>>FREMONT, Calif., Jan. 2 /PRNewswire-FirstCall/ -- Ciphergen Biosystems, Inc. (Nasdaq: CIPH - News) announced that its preliminary revenue forecast for the fourth quarter ending December 31, 2003 will be approximately $15.0 - 15.5 million, as compared to previous company expectations of approximately $19 million. This preliminary revenue forecast results in total revenue for the year ended December 31, 2003 of approximately $58.5 million, an increase of approximately 50% over 2002. These preliminary revenue estimates are subject to final accounting and audit processes, and therefore could change. Ciphergen plans to report final results for the fourth quarter and fiscal year 2003 on February 12, 2004, at which time we will hold a conference call to review activities during the quarter as well as provide formal guidance for 2004.
William E. Rich, President and CEO, commented: "While we had significant growth in product and service sales outside the U.S., our new ProteinChip System placements in the U.S. were short of our expectations. A significant number of specific orders that we were anticipating near the end of the quarter did not materialize, although many of these we expect to carry forward to the first quarter. We attribute the delays in orders to several factors, of which the most significant was increased indirect competition from centralized core proteomics facilities, as many such labs are attempting to provide biomarker discovery services to potential laboratory customers of ours. In addition, the entry of more direct competition resulted in a longer sales cycle at certain accounts, and we continued to experience delays from NIH and related funding sources. We are confident that with vigorous execution of our planned marketing and sales programs, as well as new product introductions and strategic collaborations, our system placements in the U.S. will rebound to higher levels in 2004." <<
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I have noted, here and on the proteomics thread, various techniques used by core proteomics facilities using standard mass specs, to come up with biomarkers, use pattern analysis, etc. Could it be that some are catching on?
And what direct competition is he talking about? CIPH will have an interesting time at the breakout session at JPM H&Q this year. Watch the stock price closely around then. Presentation begins at 1:30PM PST, 1/15, and goes for 1/2 hour. So action would be after hours or the following morning. I wouldn't touch it till then.
Cheers, Tuck |
