reduced
operating expenses; 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' Annual Report on
Form 10-K for the year ended December 31, 2009, 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' expectations with regard thereto
or any change in events, conditions or circumstances on which any
such statements are based.
Affymetrix (NASDAQ:AFFX)
Historical Stock Chart
From Sep 2024 to Oct 2024
Affymetrix (NASDAQ:AFFX)
Historical Stock Chart
From Oct 2023 to Oct 2024