SANTA CLARA, Calif. (AP) — Life science instrument company Affymetrix anticipates that its third-quarter revenue will come in below Wall Street's expectations, as its results were hurt by tighter academic funding conditions globally.
The company's stock slid to its lowest point in more than three years on Monday.
Affymetrix Inc. said that its quarterly revenue will come in at about $80 million, with approximately $18 million coming from its eBioscience business.
Analysts, on average, expect revenue of $84.6 million, according to FactSet.
The company said that the tighter funding conditions mostly hurt its gene expression and eBioscience divisions.
President and CEO Frank Witney said in statement that Affymetrix now expects its 2012 revenue will be flat to slightly down from the prior year, due to concerns about the tighter funding conditions and a weaker euro. The Santa Clara, Calif.-based company had 2011 revenue of $267.5 million.
Wall Street, on average, was expecting full-year revenue of $304.2 million.
Affymetrix will report its third-quarter financial results on Oct. 31.
Affymetrix shares fell 65 cents, or 15.1 percent, to $3.66 in heavy afternoon trading, with volume nearly five times normal trading. Earlier in the session, the stock tumbled to $3.45, its lowest point since April 2009. The stock traded as high as $5.95 last October.