DELAWARE
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0-28218
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77-0319159
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(State of incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Exhibit No.
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Description
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99.1
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Press Release dated July 27, 2011
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AFFYMETRIX, INC.
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By:
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/s/ Timothy C. Barabe
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Name:
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Timothy C. Barabe
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Title:
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Executive Vice President and Chief Financial
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Officer, Treasurer and Principal Financial Officer
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Exhibit No.
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Description
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99.1
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Press Release dated July 27, 2011
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– Company reports a 10% decline in revenue and a 9% decrease in operating expenses over Q2 2010, cash flow from operations was $14 million for the second quarter –
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·
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Appointed Dr. Frank Witney as president and chief executive officer, effective July 1, 2011. Dr. Witney joins Affymetrix with 30 years of experience in the life science research products and diagnostic and analytical instrument industry, having served in senior leadership positions at Dionex, Panomics, Affymetrix and Bio-Rad.
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·
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Launched new Axiom™ myDesign™ Targeted Genotyping Arrays for the targeted genotyping market, enabling researchers to study mutations in disease pathways and characterize gene-gene interactions. This latest advancement allows researchers to design custom arrays to genotype 1,500 to 2.6 million markers per sample and rapidly transition from genome-wide scans to specific disease analyses with different experimental approaches on the same platform. In addition to Axiom myDesign TG Arrays, Affymetrix released a new version of the Axiom Genomic Database™ containing 11 million variants, making it the industry's largest supply of validated genomic markers.
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·
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Announced the commercial availability of the new Gene Profiling Array cGMP U133 P2, a version of the widely cited Human Genome U133 Plus 2.0 Array, as another component to its GeneChip® Instrument System, which is used by Affymetrix partners for assay development. To accelerate test development cycles, the new tools are manufactured and quality controlled under current good manufacturing practices (cGMP) and ISO 13485 standards. Additionally, with an instrument platform and reagents that are FDA-cleared for in vitro diagnostic (IVD) use and CE-marked as IVD medical devices for sale in the European Union, the Affymetrix clinical toolkit eases the regulatory burden.
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June 30,
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December 31,
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2011
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2010
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ASSETS:
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(Note 1)
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Current assets:
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Cash and cash equivalents
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$ | 27,396 | $ | 35,484 | ||||
Restricted cash
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312 | 287 | ||||||
Available-for-sale securities—short-term portion
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45,021 | 67,223 | ||||||
Accounts receivable, net
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44,606 | 52,281 | ||||||
Inventories
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47,899 | 49,373 | ||||||
Deferred tax assets—short-term portion
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1,002 | 1,071 | ||||||
Prepaid expenses and other current assets
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6,524 | 9,422 | ||||||
Total current assets
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172,760 | 215,141 | ||||||
Available-for-sale securities—long-term portion
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182,916 | 134,190 | ||||||
Property and equipment, net
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48,829 | 54,177 | ||||||
Acquired technology rights, net
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32,738 | 38,858 | ||||||
Deferred tax assets—long-term portion
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4,961 | 4,894 | ||||||
Other long-term assets
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11,987 | 13,525 | ||||||
Total assets
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$ | 454,191 | $ | 460,785 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY:
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Current liabilities:
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Accounts payable and accrued liabilities
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$ | 37,718 | $ | 44,259 | ||||
Deferred revenue—short-term portion
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9,901 | 10,950 | ||||||
Total current liabilities
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47,619 | 55,209 | ||||||
Deferred revenue—long-term portion
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4,222 | 4,601 | ||||||
Other long-term liabilities
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11,687 | 11,748 | ||||||
Convertible notes
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95,469 | 95,472 | ||||||
Stockholders’ equity:
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Common stock
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704 | 706 | ||||||
Additional paid-in capital
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745,950 | 742,206 | ||||||
Accumulated other comprehensive income
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2,706 | 1,376 | ||||||
Accumulated deficit
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(454,166 | ) | (450,533 | ) | ||||
Total stockholders’ equity
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295,194 | 293,755 | ||||||
Total liabilities and stockholders’ equity
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$ | 454,191 | $ | 460,785 |
Note 1:
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The condensed consolidated balance sheet at December 31, 2010 has been derived from the audited consolidated financial statements at that date included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2010.
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Three Months Ended
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Six Months Ended
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June 30,
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June 30,
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2011
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2010
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2011
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2010
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REVENUE:
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Product sales
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$ | 58,144 | $ | 65,103 | $ | 125,607 | $ | 138,546 | ||||||||
Services
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5,259 | 4,742 | 9,767 | 9,205 | ||||||||||||
Royalties and other revenue
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1,256 | 1,833 | 3,009 | 4,114 | ||||||||||||
Total revenue
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64,659 | 71,678 | 138,383 | 151,865 | ||||||||||||
COSTS AND EXPENSES:
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Cost of product sales
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22,367 | 27,535 | 46,266 | 55,994 | ||||||||||||
Cost of services and other
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3,426 | 3,554 | 6,626 | 8,143 | ||||||||||||
Research and development
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15,298 | 17,815 | 31,566 | 36,294 | ||||||||||||
Selling, general and administrative
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26,675 | 28,428 | 53,887 | 59,807 | ||||||||||||
Total costs and expenses
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67,766 | 77,332 | 138,345 | 160,238 | ||||||||||||
(Loss) income from operations
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(3,107 | ) | (5,654 | ) | 38 | (8,373 | ) | |||||||||
Interest income and other, net
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499 | 738 | (1,395 | ) | (2,860 | ) | ||||||||||
Interest expense
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937 | 2,340 | 1,875 | 4,772 | ||||||||||||
Gain from repurchase of convertible notes
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- | 1,744 | - | 1,744 | ||||||||||||
Loss before income taxes
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(3,545 | ) | (5,512 | ) | (3,232 | ) | (14,261 | ) | ||||||||
Income tax provision
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127 | 29 | 401 | 900 | ||||||||||||
Net loss
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$ | (3,672 | ) | $ | (5,541 | ) | $ | (3,633 | ) | $ | (15,161 | ) | ||||
Basic and diluted net loss per common share
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$ | (0.05 | ) | $ | (0.08 | ) | $ | (0.05 | ) | $ | (0.22 | ) | ||||
Shares used in computing basic and diluted net loss per common share
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69,504 | 69,030 | 70,700 | 68,981 |