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Affymetrix Posts Meager Q3 Revenue Growth as Profit Turns to Loss

NEW YORK (GenomeWeb News) — Affymetrix today reported that revenue for the third quarter increased around 1 percent as last year's profit swung to a loss.
 
Total receipts for the three months ended Sept. 30 inched up to $84.6 million from $83.4 million year over year
 
Affy said $59.8 million in revenue during the period came from GeneChip sales while about $10.1 million was made on reagent revenue and $7.7 million from its genotyping services.  
 
Affy spent $21.6 million on research and development in the quarter, an increase of about 9 percent over last year.
 
Affy said a $9.4-million profit last year turned into a $14.2-million loss this year. Affy blamed the higher losses primarily on the reduced price of the company’s 500K Mapping Array. The company said it lowered the price in July “ahead of the planned shipments of a single-array 500K in the fourth quarter.”  
 
The company said it holds $66.5 million in cash and cash equivalents and $179 million in available-for-sale short-term securities.

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