Corporate - Media & Press - Press Release
Arrayit Corporation Reports 47% Revenue Growth
Life Science Tools and Services Provide Key Sales Drivers in Record Quarter
Press Release Source: Arrayit Corporation On Wednesday August 3, 2011, 1:30 pm PST
SUNNYVALE, Calif., Aug. 3, 2011 (GLOBE NEWSWIRE) -- Arrayit Corporation (OTCBB:ARYC) reports today a 47% increase in revenue for the first quarter of 2011, the largest year-over-year quarterly growth since becoming publicly traded. Total revenues for the three months ended March 31, 2011 increased 47% to $977,267 from $664,858 in the year-ago quarter. Gross profit increased 43% to $424,715 in the first quarter of 2011 from $297,016 in the same quarter a year earlier. Arrayit has developed a proprietary and patented microarray platform that empowers researchers and clinicians to decipher the genetic code faster, more affordably and more accurately than competing systems. Arrayit microarray chips enable researchers to perform genotyping, messenger RNA profiling and proteomic analysis seamlessly on a single platform using Arrayit's sophisticated approach to parallelism, miniaturization and automation. The company has leveraged these technological core competencies to develop pre-symptomatic research quality tests for ovarian cancer (OvaDx® RUO), Parkinson's Disease (PDx), and other illnesses. The company also offers cost-effective and rapid turnaround microarray manufacturing, processing and data quantification services to its customers to complement for-purchase instruments, tools, kits and reagents.
Arrayit Chief Executive Officer Rene Schena states, "Quarterly revenue growth of 47% indicates increasing use of the Arrayit platform and increasing market share. We will continue to aggressively innovate and bring new products and services to market."
Arrayit Corporation, headquartered in Sunnyvale, California, leads and empowers the genetic, research, pharmaceutical, and diagnostic communities through the discovery, development and manufacture of proprietary life science technologies and consumables for disease prevention, treatment and cure. Please visit www.arrayit.com for more information.
Safe Harbor Statement
We have identified forward-looking statements by using words such as "expect", "believe", and "should". Although we believe our expectations are reasonable, our operations involve a number of risks and uncertainties that are beyond our control, and these statements may turn out not to be true. Risk factors associated with our business, including some of the facts set forth herein, are detailed in the Company's Form 10-K for the fiscal year ended December 31, 2010 and Form 10-Q for the fiscal quarter ended March 31, 2011.
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