Affymetrix Inc (AFFX) 10-Q Quarterly Report April 2015


•	GAAP net income was $4.4 million, or $0.06 per diluted share, as compared to a GAAP net loss of $10.5 million, or $0.14 per diluted share, in the first quarter of 2014, an increase of $14.9 million or $0.20 per diluted share.


•	Non-GAAP net income was $7.9 million, or $0.10 per diluted share, compared to a non-GAAP net income of $1.9 million, or $0.03 per diluted share, for the first quarter of 2014. Please refer to "Itemized Reconciliation Between GAAP and Non-GAAP Net Income (Loss)" for a reconciliation of these GAAP and non-GAAP financial measures.


•	Net proceeds of $25.3 million raised through an "at-the-market" offering.


•	Total balance in cash and cash equivalents was $104.0 million and senior debt was $22.0 million as of March 31, 2015.

Product revenue for the first quarter of 2015 was $79.4 million and service and other revenue was $9.4 million. This compares to product revenue of $73.7 million and service and other revenue of $9.3 million in the first quarter of 2014. Product revenue for the first quarter of 2015 included consumable revenue of $76.5 million and instrument revenue of $2.9 million. Product revenue for the first quarter of 2014 included consumable revenue of $69.9 million and instrument revenue of $3.8 million.

Total GAAP gross margin was 62%, as compared to 56% in the same period of 2014. Excluding non-GAAP adjustments such as the amortization of acquired intangible assets, non-GAAP gross margin for the first quarter of 2015 was 63% compared to 61% in the same period of 2014. 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 first quarter of 2015, operating expenses were $47.6 million on a GAAP basis as compared to $55.3 million in the same period of 2014. Excluding non-GAAP adjustments, such as the amortization of acquired intangible assets and non-recurring charges, non-GAAP operating expenses for the first quarter of 2015 were $45.3 million, compared to an adjusted total of $47.2 million in the same period of 2014. The decrease is primarily due to lower amortization and depreciation, lower legal costs and the favorable currency impact of our European operations. Please refer to the "Itemized Reconciliation Between GAAP and Non-GAAP Operating Expenses" for a reconciliation of these GAAP and non-GAAP financial measures.

“Phase III of our strategic plan is off to a good start. Our priorities are clear, primarily to grow revenues, achieve sustained profitability and build cash to increase our strategic flexibility. In the first quarter, we generated topline

The following information was filed by Affymetrix Inc (AFFX) on Wednesday, April 29, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Affymetrix Inc provided additional information to their SEC Filing as exhibits

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-Q Quarterly Report
Accession Number: 0000913077-15-000016
Submitted to the SEC: Thu Apr 30 2015 4:29:19 PM EST
Accepted by the SEC: Thu Apr 30 2015
Period: Tuesday, March 31, 2015
Industry: Laboratory Analytical Instruments