NEW YORK, April 23 -- Affymetrix had a net loss of $12.7 million on revenues of $66.8 million as it reported first-quarter 2003 earnings today. The loss ended a run of two straight quarters of profitability.
Affymetrix reported R&D expenses of $15.9 million for the quarter, compared to $16.7 million for the year-ago quarter.
The company said it sold 22 GeneChip microarray systems during the quarter, and reported revenues of $33.4 million on sales of its GeneChip microarrays, with another $2.5 million in revenue coming from wafer sales to Perlegen in revenues of $66.8 million, compared to $68.1 million in the year-ago first quarter. The company reported net income of $2.9 million for the fourth quarter on revenues of $69.7 million.
On April 3, Affymetrix issued an earnings warning, estimating its revenues for the first quarter to fall within a range of $60-$62 million. The stock market responded as Affymetrix's stock dropped from a closing price of $28.00 a share on April 3, to $18.33 at market close on April 4, a 35 percent loss. Three law firms filed shareholder lawsuits in response.