Affymetrix Inc (AFFX) 10-K Annual Report March 2014

Santa Clara, Calif.—February 5, 2014—Affymetrix, Inc., (NASDAQ: AFFX) today reported its operating results for the three and twelve months ended December 31, 2013.

Results for the three months ended December 31, 2013:


•	Total revenue was $92.6 million, which included revenue from eBioscience of $20.5 million.


•	Product revenue was $82.1 million, as compared to product revenue for the fourth quarter of 2012 of $76.4 million, an increase of 7%.


•	GAAP net income was $9.4 million, or $0.10 per diluted share, as compared to a net loss of $12.3 million, or $0.17 per diluted share, in the fourth quarter of 2012.


•	Non-GAAP net income was $2.2 million, or $0.02 per diluted share, as compared to a Non-GAAP net loss of $1.3 million, or $0.02 per diluted share, for the fourth quarter of 2012. Please refer to "Itemized Reconciliation Between GAAP and Non-GAAP Net Income (Loss)" for a reconciliation of these GAAP and Non-GAAP financial measures.


•	Total balance in cash and cash equivalents was $57.1 million at the end of December 31, 2013.

Product revenue for the fourth quarter of 2013 was $82.1 million and service and other revenue was $10.5 million. This compares to product revenue of $76.4 million and service and other revenue of $8.0 million in the fourth quarter of 2012. Product revenue for the fourth quarter of 2013 included Affymetrix core consumable revenue of $57.6 million, instrument revenue of $4.0 million and revenue from eBioscience of $20.5 million. Product revenue for the fourth quarter of 2012 included Affymetrix core consumable revenue of $53.1 million and instrument revenue of $5.2 million and revenue from eBioscience of $18.1 million.

Total gross margin was 59%, as compared to 54% in the same period of 2012. Excluding Non-GAAP adjustments such as the amortization of step-up in inventory fair value and one-time licensing payment, total margin was 62% compared to 61% for the fourth quarter of 2012. Please refer to the "Itemized Reconciliation Between GAAP and Non-GAAP Gross Margin" for a reconciliation of these GAAP and Non-GAAP financial measures.

For the fourth quarter of 2013, operating expenses were $51.1 million on a GAAP basis as compared to $54.4 million in 2012. Excluding Non-GAAP adjustments such as the amortization of acquired intangible assets and non-recurring charges, operating expenses were $47.9 million, compared to an adjusted total of $48.5 million in 2012. The decrease in 2013 is primarily driven by lower headcount following the restructuring announced on January 11, 2013 and due to non-recurring acquisition- and integration-related costs incurred during 2012 partially off-set by higher variable compensation expenditure. Please refer to the "Itemized Reconciliation Between GAAP and Non-GAAP Operating Expenses" for a reconciliation of these GAAP and Non-GAAP financial measures.

Results for the year ended December 31, 2013:


•	Total revenue was $330.4 million, which included eBioscience of $78.2 million, compared to total revenue of $295.6 million in 2012, which included eBioscience revenue of $37.0 million.


•	GAAP net loss was $16.3 million, of $0.23 per diluted share, as compared to a net loss of $10.7 million, or $0.15 per diluted share, in 2012.


•	Non-GAAP net income was $7.4 million, or $0.10 per diluted share, as compared to a net loss of $6.8 million, or $0.10 per diluted share, for 2012. Please refer to the “Itemized Reconciliation Between GAAP and Non-GAAP Net Loss” for a reconciliation of these GAAP and non-GAAP financial measures.

The following information was filed by Affymetrix Inc (AFFX) on Wednesday, February 5, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Affymetrix Inc provided additional information to their SEC Filing as exhibits

Exhibit 21: Subsidaries Of The Registrant

Exhibit 23: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32: Section 1350 Certification

Ticker: AFFX
CIK: 913077
Form Type: 10-K Annual Report
Accession Number: 0000913077-14-000012
Submitted to the SEC: Mon Mar 03 2014 4:07:09 PM EST
Accepted by the SEC: Mon Mar 03 2014
Period: Tuesday, December 31, 2013
Industry: Laboratory Analytical Instruments