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Affymetrix Posts 10-Percent Rise in Q2 Revenue as Loss Swings to a Profit

NEW YORK (GenomeWeb News) — Affymetrix today said second-quarter revenue rose 10 percent, R&D costs dropped 10 percent, and a net loss swung to a small profit.
Total revenue for the three months ended June 30 rose to $88.3 million from $80.1 million year over year.
For the quarter, Affy said product revenue increased about 5 percent to $64 million; product-related revenue rose 21 percent to $17.2 million; royalties and other revenue rose 12.5 percent to $2.7 million; and revenue from Perlegen Sciences doubled to $4.4 million.  
The company said GeneChip consumable revenue was $67.2 million, consisting of array revenue of $41.0 million, reagent revenue of $14.2 million, and genotyping services revenue of $7.6 million. Instrument revenue was $8.8 million for the quarter.
“We are pleased with the sequential and year-over-year top-line revenue growth driven by the strong adoption of our new SNP 6.0 genotyping product," Kevin King, Affy’s Life Sciences’ president, said in a statement. "The successful launch of this product [in May] has resulted in a number of important new global commercial agreements.”
R&D spending slipped to $19.4 million from $21.6 million in the prior-year period.
The company posted a $1.2 million profit from a loss of $10 million year over year.
As of June 30, Affy had $232 million in cash, cash equivalents, and short-term investments.
The company said it expects total 2007 revenue in the range of $365 million to $385 million.

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