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Symyx's Net Loss Narrows In 1Q

Stocks in this article: SMMX

Once these most recent quarterly results are finalized, they will be run through TheStreet.com Ratings' model and our ratings will be adjusted accordingly. To keep up to date on all of our ratings, visit TheStreet.com Ratings Screener.

On April 29, 2009, Symyx Technologies (SMMX) reported that its net loss during Q1 FY09 narrowed, benefitting from lower operating expenses as a result of restructuring actions undertaken in Q4 FY08. Net loss for the latest first quarter declined to $3.11 million or $0.09 per share from $6.79 million or $0.20 per share in Q1 FY08. The most recent consensus estimate was a loss of $0.12 per share.

Revenue during Q1 FY09 revenue decreased 9.5% to $33.39 million from $36.91 million a year ago. Service revenue dropped 9.8% to $16.70 million, and product revenue slipped 40.5% to $2.72 million. However, revenue from the license fees, content and royalties inched up 1.1% to $13.98 million from $13.82 million in Q1 FY08. Segment-wise, revenue from the Symyx Software rose 8.6% to $21.75 million from $20.02 million. On the flipside, revenue from the Symyx High Productivity Research (HPR) was $11.64 million, down 31.0% from $16.88 million due to reduced research service revenue from the ExxonMobil and lower tools sales.

Symyx signed a partnership with Thermo Fisher Scientific to provide experiment documentation, decision support, and laboratory information management system (LIMS) needs of scientists. The company also announced the release of the DiscoveryGate Web Service. Recently, SMMX announced launch of the Symyx Contract Development and Manufacturing Organization (CDMO), which helps biopharmaceutical companies to move drug candidates to clinical trials faster and more reliably with integrated formulation development.

Looking ahead to Q2 FY08, Symyx expects its non-GAAP net loss to be in the range of $0.07 per share to $0.03 per share, on revenue between $32.00 million and $36.00 million. For FY09, revenue is anticipated to be in the range of $145.00 million to $155.00 million and non-GAAP diluted earnings per share from breakeven to $0.10.

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