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SYMYX REPORTS 26% INCREASE IN 2ND QTR REVENUE.

Symyx Technologies, Inc. (Nasdaq:SMMX), Santa Clara, Calif., has reported financial results for year-to-date and the second quarter ended June 30, 2004.

Revenue for the quarter was $18.9 million compared with $15.0 million for the same quarter in 2003, consisting of $10.4 million in service revenue from research collaborations, $5.5 million from Discovery Tools(R) product sales and $3.0 million in license fees and royalties. Service revenue includes $375,000 of revenue from Ilypsa Inc., formerly known as Symyx Therapeutics, Inc., a related party. The 26% increase in quarterly revenue resulted largely from the expansion of revenue under the Symyx Exxon Mobil Corp. alliance and from shipment of Discovery Tools including a polymer testing system to North Dakota State University, a Core(X)(TM) system to a pharmaceutical company, and a biocatalysis system to Merck & Co., Inc.

Income from operations for the quarter was $2.2 million, compared with $470,000 for the same period last year. Net income for the quarter was $1.7 million, with diluted earnings per share of $0.05, compared with net income for same period last year of $618,000 and diluted earnings per share of $0.02.

Year-to-date revenue was $38.4 million, compared with $29.9 million for the same period last year. Year-to-date operating income was $5.1 million, compared with $1.1 million for the same period last year. Year-to-date net income was $3.7 million, with diluted earnings per share of $0.11, compared with net income for the same period last year of $1.3 million and diluted earnings per share of $0.04.

Total expenses for the quarter were $16.7 million compared with $14.5 million in the second quarter 2003. Cost of products sold was $1.9 million compared with $800,000 in the second quarter 2003, reflective of the mix of the products delivered during the periods. Research and development expenses were $10.4 million, including $375,000 in expenses associated with Ilypsa Inc., compared with $10.1 million research and development expenses in the second quarter 2003. Sales, general and administrative expenses were $4.3 million compared with $3.6 million in the second quarter of 2003, an increase largely due to expansion of business development. Year-to-date total expenses were $33.3 million compared with $28.8 million for the same period last year.

Symyx ended the quarter with $146.9 million in cash, cash equivalents and available-for-sale securities compared to $138.7 million at December 31, 2003.

Symyx's intellectual property portfolio at the end of the second quarter included over 220 issued patents and over 420 patent applications on file worldwide, covering methodology, composition of matter, instrumentation and software.

2004 Financial Outlook

Symyx maintains its forecast for full year 2004 revenue of $85-$100 million and income from operations of $8-18 million. Symyx expects total revenue for the third quarter of 2004 of approximately $20 million and diluted earnings per share of $0.04-$0.05.

About Symyx

Symyx develops and applies high-throughput experimentation for the discovery of innovative materials for the chemical, life science, electronics, consumer goods, and automotive industries. Symyx works with companies seeking to transform their search for better products and processes through research collaborations, Discovery Tools(R) sales, and the license of materials, intellectual property, and software.

For more information, call 408/773-4000 or visit http://www.symyx.com.
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Publication:Biotech Financial Reports
Geographic Code:1USA
Date:Sep 1, 2004
Words:566
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