SAN FRANCISCO, Jan. 29 - Affymetrix today reported increased revenue for the fourth quarter of 2002.
The company said its total revenue was $78.3 million in the fourth quarter which ended December 31, up from $65.1 million in the same quarter of 2001. Total revenue for the 2002 year was $289.9 million, compared to $224.9 million in 2001. A strong demand in the GeneChip probe array business drove much of the increase in product revenue, according to the company. Affymetrix said it shipped approximately 405,000 GeneChip arrays in 2002.
Affymetrix reported a net income of $2.9 million, or $.05 per share, in the fourth quarter 2002 compared to a net loss of $8.4 million, or $.15 per share, in the year-ago period. Total net loss for 2002 was $1.6 million, or $.03 per share, compared to a net loss of $33.1 million, or $.58 per share, in 2001.
R&D spending for the fourth quarter 2002 was $18.8 million compared to $15.8 million in the same period a year ago. Total R&D spending for 2002 was $69.5 million compared to $68.2 million in 2001.
Affymetrix also reported $293.6 million in cash and cash equivalents at the end of December 2002.
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