NEW YORK (GenomeWeb News) – Fluorotechnics, a Sydney, Australia-based supplier of fluorescence and other protein detection technologies, today said that it expects its 2009 revenues to be around A$3.2 million (US$2.5 million), down from its previous forecast of A$4 million.
The firm also cut its 2009-2010 revenue guidance of A$18 million to a range of between A$10 million and A$12 million.
Fluorotechnics said that the shortfall in revenue is due to "unfavorable foreign exchange rate movements." It also noted that product marketing for some of its gel products was delayed until recently, while the firm improved its quality control processes.
"The directors remain confident in the potential market size and selling propositions of our products as well as our competitive position but they recognize that some customer expenditures have been curtailed during the global economic slow down," Fluorotechnics said in a statement.
Earlier this year, Fluorotechnics rebranded itself under the name of a firm it acquired last year, Gelcompany. However, it has continued trade on the Australian Stock Exchange under the Fluorotechnics name and the "FLS" ticker symbol.