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Affymetrix Reports Fourth Quarter And Fiscal Year 2012 Results

Affymetrix, Inc., (NASDAQ: AFFX) today reported its operating results for the three and twelve months ended December 31, 2012.

Results for the three months ended December 31, 2012:

  • Total revenue was $84.4 million, which excluding eBioscience of $18.1 million, represented a 2% increase from the fourth quarter of 2011.
  • GAAP net loss was $12.3 million, or $0.17 per diluted share, as compared to a net loss of $14.7 million, or $0.21 per diluted share, in the fourth quarter of 2011.
  • Non-GAAP net loss was $1.3 million, or $0.02 per diluted share, as compared to a net loss of $8.3 million, or $0.12 per diluted share, for the fourth quarter of 2011. Please refer to the “Itemized Reconciliation Between GAAP and Non-GAAP Net Loss” for a reconciliation of these GAAP and non-GAAP financial measures.
  • Positive cash flow from operations of $2.0 million and a total balance in cash, cash equivalents and available-for-sale securities of $35.7 million at the end of December 31, 2012, after debt payments of $9.6 million during the quarter.

Product revenue for the fourth quarter of 2012 was $76.4 million and service and other revenue was $8.0 million. This compares to product revenue of $58.7 million and service and other revenue of $6.4 million in the fourth quarter of 2011. Product revenue for the fourth quarter of 2012 included Affymetrix core consumable revenue of $53.1 million, instrument revenue of $5.2 million and revenue from eBioscience of $18.1 million. Product revenue for the fourth quarter of 2011 included Affymetrix core consumable revenue of $54.9 million and instrument revenue of $3.8 million.

Total gross margin was 54%, as compared to 53% in the same period of 2011. Excluding non-GAAP adjustments such as the amortization of step-up in inventory fair value, total margin was 61% in 2012, as compared to 54% in 2011. Please refer to the “Itemized Reconciliation Between GAAP and Non-GAAP Gross Margin” for a reconciliation of these GAAP and non-GAAP financial measures.

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