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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 14.01 | 0 | 01:00:00 |
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DELAWARE
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77-0319159
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(State or other jurisdiction of
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(I.R.S. Employer
|
incorporation or organization)
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Identification Number)
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3420 CENTRAL EXPRESSWAY
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SANTA CLARA, CALIFORNIA 95051
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||
(Address of principal executive offices and Zip Code)
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Large accelerated filer
o
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Accelerated filer
x
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Non-accelerated filer
o
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Smaller reporting company
o
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(Do not check if a smaller reporting company)
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Page No.
|
|
|
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Financial Statements
(unaudited)
|
||
|
|
|
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Condensed Consolidated Balance Sheets at
June 30, 2014 and December 31, 2013
|
|
|
|
|
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Condensed Consolidated Statements of Operations for the Three
and Six Months Ended June 30, 2014 and 2013
|
|
|
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|
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Condensed Consolidated Statements of Comprehensive
Loss for the Three and Six Months Ended June 30, 2014 and 2013
|
|
|
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Condensed Consolidated Statements of Cash Flows for the Six Months Ended
June 30, 2014 and 2013
|
|
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|
|
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29
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||
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31
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June 30,
2014 |
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December 31,
2013 |
||||
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(Unaudited)
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|
(Note 1)
|
||||
ASSETS:
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
51,500
|
|
|
$
|
57,128
|
|
Accounts receivable, net
|
49,631
|
|
|
50,862
|
|
||
Inventories—short-term portion
|
54,043
|
|
|
58,059
|
|
||
Deferred tax assets—short-term portion
|
1,613
|
|
|
767
|
|
||
Prepaid expenses and other current assets
|
6,567
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|
|
8,920
|
|
||
Total current assets
|
163,354
|
|
|
175,736
|
|
||
Property and equipment, net
|
16,906
|
|
|
18,671
|
|
||
Inventories—long-term portion
|
6,001
|
|
|
5,972
|
|
||
Goodwill
|
161,201
|
|
|
161,595
|
|
||
Intangible assets, net
|
119,814
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|
|
131,108
|
|
||
Deferred tax assets—long-term portion
|
368
|
|
|
355
|
|
||
Other long-term assets
|
10,583
|
|
|
11,074
|
|
||
Total assets
|
$
|
478,227
|
|
|
$
|
504,511
|
|
|
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|
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY:
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Accounts payable and accrued liabilities
|
$
|
42,891
|
|
|
$
|
45,534
|
|
Current portion of long-term debt
|
4,000
|
|
|
12,750
|
|
||
Deferred revenue—short-term portion
|
12,681
|
|
|
18,660
|
|
||
Total current liabilities
|
59,572
|
|
|
76,944
|
|
||
Deferred revenue—long-term portion
|
2,670
|
|
|
2,824
|
|
||
Convertible notes
|
105,000
|
|
|
105,000
|
|
||
Term loan—long-term portion
|
20,950
|
|
|
26,700
|
|
||
Other long-term liabilities
|
21,182
|
|
|
21,496
|
|
||
Total liabilities
|
209,374
|
|
|
232,964
|
|
||
Stockholders’ equity:
|
|
|
|
||||
Common stock
|
732
|
|
|
723
|
|
||
Additional paid-in capital
|
776,390
|
|
|
768,149
|
|
||
Accumulated other comprehensive income
|
8,833
|
|
|
8,392
|
|
||
Accumulated deficit
|
(517,102
|
)
|
|
(505,717
|
)
|
||
Total stockholders’ equity
|
268,853
|
|
|
271,547
|
|
||
Total liabilities and stockholders’ equity
|
$
|
478,227
|
|
|
$
|
504,511
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
REVENUE:
|
|
|
|
|
|
|
|
||||||||
Product sales
|
$
|
75,880
|
|
|
$
|
74,170
|
|
|
$
|
149,576
|
|
|
$
|
145,728
|
|
Services and other
|
9,552
|
|
|
5,294
|
|
|
18,827
|
|
|
11,681
|
|
||||
Total revenue
|
85,432
|
|
|
79,464
|
|
|
168,403
|
|
|
157,409
|
|
||||
COSTS AND EXPENSES:
|
|
|
|
|
|
|
|
||||||||
Cost of product sales
|
30,560
|
|
|
33,587
|
|
|
60,071
|
|
|
68,021
|
|
||||
Cost of services and other
|
6,028
|
|
|
3,706
|
|
|
12,932
|
|
|
7,213
|
|
||||
Research and development
|
12,882
|
|
|
11,959
|
|
|
24,517
|
|
|
24,207
|
|
||||
Selling, general and administrative
|
36,266
|
|
|
33,518
|
|
|
74,828
|
|
|
68,638
|
|
||||
Litigation settlement
|
—
|
|
|
—
|
|
|
5,100
|
|
|
—
|
|
||||
Restructuring charges
|
—
|
|
|
(355
|
)
|
|
—
|
|
|
4,487
|
|
||||
Total costs and expenses
|
85,736
|
|
|
82,415
|
|
|
177,448
|
|
|
172,566
|
|
||||
Loss from operations
|
(304
|
)
|
|
(2,951
|
)
|
|
(9,045
|
)
|
|
(15,157
|
)
|
||||
Interest income and other, net
|
1,418
|
|
|
89
|
|
|
1,711
|
|
|
432
|
|
||||
Interest expense
|
1,623
|
|
|
2,724
|
|
|
3,377
|
|
|
5,622
|
|
||||
Loss before income taxes
|
(509
|
)
|
|
(5,586
|
)
|
|
(10,711
|
)
|
|
(20,347
|
)
|
||||
Income tax provision
|
402
|
|
|
521
|
|
|
674
|
|
|
1,196
|
|
||||
Net loss
|
$
|
(911
|
)
|
|
$
|
(6,107
|
)
|
|
$
|
(11,385
|
)
|
|
$
|
(21,543
|
)
|
|
|
|
|
|
|
|
|
||||||||
Basic and diluted net loss per common share
|
$
|
(0.01
|
)
|
|
$
|
(0.09
|
)
|
|
$
|
(0.16
|
)
|
|
$
|
(0.30
|
)
|
|
|
|
|
|
|
|
|
||||||||
Shares used in computing basic and diluted net loss per common share
|
72,944
|
|
|
71,154
|
|
|
72,722
|
|
|
71,038
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
Net loss
|
$
|
(911
|
)
|
|
$
|
(6,107
|
)
|
|
$
|
(11,385
|
)
|
|
$
|
(21,543
|
)
|
Other comprehensive (loss) income, net of tax:
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation adjustment
|
(609
|
)
|
|
1,268
|
|
|
(458
|
)
|
|
(1,856
|
)
|
||||
Unrealized change in available-for-sale and non-marketable securities (net of tax of $(545) and $256 for the three and six months ended June 30, 2014, respectively)
|
(898
|
)
|
|
(55
|
)
|
|
421
|
|
|
(331
|
)
|
||||
Unrealized change in cash flow hedges
|
181
|
|
|
(361
|
)
|
|
478
|
|
|
727
|
|
||||
Net change in other comprehensive (loss) income, net of tax
|
(1,326
|
)
|
|
852
|
|
|
441
|
|
|
(1,460
|
)
|
||||
Comprehensive loss
|
$
|
(2,237
|
)
|
|
$
|
(5,255
|
)
|
|
$
|
(10,944
|
)
|
|
$
|
(23,003
|
)
|
|
Six Months Ended June 30,
|
||||||
|
2014
|
|
2013
|
||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
||||
Net loss
|
$
|
(11,385
|
)
|
|
$
|
(21,543
|
)
|
Adjustments to reconcile net loss to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
16,521
|
|
|
20,427
|
|
||
Amortization of inventory step-up in fair value
|
4,666
|
|
|
9,084
|
|
||
Share-based compensation
|
6,272
|
|
|
3,110
|
|
||
Deferred tax, net
|
(570
|
)
|
|
—
|
|
||
Gain on sales of available-for-sale securities
|
(1,240
|
)
|
|
(50
|
)
|
||
Other non-cash transactions
|
356
|
|
|
529
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
||||
Accounts receivable, net
|
1,339
|
|
|
6,253
|
|
||
Inventories
|
(1,207
|
)
|
|
(1,128
|
)
|
||
Prepaid expenses and other assets
|
1,883
|
|
|
1,704
|
|
||
Accounts payable and accrued liabilities
|
(2,599
|
)
|
|
(5,796
|
)
|
||
Deferred revenue
|
(6,136
|
)
|
|
10,783
|
|
||
Other long-term liabilities
|
(266
|
)
|
|
(1,661
|
)
|
||
Net cash provided by operating activities
|
7,634
|
|
|
21,712
|
|
||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
||||
Proceeds from sales of available-for-sale securities
|
2,162
|
|
|
9,364
|
|
||
Proceeds on sale of fixed assets
|
106
|
|
|
—
|
|
||
Capital expenditures
|
(3,036
|
)
|
|
(2,271
|
)
|
||
Purchase of non-marketable investment
|
—
|
|
|
(200
|
)
|
||
Purchase of technology rights
|
—
|
|
|
(440
|
)
|
||
Net cash (used in) provided by investing activities
|
(768
|
)
|
|
6,453
|
|
||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
||||
Issuance of common stock, net
|
1,978
|
|
|
521
|
|
||
Repayments of long term debt
|
(14,500
|
)
|
|
(6,376
|
)
|
||
Bond and loan issuance costs
|
—
|
|
|
(228
|
)
|
||
Repurchase of 3.50% senior convertible notes
|
—
|
|
|
(3,855
|
)
|
||
Net cash used in financing activities
|
(12,522
|
)
|
|
(9,938
|
)
|
||
Effect of exchange rate changes on cash and cash equivalents
|
28
|
|
|
(224
|
)
|
||
Net increase in cash and cash equivalents
|
(5,628
|
)
|
|
18,003
|
|
||
Cash and cash equivalents at beginning of period
|
57,128
|
|
|
25,671
|
|
||
Cash and cash equivalents at end of period
|
$
|
51,500
|
|
|
$
|
43,674
|
|
|
December 31,
2013 |
|
(Decrease)/ Increase
|
|
Reclassification
Adjustments
|
|
June 30,
2014 |
|||||||||
Foreign currency translation adjustment
|
$
|
7,784
|
|
|
$
|
(458
|
)
|
|
$
|
—
|
|
|
$
|
7,326
|
|
|
Unrealized change in non-marketable securities
|
1,373
|
|
|
421
|
|
(1
|
)
|
—
|
|
|
1,794
|
|
||||
Unrealized change in cash flow hedges
|
(765
|
)
|
|
1,253
|
|
|
(775
|
)
|
|
(287
|
)
|
|||||
Total accumulated other comprehensive income, net of tax
|
$
|
8,392
|
|
|
$
|
1,216
|
|
|
$
|
(775
|
)
|
|
$
|
8,833
|
|
|
June 30, 2014
|
|
December 31, 2013
|
||||||||||||||||||||
|
Fair Value Measurements Using Input Types
|
|
|
|
Fair Value Measurements Using Input Types
|
|
|
||||||||||||||||
|
Level 2
|
|
Level 3
|
|
Total
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Derivative assets
|
$
|
7
|
|
|
$
|
—
|
|
|
$
|
7
|
|
|
$
|
185
|
|
|
$
|
—
|
|
|
$
|
185
|
|
Non-marketable securities
|
—
|
|
|
4,139
|
|
|
4,139
|
|
|
—
|
|
|
4,383
|
|
|
4,383
|
|
||||||
Total assets
|
$
|
7
|
|
|
$
|
4,139
|
|
|
$
|
4,146
|
|
|
$
|
185
|
|
|
$
|
4,383
|
|
|
$
|
4,568
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Derivatives liabilities
|
$
|
318
|
|
|
$
|
—
|
|
|
$
|
318
|
|
|
$
|
938
|
|
|
$
|
—
|
|
|
$
|
938
|
|
Balance as of December 31, 2013
|
$
|
4,383
|
|
Sales
|
(2,162
|
)
|
|
Realized gain (loss)
|
1,240
|
|
|
Unrealized gain (loss)
|
678
|
|
|
Balance as of June 30, 2014
|
$
|
4,139
|
|
|
June 30,
2014 |
|
December 31,
2013 |
||||
Euro
|
$
|
14,714
|
|
|
$
|
21,990
|
|
Japanese Yen
|
3,630
|
|
|
4,588
|
|
||
British Pound
|
3,925
|
|
|
5,653
|
|
||
Interest rate swap
|
10,307
|
|
|
10,307
|
|
||
Total
|
$
|
32,576
|
|
|
$
|
42,538
|
|
|
June 30,
2014 |
|
December 31,
2013 |
|
Balance Sheet
Classification
|
||||
Derivative assets:
|
|
|
|
|
|
||||
Foreign exchange contracts
|
$
|
7
|
|
|
$
|
185
|
|
|
Prepaid expenses and other current assets
|
Derivative liabilities:
|
|
|
|
|
|
||||
Foreign exchange contracts
|
296
|
|
|
927
|
|
|
Accounts payable and accrued liabilities
|
||
Interest rate swap
|
22
|
|
|
11
|
|
|
Other long-term liabilities
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
Derivatives in cash flow hedging relationships:
|
|
|
|
|
|
|
|
||||||||
Net (loss) gain recognized in OCI, net of tax (1)
|
$
|
(181
|
)
|
|
$
|
(361
|
)
|
|
$
|
(478
|
)
|
|
$
|
725
|
|
Net (loss) gain reclassified from accumulated OCI into Revenue, net of tax (2)
|
(314
|
)
|
|
254
|
|
|
(758
|
)
|
|
1,081
|
|
||||
Net (loss) gain reclassified from accumulated OCI into Interest income and other, net, net of tax (3)
|
(7
|
)
|
|
—
|
|
|
(17
|
)
|
|
158
|
|
||||
Net gain recognized in Interest income and other, net, net of tax (4)
|
19
|
|
|
30
|
|
|
1
|
|
|
45
|
|
||||
Derivatives not designated as hedging relationships:
|
|
|
|
|
|
|
|
||||||||
Net gain recognized in Interest income and other, net, net of tax (5)
|
11
|
|
|
4
|
|
|
12
|
|
|
147
|
|
(1)
|
Net change in the fair value of the effective portion classified in OCI
|
(2)
|
Effective portion classified as Revenue
|
(3)
|
Ineffective portion classified as Interest income and other, net
|
(4)
|
Amount excluded from effectiveness testing classified as Interest income and other, net
|
(5)
|
Classified in Interest income and other, net
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
Costs of product sales
|
$
|
660
|
|
|
$
|
262
|
|
|
$
|
1,197
|
|
|
$
|
429
|
|
Research and development
|
637
|
|
|
202
|
|
|
1,144
|
|
|
531
|
|
||||
Selling, general and administrative
|
1,830
|
|
|
812
|
|
|
3,931
|
|
|
2,150
|
|
||||
Total share-based compensation expense
|
$
|
3,127
|
|
|
$
|
1,276
|
|
|
$
|
6,272
|
|
|
$
|
3,110
|
|
|
June 30,
2014 |
|
December 31,
2013 |
||||
Raw materials
|
$
|
12,447
|
|
|
$
|
11,587
|
|
Work-in-process
|
17,878
|
|
|
22,139
|
|
||
Finished goods
|
29,719
|
|
|
30,305
|
|
||
Total
|
$
|
60,044
|
|
|
$
|
64,031
|
|
|
|
|
|
||||
Short-term portion
|
$
|
54,043
|
|
|
$
|
58,059
|
|
Long-term portion
|
$
|
6,001
|
|
|
$
|
5,972
|
|
Balance at December 31, 2013
|
$
|
1,697
|
|
Additions charged to cost of product sales
|
339
|
|
|
Repairs and replacements
|
(395
|
)
|
|
Adjustments
|
(183
|
)
|
|
Balance at June 30, 2014
|
$
|
1,458
|
|
|
June 30, 2014
|
|
December 31, 2013
|
||||
Term loan
|
$
|
24,950
|
|
|
$
|
29,450
|
|
Revolving credit facility
|
—
|
|
|
10,000
|
|
||
4.00% Notes
|
105,000
|
|
|
105,000
|
|
||
Total debt
|
129,950
|
|
|
144,450
|
|
||
Less: current portion of long-term debt
|
4,000
|
|
|
12,750
|
|
||
Total long-term debt
|
$
|
125,950
|
|
|
$
|
131,700
|
|
2014, remainder thereof
|
$
|
—
|
|
2015
|
—
|
|
|
2016
|
—
|
|
|
2017
|
2,150
|
|
|
2018
|
22,800
|
|
|
Total
|
$
|
24,950
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||
Employee stock options
|
4,540
|
|
|
5,646
|
|
|
4,540
|
|
|
5,646
|
|
Employee stock purchase plan
|
89
|
|
|
14
|
|
|
45
|
|
|
14
|
|
Restricted stock and restricted stock units
|
4,336
|
|
|
3,887
|
|
|
4,336
|
|
|
3,887
|
|
Convertible notes
|
17,857
|
|
|
17,857
|
|
|
17,857
|
|
|
17,868
|
|
Total
|
26,822
|
|
|
27,404
|
|
|
26,778
|
|
|
27,415
|
|
•
|
Expression:
This business unit markets the Company's GeneChip® gene expression products and services;
|
•
|
Genetic Analysis and Clinical Applications:
This business unit markets the Company's rapidly growing Axiom® genotyping product line, as well as products with clinical diagnostic and research applications including the CytoScan® and OncoScan products, as well as the QuantiGene ViewRNA in-situ hybridization platform for clinical translational research. In addition, the business unit is responsible for development and marketing of the Powered-by-Affymetrix (PbA) clinical partnering and licensing program which enables third-party diagnostic companies to access and develop DNA and RNA-based diagnostic tests on Affymetrix technology platforms. This business unit also markets the CytoScan Dx product, the recently FDA approved microarray system for post natal diagnostics of children with developmental delays and disorders;
|
•
|
Life Science Reagents:
This business unit sells reagents, enzymes, purification kits and biochemicals used by life science researchers and other tool provider businesses, including those developing and marketing Next Generation Sequencing products and molecular diagnostics; and
|
•
|
Corporate
: This business unit is comprised primarily of incidental revenue from royalty arrangements and field revenue from field-services provided to customers of the Company.
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
Revenue:
|
|
|
|
|
|
|
|
||||||||
Affymetrix Core
|
$
|
62,085
|
|
|
$
|
57,237
|
|
|
$
|
121,532
|
|
|
$
|
113,157
|
|
eBioscience
|
23,347
|
|
|
22,227
|
|
|
46,871
|
|
|
44,252
|
|
||||
Totals
|
$
|
85,432
|
|
|
$
|
79,464
|
|
|
$
|
168,403
|
|
|
$
|
157,409
|
|
Loss from operations:
|
|
|
|
|
|
|
|
||||||||
Affymetrix Core
|
$
|
854
|
|
|
$
|
265
|
|
|
$
|
(6,734
|
)
|
|
$
|
(7,789
|
)
|
eBioscience
|
(1,158
|
)
|
|
(3,216
|
)
|
|
(2,311
|
)
|
|
(7,368
|
)
|
||||
Totals
|
$
|
(304
|
)
|
|
$
|
(2,951
|
)
|
|
$
|
(9,045
|
)
|
|
$
|
(15,157
|
)
|
•
|
Expression:
This business unit markets the Company's GeneChip® gene expression products and services;
|
•
|
Genetic Analysis and Clinical Applications:
This business unit markets the Company's rapidly growing Axiom® genotyping product line, as well as products with clinical diagnostic and research applications including the CytoScan® Dx and OncoScan products, as well as the QuantiGene ViewRNA in-situ hybridization platform for clinical translational research. In addition, the business unit is responsible for development and marketing of the PbA clinical partnering and licensing program which enables third-party diagnostic companies to access and develop DNA and RNA-based diagnostic tests on Affymetrix technology platforms. This business unit also markets the CytoScan Dx product, the recently FDA approved microarray system for post natal diagnostics of children with developmental delays and disorders;
|
•
|
Life Science Reagents:
This business unit sells reagents, enzymes, purification kits and biochemicals used by life science researchers and other tool provider businesses, including those developing and marketing Next Generation Sequencing products and molecular diagnostics; and
|
•
|
Corporate
: This business unit is comprised primarily of incidental revenue from royalty arrangements and field revenue from field-services provided to customers of the Company.
|
•
|
Phase 1 (2011-2012) –Portfolio Realignment.
During this phase, we reorganized ourselves into business units to sharpen our business focus based on target markets. We also launched CytoScan®, our growing cytogenetic microarray product line and acquired eBioscience. Through eBioscience, we now offer flow cytometry reagents and immunoassay products which, aligned with our new product introductions, enable us to broaden our reach into the translational medicine, applied, and molecular diagnostics markets. We believe these actions have and will promote stabilization of our core business and the realignment of our product portfolio has positioned us for growth.
|
•
|
Phase II (2013-2014) – Profitability, Strengthen Balance Sheet, Development of Newer Product Lines.
In the beginning of 2013, we implemented a corporate restructuring with a goal of accelerating our path to profitability. Our priorities for this phase are to achieve profitability, pay down a significant portion of our senior secured debt, successfully commercialize our newer product lines (for example, CytoScan®, Axiom®, OncoScan
TM
, Human Transcriptome Array and QuantiGene® View RNA lines, as well as our eBioscience products) and invest in new product offerings. In addition, we are training and refocusing our global commercial organization to expand our reach to customers in the translational medicine, molecular diagnostics and applied markets.
|
•
|
Phase III (2015 -2016) –
Strategic Flexibility, Expansion of Product Lines; Growth.
In this phase, our goal is to have well established growing product lines in translational medicine, clinical diagnostics and applied science such as Ag Bio. We also intend to have a strong balance sheet that will provide us with strategic flexibility.
|
|
Three Months Ended June 30,
|
|
$ Change
|
|
% Change
|
|
Six Months Ended June 30,
|
|
$ Change
|
|
% Change
|
||||||||||||||||
|
2014
|
|
2013
|
|
|
|
2014
|
|
2013
|
|
|
||||||||||||||||
Total revenue ($ in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Consumables
|
$
|
72,601
|
|
|
$
|
69,973
|
|
|
$
|
2,628
|
|
|
4%
|
|
$
|
142,488
|
|
|
$
|
138,099
|
|
|
$
|
4,389
|
|
|
3%
|
Instruments
|
3,279
|
|
|
4,197
|
|
|
(918
|
)
|
|
(22)%
|
|
7,088
|
|
|
7,629
|
|
|
(541
|
)
|
|
(7)%
|
||||||
Product sales
|
75,880
|
|
|
74,170
|
|
|
1,710
|
|
|
2%
|
|
149,576
|
|
|
145,728
|
|
|
3,848
|
|
|
3%
|
||||||
Services and other revenue
|
9,552
|
|
|
5,294
|
|
|
4,258
|
|
|
80%
|
|
18,827
|
|
|
11,681
|
|
|
7,146
|
|
|
61%
|
||||||
Total revenue
|
$
|
85,432
|
|
|
$
|
79,464
|
|
|
$
|
5,968
|
|
|
8%
|
|
$
|
168,403
|
|
|
$
|
157,409
|
|
|
$
|
10,994
|
|
|
7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Segment revenue ($ in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Affymetrix Core:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Expression
|
$
|
17,103
|
|
|
$
|
20,441
|
|
|
$
|
(3,338
|
)
|
|
(16)%
|
|
$
|
35,652
|
|
|
$
|
39,874
|
|
|
$
|
(4,222
|
)
|
|
(11)%
|
Genetic analysis and clinical applications
|
34,233
|
|
|
23,611
|
|
|
10,622
|
|
|
45%
|
|
64,454
|
|
|
45,856
|
|
|
18,598
|
|
|
41%
|
||||||
Life science reagents
|
6,851
|
|
|
8,292
|
|
|
(1,441
|
)
|
|
(17)%
|
|
13,794
|
|
|
16,600
|
|
|
(2,806
|
)
|
|
(17)%
|
||||||
Corporate
|
3,898
|
|
|
4,893
|
|
|
(995
|
)
|
|
(20)%
|
|
7,632
|
|
|
10,827
|
|
|
(3,195
|
)
|
|
(30)%
|
||||||
Total Affymetrix Core
|
62,085
|
|
|
57,237
|
|
|
4,848
|
|
|
8%
|
|
121,532
|
|
|
113,157
|
|
|
8,375
|
|
|
7%
|
||||||
eBioscience
|
23,347
|
|
|
22,227
|
|
|
1,120
|
|
|
5%
|
|
46,871
|
|
|
44,252
|
|
|
2,619
|
|
|
6%
|
||||||
Total revenue
|
$
|
85,432
|
|
|
$
|
79,464
|
|
|
$
|
5,968
|
|
|
8%
|
|
$
|
168,403
|
|
|
$
|
157,409
|
|
|
$
|
10,994
|
|
|
7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Segment revenue (% of revenue):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
2014
|
|
2013
|
|
|
|
|
|
2014
|
|
2013
|
|
|
|
|
||||||||||||
Expression
|
20%
|
|
26%
|
|
|
|
|
|
21%
|
|
25%
|
|
|
|
|
|
|||||||||||
Genetic analysis and clinical applications
|
40%
|
|
30%
|
|
|
|
|
|
38%
|
|
29%
|
|
|
|
|
|
|||||||||||
Life science reagents
|
8%
|
|
10%
|
|
|
|
|
|
8%
|
|
11%
|
|
|
|
|
|
|||||||||||
Corporate
|
5%
|
|
6%
|
|
|
|
|
|
5%
|
|
7%
|
|
|
|
|
|
|||||||||||
Total Affymetrix Core
|
73%
|
|
72%
|
|
|
|
|
|
72%
|
|
72%
|
|
|
|
|
|
|||||||||||
eBioscience
|
27%
|
|
28%
|
|
|
|
|
|
28%
|
|
28%
|
|
|
|
|
|
|||||||||||
Total revenue
|
100%
|
|
100%
|
|
|
|
|
|
100%
|
|
100%
|
|
|
|
|
|
Dollars in thousands
|
Three Months Ended June 30,
|
|
$/Point Change
|
|
Six Months Ended June 30,
|
|
$/Point Change
|
||||||||||||||||
|
2014
|
|
2013
|
|
|
2014
|
|
2013
|
|
||||||||||||||
Total gross profit on product sales
|
$
|
45,320
|
|
|
$
|
40,583
|
|
|
$
|
4,737
|
|
|
$
|
89,505
|
|
|
$
|
77,707
|
|
|
$
|
11,798
|
|
Total gross profit on services and other revenue
|
3,524
|
|
|
1,588
|
|
|
1,936
|
|
|
5,895
|
|
|
4,468
|
|
|
1,427
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Product gross margin
|
60
|
%
|
|
55
|
%
|
|
5
|
|
|
60
|
%
|
|
53
|
%
|
|
7
|
|
||||||
Service and other revenue gross margin
|
37
|
%
|
|
30
|
%
|
|
7
|
|
|
31
|
%
|
|
38
|
%
|
|
(7
|
)
|
Dollars in thousands
|
Three Months Ended June 30,
|
|
$ Change
|
|
% Change
|
|
Six Months Ended June 30,
|
|
$ Change
|
|
% Change
|
||||||||||||||||
|
2014
|
|
2013
|
|
|
|
2014
|
|
2013
|
|
|
||||||||||||||||
Research and development
|
$
|
12,882
|
|
|
$
|
11,959
|
|
|
$
|
923
|
|
|
8%
|
|
$
|
24,517
|
|
|
$
|
24,207
|
|
|
$
|
310
|
|
|
1%
|
Selling, general and administrative expenses
|
36,266
|
|
|
33,518
|
|
|
2,748
|
|
|
8%
|
|
74,828
|
|
|
68,638
|
|
|
6,190
|
|
|
9%
|
||||||
Litigation settlement
|
—
|
|
|
—
|
|
|
—
|
|
|
0%
|
|
5,100
|
|
|
—
|
|
|
5,100
|
|
|
100%
|
||||||
Restructuring charges
|
—
|
|
|
(355
|
)
|
|
355
|
|
|
(100)%
|
|
—
|
|
|
4,487
|
|
|
(4,487
|
)
|
|
(100)%
|
Dollars in thousands
|
Three Months Ended June 30,
|
|
$ Change
|
|
% Change
|
|
Six Months Ended June 30,
|
|
$ Change
|
|
% Change
|
||||||||||||||||
|
2014
|
|
2013
|
|
|
|
2014
|
|
2013
|
|
|
||||||||||||||||
Operating loss:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Affymetrix Core
|
$
|
854
|
|
|
$
|
265
|
|
|
$
|
589
|
|
|
222%
|
|
$
|
(6,734
|
)
|
|
$
|
(7,789
|
)
|
|
$
|
1,055
|
|
|
(14)%
|
eBioscience
|
(1,158
|
)
|
|
(3,216
|
)
|
|
2,058
|
|
|
(64)%
|
|
(2,311
|
)
|
|
(7,368
|
)
|
|
5,057
|
|
|
(69)%
|
||||||
Total operating loss
|
$
|
(304
|
)
|
|
$
|
(2,951
|
)
|
|
$
|
2,647
|
|
|
(90)%
|
|
$
|
(9,045
|
)
|
|
$
|
(15,157
|
)
|
|
$
|
6,112
|
|
|
(40)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Reconciliation to loss before income taxes :
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest income and other, net
|
1,418
|
|
|
$
|
89
|
|
|
$
|
1,329
|
|
|
1,493%
|
|
$
|
1,711
|
|
|
$
|
432
|
|
|
$
|
1,279
|
|
|
296%
|
|
Interest expense
|
1,623
|
|
|
2,724
|
|
|
(1,101
|
)
|
|
40%
|
|
3,377
|
|
|
5,622
|
|
|
(2,245
|
)
|
|
40%
|
||||||
Loss before income taxes
|
$
|
(509
|
)
|
|
$
|
(5,586
|
)
|
|
$
|
5,077
|
|
|
91%
|
|
$
|
(10,711
|
)
|
|
$
|
(20,347
|
)
|
|
$
|
9,636
|
|
|
47%
|
Dollars in thousands
|
Three Months Ended June 30,
|
|
$ Change
|
|
% Change
|
|
Six Months Ended June 30,
|
|
$ Change
|
|
% Change
|
|||||||||||||||||
|
2014
|
|
2013
|
|
|
|
2014
|
|
2013
|
|
|
|||||||||||||||||
Income tax provision
|
$
|
402
|
|
|
$
|
521
|
|
|
$
|
(119
|
)
|
|
23%
|
|
$
|
674
|
|
|
$
|
1,196
|
|
|
$
|
(522
|
)
|
|
44
|
%
|
|
Six Months Ended June 30,
|
||||||
|
2014
|
|
2013
|
||||
Net cash provided by operating activities
|
$
|
7,634
|
|
|
$
|
21,712
|
|
Net cash provided by (used in) investing activities
|
(768
|
)
|
|
6,453
|
|
||
Net cash used in financing activities
|
(12,522
|
)
|
|
(9,938
|
)
|
Exhibit
Number |
|
Description of Document
|
|
|
|
10.54(1)
|
|
Lease between the Company and BMR-10255 Science Center LP dated June 20, 2014 (10255 Science Center Drive, San Diego, CA)
|
10.55(1)
|
|
Lease between the Company and BMR-10240 Science Center LP dated June 20, 2014 (10240 Science Center Drive, San Diego, CA)
|
10.56(2)
|
|
Limited Waiver and Fifth Amendment to Credit Agreement dated July 28, 2014
|
31.1(2)
|
|
Certification of Chief Executive Officer Pursuant to Section 302 of Sarbanes-Oxley Act of 2002.
|
31.2(2)
|
|
Certification of Chief Financial Officer Pursuant to Section 302 of Sarbanes-Oxley Act of 2002.
|
32(2)
|
|
Certification of Chief Executive Officer and Chief Financial Officer Pursuant to Section 906 of Sarbanes-Oxley Act of 2002.
|
EX-101.INS
|
|
XBRL Instance Document(3)
|
EX-101.SCH
|
|
XBRL Taxonomy Extension Schema Document(3)
|
EX-101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document(3)
|
EX-101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document(3)
|
EX-101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document(3)
|
EX-101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document(3)
|
(1)
|
Incorporated by reference to the Company's Current Report on Form 8-K as filed on June 25, 2014.
|
(2)
|
Filed herewith.
|
(3)
|
Pursuant to applicable securities laws and regulations, we are deemed to have complied with the reporting obligation relating to the submission of interactive data files in such exhibits and are not subject to liability under any anti-fraud provisions of the federal securities laws as long as we have made a good faith attempt to comply with the submission requirements and promptly amend the interactive data files after becoming aware that the interactive data files fail to comply with the submission requirements. Users of this data are advised pursuant to Rule 406T of Regulation S-T that this interactive data file is deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, and otherwise is not subject to liability under these sections.
|
|
By:
|
/s/ GAVIN WOOD
|
|
Name:
|
Gavin H. J. Wood
|
|
Title:
|
Executive Vice President and Chief Financial Officer
|
|
|
|
August 4, 2014
|
|
|
|
|
|
|
|
Duly Authorized Officer and Principal Financial
And Accounting Officer
|
|
|
|
|
|
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