NEW YORK, April 21 (GenomeWeb News) - Affymetrix today reported a 13-percent gain in total first-quarter revenues as a net loss turned into a profit.
Total receipts for the three months ended March 31 increased to $88.6 million from $78.6 million year over year.
R&D spending at the Santa Clara, Calif.-based microarray seller slid 1 percent to $17.1 million from $17.3 in the year-ago quarter.
As a result, net income for the quarter was $16.2 million, or $.26 per basic share, compared to a net loss of $1.8 million, or $.03 per basic share, in the year-ago quarter.
Affymetrix reaffirmed that it expects to generate around $390 million in product-related revenue in 2005 and said second-quarter receipts should come in at around $87 million, a 9-percent increase over the same period in 2004.
Affymetrix had $63 million cash and cash equivalents on hand as of March 31.