Affymetrix Shares Fall On 1Q Loss

NEW YORK (AP) — Shares of genetic data analysis instrument maker Affymetrix Inc. fell Thursday after as dive in revenue pushed the company to a wider-than-expected first-quarter loss.

The stock shed 49 cents, or 11.5 percent, to reach $3.77 in midday trading. Shares have traded between $1.78 and $12.98 over the last 52 weeks.

Late Wednesday, the company said it lost $25.2 million, or 37 cents per share, compared with profit of $46.3 million, or 58 cents per share, during the same period a year prior. Revenue fell 54 percent to $78.6 million from $169.6 million, mainly on lower royalties. The year-ago period included the recognition of a $90 million payment.

Analysts surveyed by Thomson Reuters expected a loss of 22 cents per share on revenue of $72.8 million.

Though medical technology companies have been seeing lagging sales because of a capital spending slowdown, Affymetrix's product and service revenue rose. Still, the gross margin was lower.

Looking ahead, the Santa Clara, Calif.-based company said it expects second-quarter revenue between $75 million and $78 million. Analysts expect revenue of $76.6 million.