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Affymetrix reports 2Q loss on revenue dip

Wed, 07/21/2010 - 1:45pm
The Associated Press

Affymetrix Inc., which makes genetic testing technology, on Wednesday reported a second-quarter loss on as it booked fewer gains and product sales and services revenue both declined.

The company posted a loss of $5.5 million, or 8 cents per share, compared with net income of $7.3 million, or 11 cents per share, during the same period a year prior. The latest period included a gain of $1.7 million on debt buybacks, versus a $17.4 million gain in the year-ago period.

Revenue fell to $71.7 million from $81.6 million. Product sales fell 3 percent to $65.1 million while service revenue plunged to $4.7 million from $12.2 million.

Analysts polled by Thomson Reuters expected a smaller loss of 7 cents on $73.9 million in revenue.

"Despite the market and commercial challenges that impacted our second quarter results, we continued to make significant operational improvements, including expanding product gross margins and reducing our operating expenses by 12 percent year-over-year," said President and CEO Kevin M. King, in a statement.

Shares of Affymetrix fell 5 cents to close at $4.32.

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