(By Balachander) Affymetrix Inc. (NASDAQ:AFFX), which develops systems for genetic analysis, forecast revenue for the third quarter below market expectations saying its gene expression and eBioscience business units were hit by a tightening academic funding environment worldwide.
The Santa Clara, California-based company expects to post revenue of roughly $80 million for the three months ended September, while Wall Street analysts expect $84.56 million.
Affymetrix's revenue guidance include around $18 million from its eBioscience business acquired in June.
"Based on ongoing concerns about global academic funding as well as a weaker Euro, we now believe that total revenue for Affymetrix excluding eBioscience will be flat to slightly down for 2012 relative to the prior year," said Affymetrix CEO Frank Witney.
The company said its gene expression and eBioscience business segments were weaker than expected in the quarter.
For the preceding second quarter, Affymetrix earned 42 cents a share on revenue of $66.4 million. Excluding items, the company said it would have reported a loss of 2 cents a share.
eBioscience provides flow cytometry and immunoassay reagents for immunology and oncology research and diagnostics.
The stock, which has been trading in the 52-week range of $3.52 to $5.95, ended at $4.31 on Friday.