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Affymetrix's CEO Discusses Q4 2011 Results - Earnings Call Transcript

During this call, we may make various remarks about the company's future expectations, plans and prospects that constitute forward-looking statements for purposes of Safe Harbor provisions under the Private Securities Litigation Reform Act of 1995.

Such statements are subject to risks and uncertainties that could cause actual results to differ materially for Affymetrix from those projected. These risk factors are discussed in Affymetrix's Form 10-K for the year ended December 31, 2010, and on other SEC reports, including our prior period quarterly report on Form 10-Q. We encourage you to review these documents carefully as forward-looking statements are made as of today's date, and we make no obligation to update this information.

So with that, let me turn the call over to Frank.

Frank Witney

Okay. Thanks, Doug, and good afternoon, everyone. Before discussing our commercial and operational progress for the fourth quarter, I'd like to take a minute to give you an update on our previously announced acquisition of eBioscience.

We remain excited about the strategic fit and positive financial impact of the combination of the 2 companies. As we've recently announced, successful completion of the transaction will require that we restructure the deal, and we are in active discussions on this front with eBioscience and our lenders.

For the purposes of this call, I do not want to speculate as to the possible elements of the restructuring or the likelihood that we'd be able to reach an agreement. I hope to be in a position later this quarter to announce a more definitive outcome and timetable.

Now I'd like to shift gears to our core business and provide an update for the fourth quarter and some comments on the year. Over the last few months, we've completed an internal reorganization into 3 business units including expression, a combined genetic analysis and clinical diagnostics unit, and life science reagents. These business units are designed to create a high level of focus on identifying and executing on opportunities in our target markets, and to create better integration with our commercial organization.

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