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Global genetic devices maker Affymetrix Inc. (AFFX - Analyst Report) has launched a new product, OncoScan FFPE Assay Kit, a genome wide copy number assay for analyzing highly degraded Formalin-fixed, paraffin-embedded (FFPE) solid tumor cancers. The assay was launched at the Cancer Cytogenomics Microarray Consortium conference in Chicago.

The technologically advanced OncoScan FFPS Assay Kit is considered superior to alternative methods such as FISH, array CGH, and next-generation sequencing technologies. It uses Affymetrix’s one-of-a-kind Molecular Inversion Probe (MIP) technology to deliver prompt and accurate results in just 48 hours.

As per management, the platform has been successfully tested in a number of renowned cancer research centers and is already garnering new customer wins. Affymetrix will begin to ship the product from Sep this year.

In the second quarter of 2013, Affymetrix had launched another new offering, Axiom 384HT Genotyping Format, a high-throughput platform capable of genotyping 384 samples simultaneously and runs on the GeneTitan Instrument.

Affymetrix is soaring on the back of robust second-quarter results. The company posted adjusted earnings per share of 4 cents in the quarter, significantly higher than the Zacks Consensus Estimate of a loss of a penny and the year-ago adjusted loss of 13 cents. Its stock price is hovering near the 52-week high level of $5.26.

AFFX’s strategic restructuring plans are finally paying off as reflected by the bottom-line growth. Moreover, the acquisition of eBioscience has opened new avenues for Affymetrix and shifted its focus away from the beleaguered Gene Expression business.

We believe that Affymetrix is ready for a turnaround and the worst days are over for the company. In the face of declining demand for Affymetrix’ flagship GeneChip Expression products, management's strategy to transform AFFX into a company with a broad reach in the high-growth markets for translational medicine, molecular diagnostics and applied markets is encouraging.

Despite a tight U.S. academic funding environment, new products and strategic agreements should propel growth, going forward. Additionally, the company’s restructuring and debt reduction efforts should boost margins and profitability.

Currently, AFFX has a Zacks Rank #1 (Strong). 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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