Affymetrix Inc (AFFX) 10-Q Quarterly Report August 2014


•	GAAP net loss was $0.9 million, or $0.01 per diluted share, as compared to a GAAP net loss of $6.1 million, or $0.09 per diluted share, in the second quarter of 2013.


•	Non-GAAP net income was $5.2 million, or $0.07 per diluted share, compared to a Non-GAAP net income of $2.8 million, or $0.04 per diluted share, for the second quarter of 2013. 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 $51.5 million and senior debt was $25.0 million as of June 30, 2014.

Product revenue for the second quarter of 2014 was $75.9 million and service and other revenue was $9.5 million. This compares to product revenue of $74.2 million and service and other revenue of $5.3 million in the second quarter of 2013. Product revenue for the second quarter of 2014 included consumable revenue of $72.6 million and instrument revenue of $3.3 million. Product revenue for the second quarter of 2013 included consumable revenue of $70.0 million and instrument revenue of $4.2 million.

Total gross margin was 57%, as compared to 53% in the same period of 2013. Excluding Non-GAAP adjustments such as the amortization of step-up in inventory fair value, total margin for the second quarter of 2014 was 61% compared to 60% in the same period of 2013. 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 second quarter of 2014, operating expenses were $49.1 million on a GAAP basis as compared to $45.1 million in the same period of 2013. Excluding Non-GAAP adjustments, such as the amortization of acquired intangible assets and non-recurring charges, operating expenses for the second quarter of 2014 were $46.2 million, compared to an adjusted total of $42.0 million in the same period of 2013. The increase is primarily due to higher variable compensation cost and legal costs associated with our litigation matters. Please refer to the "Itemized Reconciliation Between GAAP and Non-GAAP Operating Expenses" for a reconciliation of these GAAP and Non-GAAP financial measures.

“This is our fourth consecutive quarter of year-over-year revenue growth as we continue to execute on our strategic objectives,” stated Frank Witney, President and CEO. “For the first half of 2014 we saw consistent performance across the business and strong growth in our Genetic Analysis business unit. Accordingly we are raising our full-year guidance to total revenue of $340 million and EBITDAO in the range of 14% to 15% of revenue.”

The following information was filed by Affymetrix Inc (AFFX) on Thursday, July 31, 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-Q Quarterly 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-Q Quarterly Report

Ticker: AFFX
CIK: 913077
Form Type: 10-Q Quarterly Report
Accession Number: 0000913077-14-000028
Submitted to the SEC: Mon Aug 04 2014 2:30:31 PM EST
Accepted by the SEC: Mon Aug 04 2014
Period: Monday, June 30, 2014
Industry: Laboratory Analytical Instruments