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PRESS RELEASES |
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Current | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | 2000 Management Remarks for Third Quarter Fiscal 2005 Earnings Call Rockville, MD - April 26, 2005 Peter Dworkin As in previous earnings calls, this morning we will discuss each of our businesses separately starting with Applied Biosystems, then Celera Diagnostics, and concluding with Celera Genomics. We estimate that the Celera Diagnostics portion of the call will begin at about 11:45 a.m. Eastern Time and the Celera Genomics portion at approximately 12:00 p.m. Eastern Time. But we will move from one business to the next without interruption. Present today are Tony White, Chief Executive Officer of Applera; Dennis Winger, Chief Financial Officer of Applera; Cathy Burzik, President of Applied Biosystems; and Kathy Ordoñez, President of Celera Genomics and Celera Diagnostics. Other business managers are present to assist in answering your questions. During this call, we will be making forward-looking statements about Applera's businesses. These statements are subject to the risks and uncertainties relating to our businesses and corporate structure that are referred to in the releases issued this morning and in Applera's filings with the SEC. Please note that during this call, the text of these prepared remarks will be posted on the Investor Relations section of the Applera web site and on the separate Investor Relations sites within the Applied Biosystems and Celera Genomics web sites. Tony White will make opening remarks about Applied Biosystems and, later in the call, about Celera Genomics and Celera Diagnostics.Tony White As in the previous quarter, Applied Biosystems earnings per share rose at a rate considerably faster than sales in the third quarter. This performance stemmed in large part from operational efficiencies and a higher-than-trend increase in income from licenses and royalties. However, the near-term outlook for primary demand in our markets makes us cautious. The basic research market is under funding pressure, and it appears that pharma spending may be slowing down. The bright spot is the applied markets, where funding and political trends are favorable. In light of this outlook, we will continue to manage costs carefully while investing responsibly for future growth. We understand that we cannot save our way to success. Cathy Burzik and her executive team are working energetically to derive more growth from the current mix of businesses and to pursue new opportunities. While some of the benefits from these efforts are becoming visible, others may take some time to bear fruit and build greater shareholder value. Now Cathy will provide an AB update from her perspective. Cathy Burzik Since we last spoke with you in January, I have been very pleased with the impact that our new organizational structure, with its four operating divisions, has had on Applied Biosystems' organizational effectiveness. Building on its success in the areas of human identification and biosecurity, the Applied Markets Division is expanding Applied Biosystems' footprint in the area of quality and safety testing with new products such as the new MicroSeq® Microbial Identification System, which supports pharmaceutical customers in meeting U.S. Food and Drug Administration Good Manufacturing Practice requirements. Scientists worldwide continue to use products from our Molecular Biology Division to improve the human condition. Recent examples include:
Turning to our Mass Spectrometry Division, we continue to have an active new product pipeline. In addition to the API 5000™ LC/MS/MS System that we began to sell commercially in January, we announced the 3200 Q TRAP® and the API 3200™ LC/MS/MS Systems with Turbo V™ Source earlier this month. The 3200 line of systems are designed for food and beverage, environmental, forensic, clinical research, and pharmaceutical development customers and should provide these customers with added sensitivity, throughput, and cost-effectiveness. We expect to begin commercial sales of these two systems later this quarter. While we are enthusiastic about all three new systems, we are cautious about pharmaceutical company R&D spending given the current challenges pharmaceutical companies face. Now I will turn to our third quarter results. During the quarter, net revenues increased slightly from the prior year quarter. Once again, the Real-Time PCR/Applied Genomics product category generated double-digit revenue growth over the prior year quarter. Sales of our Applied Markets products, which include our biosecurity and human identification products, as well as our basic research TaqMan® Gene Expression Assays and Low Density Arrays, contributed to product category growth. Within the Mass Spectrometry product category, the decline in revenue from the prior year quarter was due primarily to decreased sales of the 4000 Q TRAP® LC/MS/MS System. During the third quarter of last year, we filled both a backlog of 4000 Q TRAP orders that had built over two quarters and a substantial number of new orders. In DNA Sequencing, sales of our 3130 line of low- to medium-throughput genetic analyzers led to an increase in revenue from the prior year quarter for the total product category. In contrast, sales of both our sequencing consumables and our high-throughput instruments declined from the prior year quarter. We remain concerned about a number of factors that may have a negative impact on future sequencing revenue, including reduced government funding, outsourcing to core labs, and the introduction of emerging sequencing technologies. Going forward, we will continue to focus our DNA Sequencing resources on creating products for the low- to medium throughput segment of the market, developing additional applications, such as resequencing, for our installed base of Capillary Electrophoresis systems, and investing in innovative new sequencing technologies. Finally, as you may know, the foundational PCR patents expired in the U.S. on March 28th. They expire outside the U.S. in March 2006. Applied Biosystems, in conjunction with Roche Molecular Systems, intends to expand the PCR patent licensing program to include real-time reagents. It is the intent of Applied Biosystems and Roche that Applied Biosystems will execute this expanded licensing program in research-related fields. Applied Biosystems has granted, and will continue to grant real-time PCR instrument licenses on a case-by-case basis. We continue to believe that reduced patent royalties, which may result from the expiration of the foundational PCR patents, should be offset over time to a substantial degree by income from real-time PCR and other PCR-related technologies that Applied Biosystems owns or licenses. I would like to close my comments by reinforcing Tony's message about top-line revenue growth. My Applied Biosystems management team is very committed to both growing our core businesses and expanding into adjacent business areas. We are focused on making the right choices for Applied Biosystems both now and for the future. We have a number of strategic and operational initiatives underway that represent a mix of organic internal investments, as well as initiatives that are focused externally, all aimed at improving Applied Biosystems' top-line revenue over time and ultimately building increased shareholder value. Next, Dennis Winger will cover the financial performance and financial outlook for Applied Biosystems. Dennis Winger Applied Biosystems' third quarter fiscal 2005 financial results are detailed in the press release, so I am going to focus only on the highlights. During the third quarters of both fiscal 2005 and 2004, the Group recorded items that affected the comparability of results. For fiscal 2005, the total pre-tax amount of these items increased income by approximately $1 million. These items included a reduction in severance costs previously recorded and a reduction of a charge recorded in the fourth quarter of fiscal 2004 related to the decision to transfer a product line back to HTS Biosystems, Inc. During the third quarter of fiscal 2004, the Group recorded pre-tax net gains of $4 million. This net amount included pre-tax gains for a legal settlement and the sales of investments, and charges for severance and related costs. EPS on a non-GAAP basis for the third quarter of fiscal 2005 were $0.28, compared to $0.21 in the prior year quarter. A reconciliation of GAAP and non-GAAP financials can be found in today's press release which is now posted on our website at www.appliedbiosystems.com in the Financial Reports page of the Investor Relations section. The net effect of foreign currency on fiscal 2005 third quarter EPS was a benefit of approximately $0.02, compared to the prior year quarter. Our third quarter and year-to-date financial results for both fiscal 2005 and 2004 reflect a reclassification of certain costs supporting our patent related activities from R&D to SG&A. The movement of expenses from R&D to SG&A has no impact on net income or EPS, and we believe this reclassification is the more appropriate treatment of these costs. For fiscal 2005, the third quarter and nine-month amounts were $5 million and $15 million, respectively. For fiscal 2004, the third quarter and nine-month amounts were $5 million and $14 million, respectively. During the third quarter of fiscal 2005, cash flow from operations was $87 million, and capital expenditures were $49 million. During the quarter, Applied Biosystems purchased several buildings at its Foster City location for $42 million. For the first nine months of fiscal 2005, cash flow from operations was $218 million, and capital expenditures were $65 million. At the end of the third quarter, accounts receivable were $377 million, representing 63 days sales outstanding, and inventory was $133 million, representing 3.1 months of inventory on hand. As of March 31, 2005, cash and short-term investments were $676 million, up from $655 million as of December 31, 2004, and Applied Biosystems had no debt. Applied Biosystems has the following expectations regarding its financial performance for fiscal 2005. The Group expects low-single-digit revenue growth compared to fiscal 2004. Real-Time PCR/Applied Genomics and Mass Spectrometry revenues are expected to increase compared to fiscal 2004. Revenues from DNA Sequencing, Core PCR and DNA Synthesis, and Other Product Lines are expected to decline. The gross margin is expected to equal or exceed the fiscal 2004 gross margin. SG&A expense as a percent of total revenues should exceed, and R&D expense as a percent of total revenues should decline from, the fiscal 2004 levels. The operating margin should increase from the fiscal 2004 level. These expectations exclude certain types of items which are included in EPS under GAAP, as described in today's press release under "Use of Non-GAAP Financial Information." The effective tax rate is expected to be 28 percent. The Group expects EPS growth for the fourth quarter of fiscal 2005 compared to the fourth quarter of fiscal 2004 at a rate exceeding that of the annual revenue growth rate. For fiscal 2005, the Group expects double-digit EPS growth compared to fiscal 2004. This expectation excludes certain types of items which are included in EPS under GAAP, as described in today's press release under "Use of Non-GAAP Financial Information." Capital spending should be in the range of $80 to 85 million. This amount includes the purchase of the buildings referred to previously.The Company is currently in the process of evaluating the impact of the repatriation provision of the American Jobs Creation Act of 2004. It is expected that a repatriation plan will be presented to the Company's Board of Directors before the end of fiscal 2005. If approved, the Company will record a one-time tax charge associated with the repatriation. In addition, the Company anticipates that various tax matters in multiple jurisdictions may be resolved in the Company's favor before the end of fiscal 2005 or in fiscal 2006. The Group believes this outlook and its fiscal year 2005 financial performance will continue to be affected by, among other things, the availability of funding in the U.S. for DNA sequencing, competitive pricing pressure on certain PCR-related consumables products, and the level of pharmaceutical company R&D spending. Other risks and uncertainties that may affect Applied Biosystems' financial performance are detailed in the "Forward-Looking Statements" section of today's press release. These comments reflect management's current outlook. Applera does not have any current intention to update this outlook and plans to revisit the outlook for its businesses only once each quarter when financial results are announced. Thank you, we'll now take your questions about Applied Biosystems. Peter Dworkin Tony White I am encouraged by the advances at Celera Genomics and Celera Diagnostics during the third quarter. At Celera Genomics, development programs for our small molecule drug candidates for cancer and psoriasis are making good preclinical progress. We are at the important juncture where we can see ahead to the start of clinical trials. Recent developments in our proteomics-driven target discovery programs are also, we believe, positive signs for future value creation. In addition to Abbott selecting two CRA oncology targets for further investigation as part of our collaboration, we continue to discover and validate new cancer targets that could be developed internally or give rise to new external alliances. With respect to Celera Diagnostics, we are optimistic that conclusions from its medical utility studies in cardiovascular disease and breast cancer, in particular, will support commercialization, through Celera Diagnostic's clinical laboratory partners, of new and novel genetic tests for these diseases. Meanwhile, scientists at Celera Diagnostics have developed new assays for fragile X and human papilloma virus (HPV) associated with cervical cancer that have performed extremely well in evaluation programs and should be commercialized soon. These new products should continue the strong sales momentum at Celera Diagnostics from currently marketed products for infectious diseases. Kathy Ordoñez will now discuss the activities at Celera Diagnostics in more detail. Kathy Ordoñez (Celera Diagnostics) We are pleased with the progress in both our discovery and development programs and our business performance at Celera Diagnostics during this last quarter. Today I will provide an update of our ongoing medical utility studies and disease association programs, as well as our new product development programs and our business results. We are working closely with our collaborators and clinical partners toward the completion and publication of the genetic discovery, replication, and medical utility studies in breast cancer metastasis, cardiovascular disease, rheumatoid arthritis, and liver disease. The ongoing publication of these studies is an integral part of demonstrating the utility of new diagnostic markers to the scientific and medical communities. We have completed the primary work in cardiovascular disease, and these findings are in the process of analysis and preparation for publication. Our cardiovascular disease studies identified markers that predict elevated risk for heart attack, stroke and coronary artery disease. During this last quarter, we presented work at the American College of Cardiology from a discovery and replication study of functional SNPs that are associated with myocardial infarction (MI). A key finding was the identification of a variant in a gene that confers approximately twice the risk for MI; this gene is a member of a family of targets for drug therapies. These results, coupled with other work we've performed previously in this indication, broaden our understanding of the genetic risk for MI, and may have implications for diagnostic and therapeutic development around this family of targets. We are also continuing our work toward developing markers that identify individuals who would most benefit from statin therapy. We have succeeded in identifying markers that predict risk for breast cancer metastasis, and presented these results at the American Association for Cancer Research in Oncogenomics in February. Celera Diagnostics has also begun to transfer technology to LabCorp, as part of an ongoing collaboration between the two businesses to develop methods to predict risk for breast cancer metastasis. We believe that multiple test procedures could result from this work. In our rheumatoid arthritis and autoimmunity studies, we have discovered and replicated many gene associations, and the analysis around these studies is continuing, with a focus directed at the prediction of disease progression or severity and response to therapy. These have therapeutic and pharmacogenomic implications, and RA markers are being tested in other indications like psoriasis, lupus, and MS. We have continued to make progress in developing methods to detect Fragile X and human papillomavirus, or HPV. Our prototype HPV assay for detection of high risk HPV strains that are associated with cervical cancer was reviewed at the 15th European Congress of Clinical Microbiology and Infectious Diseases in Copenhagen in April. The study demonstrated the potential of our prototype assay to detect high risk HPV in samples that were inconclusive when typed by a commercially available HPV diagnostic test. The current worldwide HPV detection market, estimated to exceed $90 million, exists because HPV is linked to a majority of cervical cancer cases. In February, we presented work we've done in developing a method for Fragile X detection at the annual meeting of the American College of Medical Genetics, and we are now collaborating with several major clinical reference laboratories to develop procedures to test for this leading cause of inherited mental retardation. Although most laboratories currently offer "home brew" Fragile X testing, it is a complex, time-consuming assay to perform and there are presently no commercial products available. At the European Association for the Study of the Liver last week, Celera Diagnostics and its collaborators reported findings related to genetic markers that predict patients predisposed to develop liver fibrosis. This study involved a functional SNP genome scan in 1,625 patients, and found that the variants in a key enzyme involved in fatty acid metabolism were associated with advanced fibrosis in multiple sample sets. These results may have implications for other liver diseases and for using certain existing drugs for new disease indications. Turning to the Celera Diagnostics' financial performance for the recently completed quarter, end-user sales for all products sold through our alliance with Abbott Laboratories increased 24 percent to $15.7 million from $12.7 million in the same quarter last year. This was due primarily to the solid increase in demand for our Hepatitis C Virus analyte specific reagents, which were a major contributor to the revenue growth we experienced. The pre-tax loss decreased to $7.8 million in the third quarter of fiscal 2005, compared to $11.9 million in the same quarter last year. This improvement was due to higher revenues and lower R&D expenses. Our cash use for the recent quarter was $3.0 million. Cash use was approximately $5.0 million lower than it otherwise would have been due to the timing of receipt of an equalization payment. Celera Diagnostics anticipates increased sales of existing and new products sold through its alliance with Abbott, including a new in vitro molecular diagnostic system now in evaluation in European customer sites. Our financial outlook for fiscal 2005 is as follows:
Now we will take your questions regarding Celera Diagnostics. Kathy Ordoñez (Celera Genomics) This morning I'll provide an update on the progress we've made during this last quarter in the expansion of our therapeutic pipeline, the initiation of additional proteomic discovery work and the validation of additional targets. We recently initiated lead identification studies for a cancer target identified and validated through our proteomics research and started a new proteomics discovery program related to gastric cancer. Our scientists are also considering the applicability of our proteomics platform for the study of diabetes and obesity. We have now validated a total of 23 cancer targets and are processing an additional 128 proteins through our proteomics discovery platform. A recent focus of the proteomics program has been to identify proteins that are shed or secreted from tumor cells. To date we have found more than 80 proteins that are shed from pancreatic and lung tumor cells, which may represent both diagnostic and therapeutic opportunities. In this last quarter, we announced that Abbott has selected two Celera antigen targets for further investigation for therapeutic development. These are the first targets to be selected for advancement in the strategic collaboration established last year between Celera Genomics and Abbott to discover, develop and commercialize therapies for the treatment of cancer. We also announced the presentation of preclinical data characterizing our novel histone deacetylase (HDAC) inhibitor, CRA-024781, as a cancer therapeutic at the American Association for Cancer Research (AACR) meeting last week. The data described the significant anti-tumor activity of our HDAC inhibitor in multiple in vivo tumor xenograft models. We expect this compound to enter into Phase I clinical trials during the coming months. A back-up compound, CRA-026440, has been identified which shows potent activity in an oncology xenograft model and toxicology studies have been initiated. A series of novel HDAC inhibitors has also been identified which selectively inhibit the HDAC8 isoform. This program is in lead optimization and the current molecules show inhibitory activity against tumor cells. Celera Genomics also has a number of programs in development with Celera Diagnostics aimed at coupling diagnostic tests that predict patient outcome with new targeted therapies based on an understanding of the underlying biology. This approach could lead to improved therapeutic response rates. One such program is in psoriasis, where we have completed a scan of over 20,000 functional SNPs in a sample group of 500 individuals with psoriasis and 500 control individuals who do not have the disease, and replication assays have been completed. One of the potential drug targets identified from this work is under evaluation. Another similar genetic study has identified an association of a SNP in the gene for the protein tyrosine phosphatase, PTPN22, with increased risk for rheumatoid arthritis. We have subsequently identified two kinases that may be associated with PTPN22. Potent inhibitors of each of these kinases have been identified and we expect to begin lead optimization for each of these programs during the next quarter. PTPN22 has also recently been associated with other autoimmune diseases, including lupus, Grave's disease, autoimmune thyroiditis, as well as type I diabetes. As indicated in today's press release, Celera Genomics intends to substantially discontinue the operations of our Online/Information Business, concurrently with the expiration of our outstanding contractual obligations to customers. Most of these obligations terminate before June 30, 2005. This action is consistent with our communications over the past three years regarding our focus on developing our therapeutics business. Celera Genomics will continue to collect royalties on certain products sold by the Applied Biosystems group of Applera Corporation pursuant to the marketing and distribution agreement entered into in April 2002. To facilitate sales of these royalty-bearing Applied Biosystems products, Celera Genomics intends, after July 1, 2005, to contribute certain human, mouse, and rat genomic DNA sequence data to the public domain through the National Center for Biotechnology Information (NCBI), a division of the National Institutes of Health. We believe that contributing these data sets should stimulate more experimentation among academic and commercial researchers, which should, in turn, increase demand for these Applied Biosystems products. Applera Corporation will continue to retain as proprietary other information assets, including its proprietary algorithms, proteomics data and certain results obtained through the Applera Genomics Initiative, for use in internal research and product development programs. Now, Dennis Winger will make a few comments regarding the financial results for Celera Genomics and our financial outlook for fiscal 2005. Dennis Winger For the third quarter of fiscal 2005, Celera Genomics reported a net loss of $21.0 million, or 29 cents per share, compared to $21.9 million, or 30 cents per share, in the same quarter last year. The ongoing expiration of Online/Information Business customer agreements resulted in a $3.0 million decrease in revenues compared to last year's quarter. This trend was anticipated and is consistent with Celera Genomics' strategic decision to focus on therapeutic discovery and development. During the recent quarter, SG&A expenses decreased by $0.6 million compared to the prior year quarter. Celera Genomics ended the recent quarter with $649 million in cash and short-term investments, a decrease of approximately $25 million during this period, compared to a decrease of approximately $31 million during the third quarter of fiscal 2004, which included the repurchase of $10.0 million in principal amount of the outstanding 8% senior secured convertible notes assumed in connection with the acquisition of Axys Pharmaceuticals. Excluding this $10.0 million, operating cash use this quarter was higher relative to the same quarter last year primarily due to higher net cash operating losses and lower cash receipts from Online/Information Business subscribers. Cash use during the first nine months of fiscal 2005 was approximately $97 million. Celera Genomics completed the sale of its Rockville, Maryland facility on April 7, 2005 and received net proceeds of $42.4 million, which will be reflected in the fourth quarter fiscal 2005 results. Our fiscal 2005 financial outlook is as follows:
These comments reflect management's current outlook. Applera does not have any current intention to update this outlook and plans to revisit the outlook for its businesses only once each quarter when financial results are announced. We will now take your questions regarding Celera Genomics. Peter Dworkin Forward-Looking Statements The risks and uncertainties that may affect the operations, performance, development, and results of Applied Biosystems include but are not limited to: (1) rapidly changing technology could adversely affect demand for Applied Biosystems' products, and its business is dependent on development and customer acceptance of new products; (2) Applied Biosystems' sales are dependent on customers' capital spending policies and government-sponsored research; (3) Applied Biosystems' significant overseas operations, with attendant exposure to fluctuations in the value of foreign currencies; (4) risks associated with Applied Biosystems' growth strategy, including difficulties in integrating acquired operations or technologies; (5) the risk of earthquakes, which could interrupt Applied Biosystems' or Celera Diagnostics' operations; (6) risks associated with lawsuits, arbitrations, investigations, and other legal actions with private parties and governmental entities, particularly involving claims for infringement of patents and other intellectual property rights; (7) Applied Biosystems' dependence on the operation of computer hardware, software, and Internet applications and related technology for its businesses, particularly those focused on the development and marketing of information-based products and services; (8) Celera Diagnostics' reliance on existing and future collaborations, including its strategic alliance with Abbott Laboratories, which may not be successful; (9) Celera Diagnostics' unproven ability to discover, develop, or commercialize proprietary diagnostic products; (10) the risk that clinical trials of products that Celera Diagnostics does discover and develop will not proceed as anticipated or may not be successful, or that such products will not receive required regulatory clearances or approvals; (11) the uncertainty that Celera Diagnostics' products will be accepted and adopted by the market, including the risks that these products will not be competitive with products offered by other companies, or that users will not be entitled to receive adequate reimbursement for these products from fourth party payers such as private insurance companies and government insurance plans; (12) Celera Diagnostics' reliance on access to biological materials and related clinical and other information, which may be in limited supply or access to which may be limited; (13) legal, ethical, and social issues which could affect demand for Celera Diagnostics' products; (14) Celera Diagnostics' limited commercial manufacturing experience and capabilities and its reliance on a single principal manufacturing facility; (15) Applied Biosystems' and Celera Diagnostics' reliance on a single supplier or a limited number of suppliers for key components of some of their products; (16) potential product liability or other claims against Celera Diagnostics as a result of the testing or use of its products; (17) intense competition in the industry in which Celera Diagnostics operates; and (18) other factors that might be described from time to time in Applera Corporation's filings with the Securities and Exchange Commission. All information in this press release is as of the date of the release, and Applera does not undertake any duty to update this information, including any forward-looking statements, unless required by law. The risks and uncertainties that may affect the operations, performance, development, and results of Celera Genomics' businesses include but are not limited to: (1) Celera Genomics expects operating losses for the foreseeable future; (2) Celera Genomics' reliance on Applied Biosystems for incremental revenues to Celera Genomics from the Celera Discovery System and Celera Genomics' related information assets; (3) Celera Genomics' and Celera Diagnostics' unproven ability to discover, develop, or commercialize proprietary therapeutic or diagnostic products; (4) the risk that clinical trials of products that Celera Genomics or Celera Diagnostics do discover and develop will not proceed as anticipated or may not be successful, or that such products will not receive required regulatory clearances or approvals; (5) the uncertainty that Celera Genomics' or Celera Diagnostics' products will be accepted and adopted by the market, including the risk that that these products will not be competitive with products offered by other companies, or that users will not be entitled to receive adequate reimbursement for these products from third party payers such as private insurance companies and government insurance plans; (6) reliance on existing and future collaborations, including, in the case of Celera Diagnostics, its strategic alliance with Abbott Laboratories, which may not be successful; (7) Celera Genomics' and Celera Diagnostics' reliance on access to biological materials and related clinical and other information, which may be in limited supply or access to which may be limited; (8) intense competition in the industries in which Celera Genomics and Celera Diagnostics operate; (9) potential product liability or other claims against Celera Genomics or Celera Diagnostics as a result of the testing or use of their products; (10) Celera Genomics' reliance on scientific and management personnel having the training and technical backgrounds necessary for Celera Genomics' business; (11) potential liabilities of Celera Genomics related to use of hazardous materials; (12) uncertainty of the availability to Celera Genomics and Celera Diagnostics of intellectual property protection, limitations on their ability to protect trade secrets, and the risk to them of infringement claims; (13) Celera Genomics' dependence on the operation of computer hardware, software, and Internet applications and related technology; (14) legal, ethical, and social issues which could affect demand for Celera Genomics' or Celera Diagnostics' products; (15) risks associated with future acquisitions by Celera Genomics, including that they may be unsuccessful; (16) uncertainty of the outcome of existing stockholder litigation; (17) Celera Diagnostics' limited commercial manufacturing experience and capabilities and its reliance on a single principal manufacturing facility; (18) Celera Diagnostics' reliance on a single supplier or a limited number of suppliers for key components of certain of its products; (19) the risk of earthquakes, which could interrupt Celera Diagnostics' and/or Celera Genomics' operations; and (20) other factors that might be described from time to time in Applera Corporation's filings with the Securities and Exchange Commission. All information in this press release is as of the date of the release, and Applera does not undertake any duty to update this information, including any forward-looking statements, unless required by law. Copyright 2005. Applera Corporation. All Rights Reserved. Applied Biosystems, Celera and Microseq are registered trademarks, and Applera, Celera Diagnostics, Celera Genomics, and Celera Discovery System are trademarks of Applera Corporation or its subsidiaries in the U. S. and/or certain other countries. Q TRAP is a registered trademark and API 3200, API 5000, and Turbo V are trademarks of Applied Biosystems/MDS SCIEX, which is a joint venture between Applera Corporation and MDS Inc. TaqMan is a registered trademark of Roche Molecular Systems, Inc. Notice To Readers: Celera's press releases, presentations and printed remarks are included on this website for historical purposes only. The information contained in these documents should be considered accurate only as of the date of the relevant document. This information may change over time, and therefore visitors to this website should not assume that the information contained in these documents remains accurate at a later time. We do not have any current intention to update any of the information in these documents.
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