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Analyst Downgrades Affymetrix Despite 13-Percent Q1 Revenue Increase

NEW YORK, April 22 (GenomeWeb News) - An analyst at Robert W. Baird downgraded Affymetrix's stock this morning to "neutral" from "outperform," causing shares in the microarray company to fall 6 percent in early-morning trading.

 

The stock recovered some of the slide, trading down 2.46, or $1.13, at $44.88 in heavy volume in the mid-afternoon.

 

As GenomeWeb News reported, Affymetrix yesterday said first-quarter revenue grew 13 percent 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.

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