Affymetrix to Restructure; Financial Chief to Retire
Affymetrix Inc. (AFFX) said it will undergo a restructuring to save about $25 million annually, while its Chief Financial Officer Tim Barabe will retire.
The provider of genetic analysis technologies to pharmaceutical, diagnostic and biotechnology companies also forecast fourth-quarter revenue of about $84 million, in line with expectations of analysts polled by Thomson Reuters. It also projects revenue for fiscal 2012 of $295 million.
The company said roughly $18 million of its top line will come from the eBioscience business.
Affymetrix said it has prepaid $9.6 million of its senior-secured debt and is implementing a corporate restructuring to accelerate profitability. More than 100 employees, or about 8% of the workforce, will leave the company, it said. Affymetrix expects to record a restructuring charge of about $7 million, most of which will be incurred during the first quarter of 2013.
"This restructuring will drive operational efficiency, and together with the sharpened focus of our development and commercial priorities, will accelerate our return to profitability," Frank Witney, president and chief executive officer, said.
Mr. Barabe, who joined Affymetrix about three years ago, has held a range of financial and strategic roles in the life sciences and healthcare industries, including Human Genome Sciences Inc. and Novartis AG (NVS).
In November, the company reported a wider loss amid higher costs.
Shares closed at $3.49 on Tuesday and were unchanged after hours. The stock is down 23% over the past six months.
Read more: http://www.foxbusiness.com/news/2013/01/08/affymetrix-to-restructure-financial-chief-to-retire/#ixzz2HUOvXC9C
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