Affymetrix cuts full-year 2008 guidance

Affymetrix of the USA has reported that, based on preliminary financial data, it expects total revenue for the first quarter of 2008 to be around $170.0 million, including an intellectual property payment of $90.0 million received by the company in connection with a previously-announced settlement of patent litigation.

For fiscal-year 2008, the company has reduced its revenue guidance from the previous range of $505.0 million-$525.0 million to $490.0 million-$510.0 million, a decrease of about 3%. This cut in revenue expectations for the full year is primarily the result of expected lower research spending by pharmaceutical and industrial customers. Affymetrix is currently reviewing ways to further reduce operating expenses to offset the impact of this revenue decline.

The company will release first-quarter operating results and host a conference call after the close of the market on April 24.