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Affymetrix Reports Third Quarter 2013 Operating Results

Affymetrix, Inc., (NASDAQ: AFFX) today reported its operating results for the third quarter of 2013.

Results for the three months ended September 30, 2013:
  • Total revenue was $80.4 million, which included revenue from eBioscience of $19.9 million.
  • Product revenue was $74.8 million, as compared to product revenue for the third quarter of 2012 of $72.7 million, an increase of almost 3%.
  • GAAP net loss was $4.2 million, or $0.06 per diluted share, as compared to a net loss of $17.9 million, or $0.25 per diluted share, in the third quarter of 2012.
  • Non-GAAP net income was $3.3 million, or $0.05 per diluted share, as compared to a Non-GAAP net loss of $2.4 million, or $0.03 per diluted share, for the third quarter of 2012. Please refer to "Itemized Reconciliation Between GAAP and Non-GAAP Net Income (Loss)" for a reconciliation of these GAAP and Non-GAAP financial measures.
  • Total balance in cash and cash equivalents was $50.6 million at the end of September 30, 2013.

Product revenue for the third quarter of 2013 was $74.8 million and service and other revenue was $5.6 million. This compares to product revenue of $72.7 million and service and other revenue of $6.9 million in the third quarter of 2012. Product revenue for the third quarter of 2013 included Affymetrix core consumable revenue of $52.1 million, instrument revenue of $2.8 million and revenue from eBioscience of $19.9 million. Product revenue for the third quarter of 2012 included Affymetrix core consumable revenue of $50.5 million and instrument revenue of $4.6 million and revenue from eBiosciences of $17.6 million.

Total gross margin was 55%, as compared to 52% in the same period of 2012. Excluding Non-GAAP adjustments such as the amortization of step-up in inventory fair value, total margin was 61% compared to 60% for the third quarter of 2012. 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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