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Ciphergen Says Q4 Revenues Will Be About $3M Less Than Forecasted

NEW YORK, Jan. 2 (GenomeWeb News) - Ciphergen Biosystems announced today that its fourth quarter revenues will fall short of prior forecasts.

 

The company said its revenues for the quarter will be in the range of $15.0 to $15.5 million, as compared to prior expectations of about $19 million. Total revenue for the year is slated to come in at $58.5 million, a 50 percent year-over-year increase, according to Ciphergen.

 

The company attributed the anticipated revenue shortfall to fewer than expected placements of its ProteinChip systems in the US.

 

"A significant number of specific orders that we were anticipating near the end of the quarter did not materialize, although many of these we expect to carry forward to the first quarter," William Rich, Ciphergen's CEO, said in a statement. "We attribute the delays in orders to several factors, of which the most significant was increased indirect competition from centralized core proteomics facilities, as many such labs are attempting to provide biomarker discovery services to potential laboratory customers of ours."

 

Additionally, Rich said, "the entry of more direct competition resulted in a longer sales cycle at certain accounts, and we continued to experience delays from NIH and related funding sources."

 

The company said it plans to report its fourth quarter results on February 12, and that its revenue estimates could change before that time.

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