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Affy Posts 12-Percent Rise in Q3 Revenue as Loss Swings to Profit

NEW YORK (GenomeWeb News) — Affymetrix late yesterday said that third-quarter revenue rose 12 percent as R&D spending declined 24 percent and last year’s loss swung to a profit.

Total revenue for the three months ended Sept. 30 increased to $95 million from $84.7 million year over year.

For the quarter, Affy said product sales increased about 23 percent to $69.4 million; product-related revenue slipped 12 percent to $15.8 million; royalties and other revenue rose about 58 percent to $9.5 million; and revenue from Perlegen Sciences dropped to $355,000 from $4.6 million.

The company said GeneChip consumable revenue was $65.4 million, consisting of array revenue of $42.9 million, reagent revenue of $15.8 million, and genotyping services revenue of $6.3 million. Instrument revenue was $10.7 million for the quarter.

R&D spending fell to $16.5 million from $21.6 million in the prior-year period. The company posted a $2.6 million profit from a loss of $14.2 million year over year.

Affy had $250.7 million in cash, equivalents, and short-term investments as of Sept. 30.

The company said it expects total 2007 revenue in the range of $365 million to $375 million.

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