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GT grades the CEOs of the Genome Technology Index. On a scale of 0-100, the high score is 70.

By Meredith Salisbury

 

It’s earnings season around here at GT, and that leaves us wondering just how companies listed on the Genome Technology Index are faring in the downturn. More specifically, how are the CEOs doing? Everyone’s heard the old complaint that even when companies slide deeper and deeper into the red, their CEOs are getting fat bonuses and souped-up salaries.

From what we found, things aren’t so cut-and-dried in the genomics industry. Of the 25 GTI firms, seven have interim CEOs, no CEO, or CEOs hired in the last year. Sure looks like an industry that’s shedding the fat-cat image by hiring in new people to bring costs in line with what the current market will allow — though to be sure, there’s more than one example of the rich-get-richer chief executive in this mix.

In order to get a better picture of this, we studied the GTI CEOs as objectively as we could: based on stats from their company financial statements. We used data from end of the fiscal year 2002 against 2001 to get an idea of how their companies had performed in the last year (although the data aren’t always exactly comparable because companies do report different fiscal years). Then we settled on the most significant numbers — revenue, costs and expenses, cash assets, share price, and CEO salary — and scored the CEOs based entirely on the numbers. (See right for scoring details.)

By company, here are the results of our plunge into annual reports and proxy statements.

Scoring

We rated the CEOs of these 25 companies strictly by the number. Then, to acknowledge that we’re comparing apples and oranges (we have companies in here with billion-plus market caps up against companies with ones in the tens of millions), we based everything on percentages.

Points were assigned as follows, comparing data for 2002 against 2001:

Share price

Up at all 5
Down less than 10% 3
Down less than 25% 1

Revenue

Up at all 10
Up by at least 10% 15
Up by 25% or more 20
Down by less than 10% 5

Costs

Down at all 10
Down by more than 10% 15
Down by at least 25% 20
Up by less than 10% 5

Cash assets

Up at all 10
Up by 10% or more 12
Up by 25% or more 15
Down by less than 10% 5

Revenue greater than costs 25

Founder 5

Tenure
One year or more 3
Five years or more 5
Ten years or more 10


Aclara BioSciences

Thomas Klopack, interim CEO

Age 51

Founder? No

Reign began Mar. 2003

Company size 65

Market cap $75.9M

Share price, ’02 $2.10

Share price, ’01 $5.07

Difference ¯58.58%

Revenues, ’02 $2,520,000

Revenues, ’01 $3,245,000

Costs, ’02 $43,326,000

Costs, ’01 $40,096,000

Cash assets, ’02 $50,848,000

Cash assets, ’01 $76,853,000

Layoffs Aug. ’02, 50 people Apr. ’03, 30 people

Salary, bonus ’02 N/A

Salary, bonus ’01 Former CEO, Joseph Limber $320,000; $112,000

Highlights: Collaborations with Stanford medical school, USC

Lowlights: Lack of success in microfluidics market sends Aclara to assays; cash dwindling as company pays $32.5 million settlement to Caliper Technologies

SCORE: 5


Affymetrix

Stephen Fodor, CEO

Age 49

Founder? Yes

Reign began 1993

Company size 877

Market cap: $1.06B

Share price, ’02 $22.89

Share price, ’01 $37.75

Difference ¯39.36%

Revenues, ’02 $289,874,000

Revenues, ’01 $224,874,000

Costs, ’02 $284,608,000

Costs, ’01 $265,470,000

Cash assets, ’02 $361,458,000

Cash assets, ’01 $368,823,000

Layoffs N/A

Salary, bonus ’02 $470,194; $500,000

Salary, bonus ’01 $420,433; $175,000

Highlights: Gets $70 million from Roche for GeneChip access; Fodor wins Takeda award; collaboration with Biotique, NCI

Lowlights: Law firms in NY, Pa., Md., file class-action lawsuits against Affy for attempting to conceal sales slowdown

SCORE: 70


Applied Biosystems

Michael Hunkapiller, president

Age 53

Founder No

Reign began June 1998

Company size 4,790

Market cap $3.56B

Share price ’02 $17.54

Share price ’01 $39.27

Difference ¯55.33%

Revenues, ’02 $1,604,000,000

Revenues, ’01 $1,619,500,000

Costs, ’02 $1,369,555,000

Costs, ’01 $1,339,634,000

Cash assets, ’02 $470,981,000

Cash assets, ’01 $392,459,000

Layoffs Dec. ’02, 500 people

Salary, bonus ’02 $529,307; $462,977

Salary, bonus ’01 $484,069; $258,851

Highlights: Collaborations with Cepheid, HTS Biosystems, Institute for Systems Biology, Myriad Proteomics, Spotfire; wins lawsuit against Micromass; release of new ABI 3730

Lowlights: In lawsuits with MJ Research for PCR and patent validity issues of DNA sequencer; revenues down from drop in sequencer demand

SCORE: 52


Bruker Daltonics

Frank Laukien, CEO

Age 43

Founder? Yes

Reign began Feb 1991

Company size 670

Market cap $178.4M

Share price, ’02 $4.86

Share price, ’01 $16.35

Difference ¯70.28%

Revenues, ’02 $116,368,000

Revenues, ’01 $92,691,000

Costs, ’02 $110,623,000

Costs, ‘01 $89,418,000

Cash assets, ’02 $46,911,000

Cash assets, ’01 $70,131,000

Layoffs July ’02, 45 people

Salary, bonus ’02 $200,000; $140,000

Salary, bonus ’01 $120,000; $180,977

Highlights: Plans to merge with Bruker AXS as Bruker BioSciences; sales buoyed by strong academic market, especially for MALDI TOF-TOF; collaborations with Matritech, Roche

Lowlights: Lost money when order from GeneProt revoked in market slump

SCORE: 60


Caliper Technologies

Michael Knapp, CEO

Age 51

Founder? Yes

Reign began July 2002

Company size 251

Market cap $88.7M

Share price, ’02 $2.96

Share price, ’01 $15.61

Difference ¯81.04%

Revenues, ’02 $25,833,000

Revenues, ’01 $29,588,000

Costs, ’02 $72,470,000

Costs, ’01 $63,235,000

Cash assets, ’02 $154,323,000

Cash assets, ’01 $166,176,000

Layoffs Sept ’02, about 25 people

Salary, bonus ’02 $306,376 (promoted in June ’02); —

Former CEO: Salary, bonus ’02 $450,000; $87,500

Former CEO: Salary, bonus ’01 $423,516; $180,000

Highlights: Collaboration with Ambion, Bacterial BarCodes; gets $32.5 million from Aclara settlement

Lowlights: In lawsuit with Molecular Devices, each claiming the other is infringing IP

SCORE: 10


Cepheid

John Bishop, CEO

Age 58

Founder? No

Reign began April 2002

Company size 148

Market cap $118.7M

Share price, ’02 $5.09

Share price, ’01 $4.20

Difference +21.19%

Revenues, ’02 $14,654,000

Revenues, ’01 $11,354,000

Costs, ’02 $34,472,000

Costs, ’01 $28,060,000

Cash assets, ’02 $14,505,000

Cash assets, ’01 $24,680,000

Layoffs N/A

Salary, bonus ’02 $215,808; $77,500

Salary, bonus ’01 N/A

Highlights: Collaboration with Takara Bio; FDA approval for PCR-based strep diagnostic; selected to build anthrax-detection technology for US Postal Service and Army

SCORE: 28


Ciphergen Biosystems

William Rich, CEO

Age 58

Founder? No

Reign began Sept 1994

Company size 323

Market cap $137.6M

Share price, ’02 $3.45

Share price, ’01 $8.00

Difference ¯56.88%

Revenues, ’02 $39,300,000

Revenues, ’01 $19,049,000

Costs, ’02 $69,670,000

Costs, ’01 $48,480,000

Cash assets, ’02 $39,858,000

Cash assets, ’01 $69,592,000

Layoffs N/A

Salary, bonus ’02 N/A

Salary, bonus ’01 $233,000; $220,000

Highlights: Collaborations with Biosite, Novartis, Pfizer, SC BioSciences

Lowlights: Ongoing license lawsuit against competitor Lumicyte

SCORE: 25


Compugen

Mor Amitai, CEO

Age 36

Founder? No

Reign began January 1998

Company size 176

Market cap $62.2M

Share price, ’02 $1.77

Share price, ’01 $4.70

Difference ¯62.34%

Revenues, ’02 $11,097,000

Revenues, ’01 $11,360,000

Costs, ’02 $26,141,000

Costs, ’01 $30,379,000

Cash assets, ’02 $48,402,000

Cash assets, ’01 $32,347,000

Layoffs N/A

Salary, bonus ’02 N/A

Salary, bonus ’01 N/A

Highlights: Collaborations with Abbott Labs, Novartis, Pfizer

Lowlights: Revenues continue to slide, down to $11.1 million in FY 2002

SCORE: 40


DeCode Genetics

Kari Stefansson, CEO

Age 53

Founder? Yes

Reign began August 1996

Company size 450

Market cap $112.4M

Share price, ’02 $1.85

Share price, ’01 $9.80

Difference ¯81.12%

Revenues, ’02 $41,065,000

Revenues, ’01 $26,099,000

Costs, ’02 $173,087,000

Costs, ’01 $83,356,000

Cash assets, ’02 $87,244,000

Cash assets, ’01 $153,061,000

Layoffs Sept. ’02, 200

Salary, bonus ’02 N/A

Salary, bonus ’01 $372,597; —

Highlights: Partnership with IBM, Merck, Roche, Wyeth; acquires MediChem for $84 million in stock

Lowlights: Lost 30 percent of staff to “achieve positive cash flow”

SCORE: 30


Deltagen

Joseph Limber, interim CEO

Age 50

Founder? No

Reign began April 2003

Company size 150

Market cap $16.4M

Share price, ’02 $0.48

Share price, ’01 $9.20

Difference ¯94.78%

Revenues, ’02 $17,690,000

Revenues, ’01 $9,910,000

Costs, ’02 $125,545,000

Costs, ’01 $62,071,000

Cash assets, ’02 $13,816,000

Cash assets, ’01 $76,481,000

Layoffs Nov. ’02, 130 people Jan. ’03, reduced to 200 people April ’03, 50 more let go

Target salary, bonus ’03 $365,000; 50% salary bonus

Former CEO: Salary, bonus ’02 $390,424; —

Former CEO: Salary, bonus ’01 $285,000; $100,000

Highlights: Merck, Schering-Plough license database; secures $40 million in loans and equity

Lowlights: Lost president, CEO within three weeks; gets Nasdaq deficiency letter

Notes: Limber is Aclara’s former CEO

SCORE: 20


Gene Logic

Mark Gessler, CEO

Age 41

Founder? No

Reign began June 2000

Company size 264

Market cap $161.1M

Share price, ’02 $6.29

Share price, ’01 $18.84

Difference ¯66.61%

Revenues, ’02 $54,848,000

Revenues, ’01 $43,328,000

Costs, ’02 $80,042,000

Costs, ’01 $79,876,000

Cash assets, ’02 $167,102,000

Cash assets, ’01 $197,818,000

Layoffs N/A

Salary, bonus ’02 $400,000; $208,872

Salary, bonus ’01 $400,000; $249,986

Highlights: Acquires TherImmune Research for $52 million; subscribers Fujisawa, Mitsubishi, Novartis, Roche

SCORE: 28


Illumina

Jay Flatley, CEO

Age 50

Founder? No

Reign began Oct 1999

Company size: 179

Market cap $60.4M

Share price, ’02 $3.37

Share price, ’01 $11.76

Difference ¯71.34%

Revenues, ’02 $10,040,000

Revenues, ’01 $2,486,000

Costs, ’02 $51,895,000

Costs, ’01 $32,805,000

Cash assets, ’02 $53,764,000

Cash assets, ’01 $90,494,000

Layoffs N/A

Salary, bonus ’02 $340,000; $119,000

Salary, bonus ’01 $299,519; $82,500

Highlights: Selected to work on HapMap project; collaboration with Glaxo, UNC

Lowlights: Lawsuit with ABI, each claiming other in breach of contract for joint development of genotyping system; paid $7.7 million in damages for wrongfully firing CSO

SCORE: 23


Incyte

Paul Friedman, CEO

Age 60

Founder? No

Reign began November 2001

Company size 491

Market cap $241.4M

Share price, ’02 $4.56

Share price, ’01 $19.44

Difference ¯76.54%

Revenues, ’02 $101,612,000

Revenues, ’01 $219,263,000

Costs, ’02 $237,164,000

Costs, ’01 $420,111,000

Cash assets, ’02 $429,018,000

Cash assets, ’01 $507,903,000

Layoffs Nov ’02, 259 people

Salary, bonus ’02 $600,084; $290,631

Salary, bonus ’01 N/A

Highlights: Acquires Maxia Pharmaceuticals for $28.3 million; collaboration with GeneFormatics

Lowlights: Forced to sell microarray division to Quark Biotech to streamline its business

SCORE: 23


Invitrogen

James Glynn, interim CEO

Age 56

Founder? No

Reign began Jan 2003

Company size 2,744

Market cap $1.58B

Share price, ’02 $31.29

Share price, ’01 $61.93

Difference ¯49.48%

Revenues, ’02 $648,600,000

Revenues, ’01 $629,300,000

Costs, ‘02 $580,069,000

Costs, ‘01 $779,898,000

Cash assets, ’02 $722,005,000

Cash assets, ’01 $977,861,000

Layoffs April ’02, 175 people

Former CEO: Salary, bonus ’02 $575,000; $75,000

Former CEO: Salary, bonus ’01 $465,234; $20,820

Highlights: Acquires PanVera for $95 million cash and InforMax for $42 million

Lowlights: CEO Turner steps down with $1 million severance; shutters Huntsville, Ala., manufacturing center

SCORE: 55


Lexicon Genetics

Arthur Sands, CEO

Age 41

Founder? Yes

Reign began Sept 1995

Company size 579

Market cap $259.8M

Share price, ’02 $4.73

Share price, ’01 $11.54

Difference ¯59.01%

Revenues, ’02 $35,200,000

Revenues, ’01 $30,577,000

Costs, ’02 $98,093,000

Costs, ’01 $74,216,000

Cash assets, ’02 $65,386,000

Cash assets, ’01 $113,104,000

Layoffs N/A

Salary, bonus ’02 $429,333; $243,675

Salary, bonus ’01 $400,000; $250,000

Highlights: Subscribers Aventis, Johnson & Johnson, Millennium; collaboration with Genentech; consolidates two NJ facilities into larger one with plans to hire more

SCORE: 25


Lion Bioscience

Friedrich von Bohlen, CEO

Age 40

Founder? Yes

Reign began: March 1997

Company size 300

Market cap $94.4M

Share price, ’02 $5.69

Share price, ’01 $16.25

Difference ¯64.98%

Revenues, ’02 €40,380,000

Revenues, ’01 €23,275,000

Costs, ’02 €84,454,000

Costs, ’01 €48,108,000

Cash assets, ’02 €41,031,000

Cash assets, ’01 €80,268,000

Layoffs: April ’02, 78 people; Sept ’02, 86 people; Feb ’03, reduced to 300 people from 512

Salary, bonus ’02 N/A

Salary, bonus ’01 N/A

Highlights: Six-year deal with Schering for up to $11 million; marketing deal with IBM; wins $11.7 million NIST grant with Paradigm Genetics; acquires NetGenics for $17 million

Lowlights: Revenues plummet, lost some 200 people in downsizing

Notes: Lion FY from April of previous year to March of that year, so data is older than for comparable FYs of other companies

SCORE: 30


Luminex

Thomas Erickson, interim CEO

Age 52

Founder? No

Reign began September 2002

Company size 117

Market cap $192.6M

Share price, ’02 $4.11

Share price, ’01 $16.96

Difference ¯75.77%

Revenues, ’02 $13,008,000

Revenues, ’01 $20,939,000

Costs, ’02 $37,125,000

Costs, ’01 $39,423,000

Cash assets, ’02 $40,482,000

Cash assets, ’01 $51,052,000

Layoffs March ‘02, Down to 117 people from 193

Former CEO: Salary, bonus ’02 $239,167 (ended Sept ’02); —

Former CEO: Salary, bonus ’01 $350,000; $35,000

Highlights: Deals with Abbott, Bayer, Tecan; spins off Rules-Based Medicine

Lowlights: Loses CEO Mark Chandler in RBM spinoff

SCORE: 10


Lynx Therapeutics

Kevin Corcoran, CEO

Age 44

Founder No

Reign began June 2002

Company size 90

Market cap $10.2M

Share price, ’02 $0.41

Share price, ’01 $4.03

Difference ¯89.83%

Revenues, ’02 $17,406,000

Revenues, ’01 $19,254,000

Costs, ’02 $31,113,000

Costs, ’01 $36,281,000

Cash assets, ’02 $11,735,000

Cash assets, ’01 $5,509,000

Layoffs April ’02, 44 people January ’03, 32 people

Salary, bonus ’02 $220,544 (promoted June ’02, annual salary set at $250,000); —

Former CEO: Salary, bonus ’01 $290,192; —

Highlights: Collaborations with Northeastern U, Genome Institute of Singapore, Woods Hole

Lowlights: Receives two delisting notices from Nasdaq, reverse-splits stock 7:1 to stay listed; CEO Norrie Russell resigns

SCORE: 38


Molecular Devices

Joseph Keegan, CEO

Age 49

Founder? No

Reign began March 1998

Company size 433

Market cap $176.5M

Share price, ’02 $16.47

Share price, ’01 $20.87

Difference ¯21.08%

Revenues, ’02 $102,157,000

Revenues, ’01 $92,231,000

Costs, ’02 $93,998,000

Costs, ’01 $96,649,000

Cash assets, ’02 $53,783,000

Cash assets, ’01 $67,257,000

Layoffs N/A

Salary, bonus ’02 $364,999; $370,000

Salary, bonus ’01 $357,268; —

Highlights: Acquires Universal Imaging for $22 million

Lowlights: Lawsuit with Caliper Technologies, each charging patent infringement

SCORE: 56


Nanogen

Howard Birndorf, CEO

Age 53

Founder? Yes

Reign began 1993

Company size 156

Market cap $36.0M

Share price, ’02 $1.55

Share price, ’01 $5.77

Difference: ¯73.14%

Revenues, ’02 $17,179,000

Revenues, ’01 $11,169,000

Costs, ’02 $43,861,000

Costs, ’01 $49,135,000

Cash assets, ’02 $52,729,000

Cash assets, ’01 $67,524,000

Layoffs Oct ’02, 20 people April ’03, 20% staff

Salary, bonus ’02 N/A

Salary, bonus ’01 N/A

Highlights: Collaboration with Bionomics; wins up to $25 million over 16 years in settlement with CombiMatrix

Lowlights: CEO Randy White steps down for health reasons

Notes: Howard Birndorf was CEO from 1993-2001, stepped down when Randy White joined, and took over again when White left

SCORE: 45


Orchid BioSciences

No current CEO

Company size 492

Market cap $23.4M

Share price, ’02 $0.50

Share price, ’01 $5.50

Difference ¯90.91%

Revenues, ’02 $50,425,000

Revenues, ’01 $30,648,000

Costs, ’02 $121,011,000

Costs, ’01 $117,372,000

Cash assets, ’02 $9,985,000

Cash assets, ’01 $27,942,000

Layoffs April ’02, 90 people

Former CEO: Salary, bonus ’02 N/A

Former CEO: Salary, bonus ’01 $365,750; $79,233

Highlights: Completes $16 million private financing, negotiates to stay on Nasdaq; George Poste signs on as chairman of board

Lowlights: In effort to reach profitability, sells SNP/genotyping arm to Beckman Coulter; fires CEO Dale Pfost, no interim named

SCORE: 25


Qiagen

Metin Colpan, CEO

Age 48

Founder? Yes

Reign began 1985

Company size 1,651

Market cap $957.6M

Share price, ’02 $5.19

Share price, ’01 $18.56

Difference ¯72.04%

Revenues, ’02 $298,607,000

Revenues, ’01 $263,770,000

Costs, ’02 $255,422,000

Costs, ’01 $210,294,000

Cash assets, ’02 $56,423,000

Cash assets, ’01 $78,972,000

Layoffs N/A

Salary, bonus ’02 N/A

Salary, bonus ’01 N/A

Highlights: Deal with Genicon Sciences, Precision Systems Science, Roche; acquires GenoVision for $28 million in cash and stock

Lowlights: Sales expectations slump as pharma market weakens

SCORE: 55


Sequenom

Toni Schuh, CEO

Age 39

Founder? No

Reign began May 2000

Company size 216

Market cap $80.9M

Share price, ’02 $1.80

Share price, ’01 $10.67

Difference ¯83.13%

Revenues, ’02 $30,885,000

Revenues, ’01 $30,735,000

Costs, ’02 $123,335,000

Costs, ’01 $100,068,000

Cash assets, ’02 $89,622,000

Cash assets, ’01 $139,008,000

Layoffs N/A

Salary, bonus ’02 $355,000; $346,125

Salary, bonus ’01 $310,000; $155,000

Highlights: Sells MassArray to Whitehead, Glaxo, Samsung; acquires Axiom Biotechnologies

Lowlights: Loses $3 million in closing of Swedish facility

SCORE: 13


Third Wave Technologies

Lance Fors, CEO

Age 45

Founder? Yes

Reign began 1993

Company size 168

Market cap $162.6M

Share price, ’02 $2.69

Share price, ’01 $7.35

Difference ¯63.40%

Revenues, ’02 $32,355,000

Revenues, ’01 $34,092,000

Costs, ’02 $72,713,000

Costs, ’01 $72,646,000

Cash assets, ’02 $60,315,000

Cash assets, ’01 $73,299,000

Layoffs: April ’02, 75 people

Salary, bonus ’02 $398,239; $150,000

Salary, bonus ’01 $384,790; —

Highlights: Settles lawsuit with EraGen, which will discontinue some of its products; license to Aclara

Lowlights: Oligo probe manufacturing divisions hardest hit in layoffs

SCORE: 25


Transgenomic

Collin D’Silva, CEO

Age 44

Founder? Yes

Reign began 1997

Company size 326

Market cap $28.0M

Share price, ’02 $2.23

Share price, ’01 $11.00

Difference ¯79.73%

Revenues, ’02 $37,554,000

Revenues, ’01 $38,467,000

Costs, ’02 $59,251,000

Costs, ’01 $48,206,000

Cash assets, ’02 $13,347,000

Cash assets, ’01 $43,526,000

Layoffs: Jan ’03 80 people goal to have 270-280 people in company

Salary, bonus ’02 $200,000; —

Salary, bonus ’01 $153,328; —

Highlights: Collaboration with PXE International, GenOdyssee, Max-Planck Institute

Lowlights: Revenue falls as instrument sales decline

SCORE: 15