"Clearly, we are highly disappointed with our revenue for the third quarter," said Jay Flatley, the company's president and CEO, in a statement. "In the quarter, we saw what we believe to be an unprecedented slowdown in purchasing due to uncertainties in research funding and overall economic conditions, as well as a temporary excess of sequencing capacity in the market."
Flatley continued: "We expect these conditions to continue through at least the fourth quarter, while the 2012-2013 U.S. budgets for NIH [National Institutes of Health] and other related agencies are determined."
The stock was last quoted at $31.40, down 21.3%, on volume of more than 300,000, according to Nasdaq.com. The news was weighing on shares of other life science tool makers, including Affymetrix (AFFX), down 8%; Bruker Corp. (BRKR), off 9.4%; and Life Technologies (LIFE), losing 5.7%.
--Written by Michael Baron in New York.
>To contact the writer of this article, click here: Michael Baron.
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