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Affy's Sales Slide 7 Percent in Q1 as Charges Turn Profit to Loss

NEW YORK (GenomeWeb News) — Affymetrix today said first-quarter revenues dropped 7 percent as R&D spending fell 16 and a profit turned to a loss on restructuring charges.
 
Total receipts for the three months ended March 31 fell to $80.4 million from $86.4 million year over year.
 
Product and product-related revenue decreased 10 percent to $71.3 million; royalties and "other" revenue increased 33 percent to $2.4 million; and receipts from Perlegen rose 26 percent to $6.7 million.
 
R&D spending decreased to $19.7 million from $23.5 million.
 
The company said net loss was $4 million, down from a profit of $1.8 million in the year-ago period. Affy said the disparity was the result of $5.4 million in restructuring charges.
 
Affy said it had around $96.3 million in cash and equivalents and $146.9 million in short-term investments as of March 31.

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