Affymetrix Inc (AFFX) 10-K Annual Report February 2015

Santa Clara, Calif.—February 4, 2015—Affymetrix, Inc., (NASDAQ: AFFX) today reported its operating results for the three and twelve months ended December 31, 2014.

Results for the year ended December 31, 2014:


•	Total revenue was $349.0 million, as compared to total revenue of $330.4 million in 2013. Total revenue grew by 8.9% in 2014, after adjusting for a one-time license payment of $5.3 million in 2013 and the sale of its Anatrace business with revenues of $4.5 million.


•	Total GAAP gross margin was 59%, as compared to 55% in 2013. Non-GAAP gross margin was 62%, as compared to 60% in 2013.


•	Non-GAAP net income was $22.3 million, or $0.30 per diluted share, as compared to $7.4 million, or $0.10 per diluted share, for 2013. Please refer to the “Itemized Reconciliation Between GAAP and Non-GAAP Net Income (Loss)” for a reconciliation of these GAAP and non-GAAP financial measures.


•	GAAP net loss was $3.8 million, or $0.05 per diluted share, as compared to a net loss of $16.3 million, or $0.23 per diluted share, in 2013.


•	Cash provided by operating activities was $43.5 million. Total balance in cash and cash equivalents was $79.9 million as of December 31, 2014. Senior secured debt is $23.0 million at the end of the year following net debt payments of $16.5 million in 2014.

Product revenue for the year ended December 31, 2014 was $310.5 million and services and other revenue was $38.6 million. This compares to product revenue of $302.6 million and services and other revenue of $27.8 million in 2013. Product revenue for 2014 included consumable revenue of $294.2 million and instrument revenue of $16.2 million. Product revenue for 2013 included consumable revenue of $288.2 million and instrument revenue of $14.4 million.

Total GAAP gross margin was 59%, as compared to 55% in 2013. Excluding non-GAAP adjustments such as amortization of step-up in inventory fair value and acquired intangible assets, total margin was 62% in 2014, as compared to 60% in 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 2014, operating expenses were $203.7 million on a GAAP basis as compared to $193.6 million in 2013. Excluding Non-GAAP adjustments such as the amortization of acquired intangible assets and non-recurring charges, operating expenses were $187.7 million, compared to an adjusted total of $175.5 million in 2013. The increase in 2014 is primarily driven 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 three months ended December 31, 2014:


•	Total revenue was $93.5 million, as compared to $92.6 million in the fourth quarter of 2013. Total revenue grew by 7.3% over the fourth quarter of 2013, after adjusting for a one-time license payment of $5.3 million in 2013 and the sale of its Anatrace business with revenues of $0.2 million in the fourth quarter of 2014.

The following information was filed by Affymetrix Inc (AFFX) on Wednesday, February 4, 2015 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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Financial Statements, Disclosures and Schedules

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: 0000913077-15-000008
Submitted to the SEC: Wed Feb 18 2015 3:31:10 PM EST
Accepted by the SEC: Wed Feb 18 2015
Period: Wednesday, December 31, 2014
Industry: Laboratory Analytical Instruments