Bull of the Day: Affymetrix (AFFX) - Bull of the Day
January 10 2014 - 4:22AM
Zacks
AFFX's preliminary
revenue guidance for the fourth quarter came in ahead of
expectations, sending the earnings estimates higher and the stock
back to Zacks Rank #1 (Strong Buy) on January 8, 2014.
About the Company
Headquartered in Santa Clara, California, Affymetrix
(AFFX) is a leading provider of microarray-based products
and services to the global research community. The company utilizes
its DNA chip technology in areas of gene expression, analysis, and
clinical application to help treat infectious diseases, cancer, and
other ailments.
Affymetrix has 1,100 employees globally and has a sales and
distribution network across U.S., Latin America, Europe and
Asia.
Excellent Fourth Quarter Preliminary Results and Third
Quarter Results
AFFX announced its preliminary revenue for the fourth quarter of
2013, on January 7, 2014. The company expects total revenue of
approximately $91 million (including a one-time licensing
payment of $5.3 million) for the quarter and total revenue of
approximately $329 million for the fiscal year.
Quarterly sales reflect a 7.8% increase from the year-ago level of
$84.4 million. Further, both the quarterly and annual estimates
were ahead of Zacks Consensus Estimates of $85 million and $322
million, respectively.
Earlier on October 30, 2013, the company reported its third quarter
results. Non-GAAP net income was $0.05 per share,
compared to a net loss of $0.03 per share, for the same
quarter of 2012. The results handily beat the Zacks Consensus
Estimate of $0.2 per share. Revenues rose 0.9% to $80.4 million,
ahead of the Zacks Consensus Estimate of $79 million.
Positive Earnings Estimates Revisions
As a result of much better than expected operating/preliminary
results, analysts have revised their earnings estimates for the
company in the past few weeks.
Zacks Consensus Estimates for the current quarter and the current
year now stand at $0.06 per share and $0.14 per share respectively,
up from $0.04 per share and $0.11 per share, 60 days ago.
The Bottom Line
AFFX is a Zacks Rank #1 (Strong Buy) stock. The company also earned
a (longer-term) Zacks recommendation of “Outperform”, based on its
improved prospects. The stock was earlier featured as the
“Bull of the Day’ on August 30, 2013. It is up almost 70% since
then. However since the turnaround story appears to be working
great, the stock still looks posed for further upside.
Want the latest recommendations from Zacks Investment Research?
Today, you can download7 Best Stocks for the Next 30
Days.Click to get this free report >>
AFFYMETRIX INC (AFFX): Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
Affymetrix (NASDAQ:AFFX)
Historical Stock Chart
From Sep 2024 to Oct 2024
Affymetrix (NASDAQ:AFFX)
Historical Stock Chart
From Oct 2023 to Oct 2024
Real-Time news about Affymetrix, Inc. (NASDAQ): 0 recent articles
More Affymetrix News Articles