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Affymetrix's Q4 Revenues Rise 2 Percent

NEW YORK (GenomeWeb) – Affymetrix reported after the close of the market Wednesday that its fourth quarter revenues increased 2 percent year over year, beating the consensus Wall Street estimate.

The Santa Clara, California-based microarray and genetic analysis products firm reported total revenues of $95.6 million for the quarter ended Dec. 31, 2015, up from $93.5 million in Q4 2014 and beating analysts' consensus estimate of $93.3 million. On a constant currency basis, Affy said its Q4 2015 revenues were up nearly 7 percent year over year.

Its product sales for the quarter were $87.7 million versus $82.8 million in Q4 2014, while its services and other revenue declined to $7.9 million from $10.7 million.

Affy posted Q4 net income of $4.1 million, or $.05 per share, compared to a profit of $5.2 million, or $.05 per share, for Q4 2014. On an adjusted basis, its EPS was $.09, short of the consensus estimate of $.11.

The firm's R&D spending increased to $14.9 million from $12.8 million, and its SG&A costs rose to $42.0 million from $39.9 million.

For full-year 2015, Affy's total revenues were $359.8 million, up 3 percent from $349.0 million in FY 2014 and edging out Wall Street's consensus estimate of $357.5 million.

Its profit for the year was $10.1 million, or $.13 per share, versus a net loss of $3.8 million, or $.05 per share, for FY 2014. On an adjusted basis, Affy's EPS for FY 2015 was $.42, matching analysts' expectations.

The firm's R&D spending for the year was $52.9 million, up from $50.2 million in 2014, while its SG&A costs inched up to $149.6 million from $148.4 million.

Affy finished the year with $88.8 million in cash and cash equivalents, and $50.0 million in short-term investments.

The firm inked a deal early last month to be acquired by Thermo Fisher Scientific for $1.3 billion.