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Affymetrix Hits GAAP Profitability for FY 03

NEW YORK, Jan. 28 (GenomeWeb News) - Affymetrix today reported total revenues of $300 million for fiscal year 2003 and marked its first year of positive cash flow from operations.

The company recorded $89 million in total revenue for the fourth quarter, compared to $78 million for the year-ago period. Of that, $1.5 million was from sales of products and wafers to Perlegen Sciences for the quarter, compared to $5.1 million for the same quarter in 2002. Product and product-related revenue was $85.3 million for the fourth quarter, compared to $70 million for the fourth quarter in 2002. Net income for the quarter was $16 million and $14 million for the year, compared to $3 million for the year-ago quarter, and a loss of $1.6 million for 2002.

The firm, regarded as the leader in the pre-printed microarray market, reported cash and cash equivalents of $276 million on hand as of Dec. 31, 2003, compared to $68 million at the end of the year-ago quarter.

Affymetrix said it spent $17 million on research and development in the quarter, compared to $19 million for the year-ago quarter.

The Scan

Pig Organ Transplants Considered

The Wall Street Journal reports that the US Food and Drug Administration may soon allow clinical trials that involve transplanting pig organs into humans.

'Poo-Bank' Proposal

Harvard Medical School researchers suggest people should bank stool samples when they are young to transplant when they later develop age-related diseases.

Spurred to Develop Again

New Scientist reports that researchers may have uncovered why about 60 percent of in vitro fertilization embryos stop developing.

Science Papers Examine Breast Milk Cell Populations, Cerebral Cortex Cellular Diversity, Micronesia Population History

In Science this week: unique cell populations found within breast milk, 100 transcriptionally distinct cell populations uncovered in the cerebral cortex, and more.