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Affymetrix expects 1Q revenue below Street's view

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SANTA CLARA, Calif. (AP) — The genetic testing instrument business Affymetrix Inc. expects first-quarter revenue below Wall Street expectations.

The Santa Clara, Calif., company said Tuesday it expects total revenue of about $78 million for the quarter that ended March 31. That includes about $19 million from its eBioscience segment. Affymetrix will report full results April 30 after markets close.

Analysts expect, on average, revenue of $83.3 million, according to FactSet.

The company also said Tuesday it expects to report cash on hand of at least $38 million as of March 31.

Affymetrix technology helps analyze biological systems at the cell, protein and gene levels. For instance, it provides kits for molecular biology applications like DNA sequencing and protein analysis.

Its shares finished at $4.66 on Monday. They have traded in a 52-week range of $2.96 to $5.50.

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