— Affymetrix Announces Preliminary Fourth Quarter 2014 Revenue of Approximately $93 Million & the Appointment of Merilee Ra...
January 12 2015 - 5:00AM
Business Wire
Affymetrix, Inc., (NASDAQ:AFFX) today announced that based on
preliminary, unaudited financial data, the Company expects total
revenue for the fourth quarter of 2014 to be approximately $93
million. For fiscal 2014, the Company expects total revenue of
approximately $348 million, representing a 9% growth over the prior
year, after adjusting for the sale of its Anatrace business with
revenues of $4.5 million and a one-time license payment of $5.3
million in 2013.
“Over the last three years we successfully executed on our three
phase strategic plan, improving our operating results across the
board and returning the company to growth,” said Frank Witney,
President and Chief Executive Officer. “We enter the third phase of
our plan with a clear focus and strong positions in the growing
markets of translational medicine, molecular diagnostics,
genotyping and single cell biology.”
Affymetrix will webcast its presentation at the 33rd Annual J.P.
Morgan Healthcare Conference in San Francisco, California on
January 13, 2015. The live webcast is scheduled to begin at 7:30 AM
Pacific Time.
The Company also announced that Merilee Raines has been
appointed to the Company’s Board of Directors effective January 12,
2015. Ms. Raines will serve as a member of the Audit Committee.
Ms. Raines served as Chief Financial Officer of IDEXX
Laboratories (IDXX), Inc. from 2003 until her retirement in 2013.
Prior to becoming Chief Financial Officer, she held management
positions with IDEXX Laboratories, including Vice President of
Finance, Treasurer, Director of Finance, and Controller. IDEXX
Laboratories develops, manufactures and distributes diagnostic and
information technology products and services for pet and production
animal health, water quality and milk safety, and human
point-of-care diagnostics. Ms. Raines earned a bachelor's degree in
mathematics from Bowdoin College and an MBA from the University of
Chicago. Ms. Raines is also a member of the Board of Directors of
Watts Water Technologies (WTS) and Aratana Therapeutics (PETX).
"We welcome Merilee to our Board of Directors,” said Frank
Witney, President and Chief Executive Officer of Affymetrix.
“Merilee’s experience in finance, company operations and as a
public company director will enable her to provide great
perspective as we continue to grow our business and enhance
shareholder value.”
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
94,000 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
1,100 employees worldwide and maintains sales and distribution
operations across Europe, Asia and Latin America. For more
information about Affymetrix, please visit
www.affymetrix.com.
Forward-Looking Statements
Affymetrix has not filed its Form 10-K for fiscal 2014. As a
result, all financial results described in this press release
should be considered preliminary, and are subject to change to
reflect any necessary corrections or adjustments, or changes in
accounting estimates, that are identified prior to the time the
company is in a position to complete these filings.
All statements in this press release that are not historical are
"forward-looking statements" within the meaning of Section 21E of
the Securities Exchange Act as amended, including statements
regarding Affymetrix's "expectations," "beliefs," "hopes,"
"intentions," "strategies" or the like. Such statements are subject
to risks and uncertainties that could cause actual results to
differ materially for Affymetrix from those projected, including,
but not limited to: Affymetrix's ability to timely and successfully
integrate and realize the anticipated savings from this corporate
restructuring; strategic benefits and costs savings or other
synergies of the acquisition of eBioscience in a cost-effective
manner while minimizing the disruption to its business; risks that
eBioscience’s future performance may not be consistent with its
historical performance; risks relating to Affymetrix's ability to
make scheduled payments of the principal of, to pay interest on or
to refinance its indebtedness; risks relating to Affymetrix's
ability to successfully develop and commercialize new products,
including its ability to successfully develop and commercialize
novel molecular solutions based on eBioscience’s portfolio of
reagents; risks relating to past and future acquisitions, including
the ability of Affymetrix to successfully integrate such
acquisitions into its existing business; risks of Affymetrix's
ability to achieve and sustain higher levels of revenue, higher
gross margins and reduced operating expenses; risks relating to
Affymetrix’s ability to generate cash after interest and principal
payments; uncertainties relating to technological approaches; risks
associated with manufacturing and product development; personnel
retention; uncertainties relating to cost and pricing of Affymetrix
products; dependence on collaborative partners; uncertainties
relating to sole-source suppliers; uncertainties relating to FDA
and other regulatory approvals; competition; risks relating to
intellectual property of others and the uncertainties of patent
protection and litigation. These and other risk factors are
discussed in Affymetrix's Quarterly Report on Form 10-Q for the
quarter ended September 30, 2014, and other SEC reports. Affymetrix
expressly disclaims any obligation or undertaking to release
publicly any updates or revisions to any forward-looking statements
contained herein to reflect any change in Affymetrix's expectations
with regard thereto or any change in events, conditions or
circumstances on which any such statements are based.
PLEASE NOTE:
Affymetrix, the Affymetrix logo, GeneChip, and all other
trademarks are the property of Affymetrix, Inc.
Affymetrix, Inc.Doug Farrell, 408-731-5285Vice President of
Investor Relations
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