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Affymetrix Preliminary Q3 Revenues Fall Short of Analyst Predictions

NEW YORK (GenomeWeb News) – Affymetrix today said that it anticipates revenues of $80 million for the third quarter, below the average consensus analyst expectation of $84.6 million.

The Santa Clara, Calif.-based company said that the eBioscience business, which it acquired earlier this year is expected to contribute $18 million in revenues. A tightening global academic funding environment adversely affected revenues during the quarter, with gene expression and the eBioscience business primarily affected.

The company added that cash on hand will be about $39.6 million as of Sept. 30 after a $3.5 million interest and principal payment on the company's senior debt.

For full-year 2012, total revenue for Affy, excluding eBioscience, will be flat to slightly down compared to full-year 2011, based on ongoing concerns about global academic funding and a weaker Euro, Affy President and CEO Frank Witney said in a statement.

In 2011, the company reported $267.5 million in total revenues. Wall Street expects on average $304.2 million in total revenues for 2012.

"We continue to believe that the Affymetrix business is stabilizing, with double digit revenue growth for the quarter in our cytogenetics and genotyping product lines as compared to the third quarter 2011," he said. "However, our gene expression and eBioscience business segments were weaker than expected in the quarter. Finally, the integration of eBioscience is on track and we have important new product development and commercial programs that are underway."

Affy will report its third-quarter earnings on Oct. 31 after the close of the market.

In morning trading today on the Nasdaq, shares of Affy were down nearly 16 percent to $3.63.

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