Affymetrix, Inc. (AFFX: Quote), based on preliminary financial data, expects total revenue of around $78 million for the first quarter of 2013, including revenue of nearly $19 million from eBioscience. On average, 12 analysts polled by Thomson Reuters estimate $83.34 million revenue for the first quarter. Analysts’ estimates typically exclude one-time items. The company also projects cash-on-hand of at least $38 million as of March 31, 2013.
Frank Witney, president and chief executive, stated: “Our revenues for the first quarter were below expectations, primarily due to continued headwinds in our gene expression business across all regions, in particular Japan, where we came in significantly short of plan.”
At the end of March, Cash-on-hand totaled about $38 million, after redeeming the remaining $3.9 million of the company’s 3.5% convertible notes and prepaying $3.2 million of its senior-secured debt.
The company would provide a more detailed business update and complete financial information when it reports its first quarter results after the close of the market on Tuesday, April 30, 2013. Currently, Affymetrix is observing a pre-earnings quiet period and would not comment on its first-quarter results in the interim.
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by RTT Staff Writer
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