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February
3rd 2003. We
are all waiting for something to break on the geopolitical front,
either good or bad. But neither Wall Street nor the media is going
to tell you how it is because Wall Street needs to hedge itself
during times of uncertainty and the media needs a good story.
Nevertheless, institutional money is nervous about the Iraqi
conflict, concerned it will not be over quickly and be a burden on
the U.S. economy. Our advice is to proceed with caution if
you’re going to be long in this market and accumulate those
names that you intend on owning one year from now. One
company that comes to mind is Affymetrix (NASDAQ:
AFFX) especially since the company crossed the finish line
with a profitable 4th quarter. Affymetrix’s GeneChip
platform consists of DNA microarrays containing gene sequences on
a chip that help scientists analyze and manage genetic
information. The
company posted a net profit of $2.9 million, or 5 cents a share,
compared with a net loss of $8.4 million, or 15 cents, a year
earlier. Product revenue rose more than 26 percent to $69.7
million. For
2003, Affymetrix projects revenue growth of 28 percent and said
product revenue in the first quarter will be $71 million to $73
million. Affymetrix also said it will pay a subsidiary company,
Perlegen Sciences, $15 million under a license agreement. We
foresee Affymetrix to continue to expand the utilization of its
technology, especially since Affymetrix and Roche, a Swiss
drugmaker, announced a partnership that will help bring DNA
microarrays into the land of clinical diagnostics. Roche licensed
Affymetrix’s gene chip technology for 18 years to develop
clinical diagnostic tests for a wide range of diseases. Affymetrix
will receive $70 million now as well as milestone payments and
royalties on sales of developed products. DNA
microarrays are well accepted by
the scientific community as
having the potential to transform medical research and patient
care. With a bit of luck, the Affymetrix and its partner, Roche
suggests a new emphasis on developing DNA microarray technology
that it will be useful in the clinic as well. Affymetrix should
benefit, as new
products should translate continued solid growth for the company.
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