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Shares of Affymetrix Inc.’s (AFFX - Analyst Report) rose 6.4% to $5.00 yesterday following the release of its promising 2013-second quarter results on Jul 31. The company reported its first earnings since the first quarter of 2011. The stock price is very close to the 52-week high of $5.26 on Jul 12.

Affymetrix posted adjusted earnings per share of 4 cents in the quarter in sharp contrast to the year-ago adjusted loss of 13 cents. This reflected a whopping 500% earnings surprise compared with the Zacks Consensus Estimate of a loss of a penny.

Thanks to AFFX’s strategic restructuring plans and its acquisition of eBioscience in Jun 2012 that has opened new avenues for the company and turned its focus away from the beleaguered Gene Expression business.

Revenues increased 19.7% year over year to $79.5 million (including the eBioscience acquisition), almost in line with the Zacks Consensus Estimate. eBioscience revenues increased manifold to $18.8 million from $1.4 million in the year-ago period.

During the quarter, Affymetrix launched a new product, Axiom 384HT Genotyping Format, a high-throughput platform capable of genotyping 384 samples simultaneously and run on the GeneTitan Instrument.

We are impressed with Affymetrix’s strong second-quarter results, following a dismal first quarter. We believe that AFFX is ready for a turnaround due to management's strategy to transform it into a company with a broad reach in the high-growth markets for translational medicine, molecular diagnostics and applied markets. Despite a tight U.S. academic funding environment, AFFX’s new products and strategic agreements should propel growth in the company.

Currently, AFFX has a Zacks Rank #1 (Strong Buy). Other companies like Biogen Idec (BIIB - Analyst Report), Gilead Sciences (GILD - Analyst Report) and Actelion (ALIOF), all carrying a Zacks Rank #1 (Strong Buy), are also expected to do well in the Medical-Biomed/Gene industry.

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