Affymetrix Announces Preliminary Revenue for First Quarter 2013
09 April 2013 - 8:00PM
Business Wire
Affymetrix, Inc. (Nasdaq: AFFX) today reported that based on
preliminary financial data, the Company expects total revenue of
approximately $78 million for the first quarter of 2013, including
revenue of approximately $19 million from eBioscience. The Company
expects to report cash-on-hand of at least $38 million as of March
31, 2013.
“Our revenues for the first quarter were below expectations,
primarily due to continued headwinds in our gene expression
business across all regions, in particular Japan, where we came in
significantly short of plan,” said Frank Witney, president and CEO.
“Our genotyping and cytogenetics product lines generated solid
growth for the quarter as compared to 2012 and eBioscience also had
modest growth from the first quarter of last year. As reported
earlier, we ended the quarter with a major win, securing the
largest biobank genotyping study to date.”
“Cash-on-hand at the end of March was approximately $38 million,
after redeeming the remaining $3.9 million of our 3.5% convertible
notes and prepaying $3.2 million of our senior-secured debt,” said
Tim Barabe, EVP and chief financial officer. “Our senior secured
debt is now at $70 million and debt repayment continues to be one
of our priorities in 2013.”
The Company will provide a more detailed business update and
complete financial information when it reports its first quarter
results after the close of the market on Tuesday, April 30, 2013.
The Company is currently observing a pre-earnings quiet period and
will not make further comments about its first quarter results in
the interim.
Affymetrix’s management team will host a conference call on
April 30, 2013 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) 407-8291,
international: (201) 689-8345.
A replay of this call will be available from 5:00 p.m. PT on
April 30, 2013 until 8:00 p.m. PT on May 7, 2013 at the following
numbers: domestic: (877) 660-6853, international: (201) 612-7415.
The conference call passcode to access the replay is 411930. An
archived webcast of the conference call will be available under the
Investor Relations section of the Company's website.
About Affymetrix
Affymetrix's technologies are used by the world's top
pharmaceutical, diagnostic, and biotechnology companies, as well as
leading academic, government, and non-profit research institutes.
More than 2,300 microarray systems have been shipped around the
world and more than 48,000 peer-reviewed papers have been published
citing our technologies. Affymetrix is headquartered in Santa
Clara, California, and has manufacturing facilities in Cleveland,
Ohio, San Diego, Vienna and Singapore. The Company has about 1,100
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 first quarter of
fiscal 2013. 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 stabilize its business
and grow revenue, 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 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, 2012, 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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