Affymetrix takes 2Q loss, but shares trade higher
Affymetrix posts 2nd-qtr loss without tax benefit, but sales rise 20 percent and shares rise
NEW YORK (AP) -- Genetic testing instrument maker Affymetrix Inc. said Wednesday it took a loss in the second quarter, but its shares advanced in aftermarket trading.
Affymetrix said its revenue rose 20 percent, thanks in part to its acquisition of eBioscience a year ago. It took a loss in the latest quarter after reporting a profit in the second quarter of 2012 because of a one-time tax benefit connected to that deal.
The company's shares rose 32 cents, or 8.4 percent, to $4.12 in aftermarket trading. They had picked up a penny to $3.80 during the regular session.
Affymetrix makes technology that helps analyze biological systems at the cell, protein and gene levels. For instance, it provides kits for molecular biology applications like DNA sequencing and protein analysis.
The company said it lost $6.1 million, or 9 cents per share. A year ago it recorded a tax benefit of $44.7 million from the eBioscience deal and had net income of $23.6 million, or 33 cents per share. The company said it earned net income of 4 cents per share in the most recent quarter if one-time items are excluded, compared with a loss of 2 cents per share a year ago. Revenue grew to $79.5 million from $66.4 million.
FactSet says analysts expected the Santa Clara, Calif., company to break even on $78.2 million in revenue.
Revenue from eBioscience totaled $18.8 million. EBioscience is focused on flow cytometry and immunoassay reagents for immunology and oncology research and diagnostics. Flow cytometry is used to analyze cells in blood and other fluids for research and diagnosis of diseases. Affymetrix bought the company in June.
Product sales rose 27 percent to $74.2 million and service and other revenue slipped.
