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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Affymetrix, Inc. | NASDAQ:AFFX | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 14.01 | 0 | 01:00:00 |
Affymetrix, Inc., (NASDAQ:AFFX) today reported its operating results for the third quarter of 2015.
Results for the three months ended September 30, 2015:
Product revenue for the third quarter of 2015 was $80.0 million and service and other revenue was $6.5 million. This compares to product revenue of $78.1 million and service and other revenue of $9.0 million in the third quarter of 2014. Product revenue for the third quarter of 2015 included consumable revenue of $75.7 million and instrument revenue of $4.3 million. Product revenue for the third quarter of 2014 included consumable revenue of $73.7 million and instrument revenue of $4.4 million.
Total GAAP gross margin was 64%, as compared to 59% in the same period of 2014. Excluding non-GAAP adjustments such as the amortization of acquired intangible assets, non-GAAP gross margin for the third quarter of 2015 was 65% compared to 61% in the same period of 2014. This improvement was driven by higher sales as well as favorable manufacturing variances in the quarter. Please refer to the "Itemized Reconciliation Between GAAP and Non-GAAP Gross Margin" for a reconciliation of these GAAP and non-GAAP financial measures.
For the third quarter of 2015, operating expenses were $59.5 million on a GAAP basis as compared to $46.6 million in the same period of 2014. GAAP operating expenses included $10.0 million of litigation settlement. Excluding non-GAAP adjustments, such as litigation costs and the amortization of acquired intangible assets, non-GAAP operating expenses for the third quarter of 2015 were $47.4 million, compared to an adjusted total of $44.1 million in the same period of 2014. The increase was primarily caused by higher headcount and associated compensation. Please refer to the "Itemized Reconciliation Between GAAP and Non-GAAP Operating Expenses" for a reconciliation of these GAAP and non-GAAP financial measures.
“We generated strong growth in our clinical and eBioscience businesses in Q3 which grew by more than 30% and 11% respectively, the strongest organic growth for eBioscience since we completed the acquisition more than three years ago,” stated Frank Witney, President and CEO. “We reiterate our FY15 guidance for mid-single digit revenue growth. As a result of our strong gross margin and continued cost controls, we are raising our adjusted EBITDA guidance to 18-20% for 2015.”
Recent developments:
Affymetrix will host a conference call on Wednesday, October 28, 2015 at 2:00 p.m. PT to review its operating results for the third quarter of 2015. A live webcast can be accessed by visiting the Investor Relations section of the Company's website at www.affymetrix.com. In addition, investors and other interested parties can listen by dialing domestic: (877) 407-8291, international: (201) 689-8345.
A replay of this call will be available from 5:00 p.m. PT on October 28, 2015 until 8:00 p.m. PT on November 4, 2015 at the following numbers: domestic: (877) 660-6853, international: (201) 612-7415. The conference call passcode to access the replay is 13621453. An archived webcast of the conference call will be available under the Investor Relations section of the Company's website.
About Affymetrix
Affymetrix technology is used by the world's top pharmaceutical, diagnostic and biotechnology companies, as well as leading academic, government and nonprofit research institutes. More than 2,300 systems have been shipped around the world and more than 94,500 peer-reviewed papers have been published using the technology. Affymetrix is headquartered in Santa Clara, California, and has manufacturing facilities in Cleveland, Ohio, San Diego, California, Singapore and Vienna, Austria. The Company has about 1,200 employees worldwide and maintains sales and distribution operations across Europe, Asia and Latin America.
All statements in this press release that are not historical in nature, are predicative in nature or that depend upon or refer to future events or conditions are "forward-looking statements" within the meaning of Section 21 of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These include statements regarding our strategic initiatives, market expectations, integration of and synergies related to eBioscience, anticipated product and revenue growth, financial strength and regulatory environment, as well as all other "expectations," "beliefs," "hopes," "intentions," "strategies" and words of similar import and the negatives thereof. Such statements are based on our current expectations and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. We cannot assure you that actual results or business conditions will not differ materially from those projected or suggested in such forward-looking statements as a result of various factors, including, but not limited to, those discussed in “Risk Factors” contained in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2014. These forward-looking statements speak only as of the date of the press release. Unless required by law, we do not undertake to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based.
In addition to providing financial measures based on generally accepted accounting principles in the United States (GAAP), Affymetrix has disclosed in this press release its net income (loss) and net income (loss) per share as well as its total gross margin and operating expenses for the third quarter of 2015 and 2014 excluding specified items. Reconciliation of GAAP to Non-GAAP measures can be found in the tables included in this press release. Affymetrix has determined to disclose this financial information to investors because it believes it will be useful, as a supplement to GAAP measures, in comparing Affymetrix's operating performance in the third quarter of 2015 as compared to the prior-year period. These Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Our management uses our supplemental non-GAAP financial measures internally to understand, manage and evaluate our business and make operating decisions. These non-GAAP measures are among the primary factors management uses in planning for and forecasting future periods.
PLEASE NOTE:
Affymetrix, the Affymetrix logo, GeneChip, and all other trademarks are the property of Affymetrix, Inc.
- Financial Charts to Follow -
AFFYMETRIX, INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (IN THOUSANDS) September 30, December 31, 2015 2014 ASSETS: (Note 1) Current assets: Cash and cash equivalents $ 107,593 $ 79,923 Short-term investments 30,000 — Accounts receivable, net 47,849 46,896 Inventories, net—short-term portion 53,391 50,676 Deferred tax assets—short-term portion 3,709 3,778 Prepaid expenses and other current assets 8,580 9,197 Total current assets 251,122 190,470 Property and equipment, net 21,365 18,087 Inventories, net—long-term portion 4,816 5,956 Goodwill 155,515 156,178 Intangible assets, net 106,374 106,183 Deferred tax assets—long-term portion 306 303 Other long-term assets 7,802 9,371 Total assets $ 547,300 $ 486,548 LIABILITIES AND STOCKHOLDERS’ EQUITY: Current liabilities: Accounts payable and accrued liabilities $ 59,392 $ 53,063 Current portion of long-term debt 4,000 4,000 Deferred revenue—short-term portion 7,534 9,210 Total current liabilities 70,926 66,273 Deferred revenue—long-term portion 2,236 2,372 4.00% notes 105,000 105,000 Term loan—long-term portion 15,950 18,950 Other long-term liabilities 20,694 21,626 Total liabilities 214,806 214,221 Stockholders’ equity: Common stock 799 743 Additional paid-in capital 843,120 781,747 Accumulated other comprehensive income (7,930 ) (612 ) Accumulated deficit (503,495 ) (509,551 ) Total stockholders’ equity 332,494 272,327 Total liabilities and stockholders’ equity $ 547,300 $ 486,548 Note 1: The condensed consolidated balance sheet at December 31, 2014 has been derived from the audited consolidated financial statements at that date included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2014. AFFYMETRIX, INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 REVENUE: Product sales $ 80,041 $ 78,069 $ 239,305 $ 227,644 Services and other 6,489 9,017 24,909 27,845 Total revenue 86,530 87,086 264,214 255,489 COSTS AND EXPENSES: Cost of product sales 26,760 29,140 81,501 89,211 Cost of services and other 4,257 6,426 15,284 19,358 Research and development 13,003 12,926 38,035 37,443 Selling, general and administrative 36,526 33,718 107,599 108,546 Litigation settlement 10,000 — 10,000 5,100 Total costs and expenses 90,546 82,210 252,419 259,658 Income (loss) from operations (4,016 ) 4,876 11,795 (4,169 ) Other income (expense), net 74 (1,008 ) (324 ) 703 Interest expense 1,468 1,595 4,422 4,972 Income (loss) before income taxes (5,410 ) 2,273 7,049 (8,438 ) Income tax expense (benefit) (74 ) (111 ) 993 563 Net income (loss) $ (5,336 ) $ 2,384 $ 6,056 $ (9,001 ) Basic net income (loss) per common share $ (0.07 ) $ 0.03 $ 0.08 $ (0.12 ) Diluted net income (loss) per common share $ (0.07 ) $ 0.03 $0.07
$ (0.12 ) Shares used in computing basic net income (loss) per common share 79,856 73,41377,930
72,955 Shares used in computing diluted net income (loss) per common share 79,856 76,31580,908
72,955 AFFYMETRIX, INC. RESULTS OF OPERATIONS – NON-GAAP (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) (UNAUDITED) ITEMIZED RECONCILIATION BETWEEN GAAP AND NON-GAAP NET INCOME (LOSS) Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 GAAP net income (loss) - basic and diluted $ (5,336 ) $ 2,384 $ 6,056 $ (9,001 ) Amortization of inventory fair value adjustment — — — 4,666 Amortization of acquired intangible assets 3,358 3,913 10,304 12,593 Litigation settlement 10,000 — 10,000 5,100 Non-GAAP net income - basic and diluted $ 8,022 $ 6,297 $ 26,360 $ 13,358 Non-GAAP basic net income per common share $ 0.10 $ 0.09 $0.34
$ 0.18 Non-GAAP diluted net income per common share $ 0.10 $ 0.08 $0.33
$ 0.18 Shares used in computing Non-GAAP basic net income per common share 79,856 73,41377,930
72,955 Shares used in computing Non-GAAP diluted net income per common share (Note 1) 79,856 76,31580,908
72,955 Note 1:Weighted average shares outstanding includes the dilutive effect, if any, of employee stock options, employee stock purchase plan, and restricted stock awards.
ITEMIZED RECONCILIATION BETWEEN GAAP AND NON-GAAP GROSS MARGIN
Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 GAAP total gross margin $ 55,513 64 % $ 51,520 59 % $ 167,429 63 % $ 146,920 58 % Amortization of inventory fair value adjustment — — % — — % — — % 4,666 2 % Amortization of acquired intangible assets 1,253 1 % 1,352 2 % 3,768 1 % 4,073 1 % Non-GAAP total gross margin $ 56,766 65 % $ 52,872 61 % $ 171,197 64 % $ 155,659 61 %ITEMIZED RECONCILIATION BETWEEN GAAP AND NON-GAAP OPERATING EXPENSES
Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Total GAAP operating expenses $ 59,529 $ 46,644 $ 155,634 $ 151,089 Amortization of acquired intangible assets (2,105 ) (2,561 ) (6,536 ) (8,520 ) Litigation settlement (10,000 ) — (10,000 ) (5,100 ) Total Non-GAAP operating expenses $ 47,424 $ 44,083 $ 139,098 $ 137,469ITEMIZED RECONCILIATION BETWEEN GAAP AND NON-GAAP ADJUSTED EBITDA AS PERCENTAGE OF REVENUE
Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 GAAP net income (loss) $ (5,336 ) $ 2,384 $ 6,056 $ (9,001 ) Depreciation and amortization 5,348 7,318 16,222 23,844 Amortization of inventory fair value adjustment — — — 4,666 Interest expense, net 1,430 1,588 4,399 4,919 Income tax provision (74 ) (111 ) 993 563 EBITDA 1,368 11,179 27,670 24,991 Adjustments to EBITDA: Share-based compensation 3,655 3,164 10,943 9,436 (Gain) loss on foreign currency (19 ) 1,472 912 1,807 Litigation charges 10,967 801 11,279 9,160 (Gain) loss on sales of securities 1 (444 ) (53 ) (1,684 ) Other adjustments (18 ) (14 ) (532 ) (772 ) Adjusted EBITDA $ 15,954 $ 16,158 $ 50,219 $ 42,938 Revenue $ 86,530 $ 87,086 $ 264,214 $ 255,489 Adjusted EBITDA as percentage of revenue 18 % 19 % 19 % 17 %
View source version on businesswire.com: http://www.businesswire.com/news/home/20151028006623/en/
Affymetrix, Inc.Doug Farrell, 408-731-5285Vice President of Investor Relations
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