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Affymetrix Reports Revenue, Earnings Gains in Q3

NEW YORK, Oct. 20 (GenomeWeb News) - Affymetrix today reported third-quarter revenues of $79.9 million, a 4.9 percent increase over revenues of $76.2 million in the third quarter of 2003.


Although the Santa Clara, Calif.-based firm fell short of analysts' expectations of third-quarter revenues of $86.8 million, it noted that product orders during the quarter exceeded product revenues by $9 million. More than $4 million of this amount is from arrays and reagents that exceeded the firm's inventory for those products. Affymetrix expects to ship those arrays and reagents early in the fourth quarter.


The firm's product and product-related revenues increased to $76.2 million in the quarter, up from $71.1 million in the third quarter of 2003. The sales included GeneChip array revenues of $37.5 million and instrument revenue of $16.4 million. Affymetrix noted that its installed base of GeneChip systems rose to more than 1,120 during the quarter.


Upon releasing its second-quarter results, Affymetrix had forecasted product and product-related revenues of $80 million to $85 million


Perhaps the most significant piece of news for Affymetrix during the quarter was the European Union clearance to market the firm's GeneChip platform for in vitro diagnostic purposes. It was the first marketing approval for Affymetrix and Roche under their collaboration to develop and sell molecular diagnostic products based on the GeneChip system. In tandem with Affymetrix's EU clearance, Roche received the CE Mark for its AmpliChip CYP450 drug-metabolism test.


For the full fiscal year, Affymetrix maintained its previous guidance for product and product-related revenues of $330 million to $335 million. However, the firm raised its earning-per-share guidance from $.60 to $.70.

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