UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
|
(MARK ONE) |
||
|
ý |
|
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE |
|
|
||
|
FOR THE PERIOD ENDED MARCH 31, 2004 |
||
|
|
||
|
OR |
||
|
|
||
|
o |
|
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE |
|
|
||
|
FOR THE TRANSITION PERIOD FROM TO . |
||
COMMISSION FILE NO. 0-28218
AFFYMETRIX, INC.
(Exact name of Registrant as specified in its charter)
|
DELAWARE |
|
77-0319159 |
|
(State or other jurisdiction of |
|
(I.R.S. Employer |
|
|
|
|
|
3380 CENTRAL EXPRESSWAY |
|
95051 |
|
(Address of principal executive offices) |
|
(Zip Code) |
Registrant’s telephone number, including area code: (408) 731-5000
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No o
Indicate by check mark whether the Registrant is an accelerated filer (as defined in Rule 12b-2 of the Act). Yes ý No o
COMMON SHARES OUTSTANDING ON APRIL 30, 2004: 60,426,109
AFFYMETRIX, INC.
TABLE OF CONTENTS
2
AFFYMETRIX, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS)
(UNAUDITED)
|
|
|
March 31, |
|
December 31, |
|
||
|
|
|
|
|
(Note 1) |
|
||
|
ASSETS |
|
|
|
|
|
||
|
Current assets: |
|
|
|
|
|
||
|
Cash and cash equivalents |
|
$ |
40,005 |
|
$ |
275,928 |
|
|
Available-for-sale securities |
|
171,726 |
|
183,955 |
|
||
|
Accounts receivable |
|
65,144 |
|
71,343 |
|
||
|
Inventories |
|
20,901 |
|
22,632 |
|
||
|
Prepaid expenses and other current assets |
|
4,646 |
|
7,443 |
|
||
|
Total current assets |
|
302,422 |
|
561,301 |
|
||
|
Property and equipment, net |
|
62,421 |
|
62,611 |
|
||
|
Acquired technology rights, net |
|
26,874 |
|
27,818 |
|
||
|
Goodwill |
|
18,601 |
|
18,601 |
|
||
|
Notes receivable from employees |
|
2,717 |
|
1,500 |
|
||
|
Other assets |
|
26,862 |
|
28,333 |
|
||
|
|
|
$ |
439,897 |
|
$ |
700,164 |
|
|
|
|
|
|
|
|
||
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
||
|
Current liabilities: |
|
|
|
|
|
||
|
Accounts payable and accrued liabilities |
|
$ |
60,427 |
|
$ |
69,646 |
|
|
Deferred revenue — current portion |
|
34,686 |
|
30,019 |
|
||
|
Convertible subordinated notes — short-term |
|
— |
|
267,460 |
|
||
|
Other current liabilities |
|
1,149 |
|
1,398 |
|
||
|
Total current liabilities |
|
96,262 |
|
368,523 |
|
||
|
Deferred revenue — long-term portion |
|
40,225 |
|
43,346 |
|
||
|
Other long-term liabilities |
|
3,577 |
|
3,240 |
|
||
|
Convertible notes |
|
120,000 |
|
120,000 |
|
||
|
Stockholders’ equity: |
|
|
|
|
|
||
|
Common stock |
|
603 |
|
595 |
|
||
|
Additional paid-in capital |
|
386,115 |
|
370,304 |
|
||
|
Notes receivable from stockholders |
|
(440 |
) |
(428 |
) |
||
|
Deferred stock compensation |
|
(4,861 |
) |
(5,185 |
) |
||
|
Accumulated other comprehensive loss |
|
(1,092 |
) |
(1,572 |
) |
||
|
Accumulated deficit |
|
(200,492 |
) |
(198,659 |
) |
||
|
Total stockholders’ equity |
|
179,833 |
|
165,055 |
|
||
|
|
|
$ |
439,897 |
|
$ |
700,164 |
|
Note 1: The condensed consolidated balance sheet at December 31, 2003 has been derived from the audited consolidated financial statements at that date included in the Company’s Form 10-K for the fiscal year ended December 31, 2003.
See accompanying notes.
3
AFFYMETRIX, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
(UNAUDITED)
|
|
|
Three
Months Ended |
|
||||
|
|
|
2004 |
|
2003 |
|
||
|
Revenue: |
|
|
|
|
|
||
|
Product sales |
|
$ |
61,091 |
|
$ |
46,754 |
|
|
Product related revenue |
|
13,522 |
|
14,394 |
|
||
|
Total product and product related revenue |
|
74,613 |
|
61,148 |
|
||
|
Royalties and other revenue |
|
2,371 |
|
3,154 |
|
||
|
Revenue from Perlegen Sciences |
|
1,649 |
|
2,509 |
|
||
|
Total revenue |
|
78,633 |
|
66,811 |
|
||
|
|
|
|
|
|
|
||
|
Costs and expenses: |
|
|
|
|
|
||
|
Cost of product sales |
|
20,732 |
|
16,820 |
|
||
|
Cost of product related revenue |
|
2,856 |
|
2,193 |
|
||
|
Cost of revenue from Perlegen Sciences |
|
1,371 |
|
2,509 |
|
||
|
Research and development |
|
17,296 |
|
15,905 |
|
||
|
Selling, general and administrative |
|
28,269 |
|
27,975 |
|
||
|
Amortization of deferred stock compensation |
|
324 |
|
695 |
|
||
|
Amortization of purchased intangibles |
|
— |
|
281 |
|
||
|
Charge for acquired in-process technology |
|
— |
|
10,096 |
|
||
|
Total costs and expenses |
|
70,848 |
|
76,474 |
|
||
|
Income (loss) from operations |
|
7,785 |
|
(9,663 |
) |
||
|
Interest income and other, net |
|||||||