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Affy Shares Surge 12 Percent One Day After Firm Reported 20-Percent Q4 Revenue Growth

NEW YORK, Jan. 27 (GenomeWeb News) - Shares in Affymetrix were up 11.95 percent, or $4.34, at $40.67 in late-afternoon trading today, one day after the company reported substantial gains in revenue during the fourth quarter.

 

The Santa Clara, Calif.-based firm yesterday said fourth-quarter revenue grew more than 20 percent to $107.7 million from $89.2 million in the fourth quarter of 2003. The firm surpassed analysts' estimates for Q4 revenue of $103.8 million.

 

Revenue for the three months ended Dec. 31 included GeneChip receipts of $57.4 million, instrument revenue of $25.2 million, and reagent revenue of $9.6 million. Total product and product-related revenue for the quarter was $104.9 million compared to $85.3 million for the comparable period a year ago.

 

The microarray market leader also sharply increased its net earnings for the quarter. For the quarter, the firm posted net income of $27.1 million, or $.44 per basic share, compared to income of $16 million, or $.27 per basic share, year over year.

 

R&D spending in the period increased to $73.4 million from $65.9 million year over year.

 

Affymetrix is predicting fiscal 2005 revenue of $405 million and earnings per diluted share of $1.12. For the first quarter of 2005, the firm expects $90 million in total revenue.

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