Fluorotechnics (ASX:FLS) has signalled that revenue for the 2009 financial year is expected to be approximately $3.2 million (previous guidance $4 million) because of unfavourable foreign exchange movements.
Fluorotechnics' business is built around a set of novel proprietary fluorescent stains that are obtained from a fungus.
In particular the company has fluorescent dyes that become fluorescent only on the interaction with proteins yet leaves the protein unmodified for further downstream analysis.
The company has developed highly sensitive and easy to use fluorescence-based protein gel stains (for 1 and 2D electrophoresis), kits for protein and peptide quantification, monitoring proteolysis and for imaging live cells in real time.
Fluorotechnics acquired The Gel Company in San Francisco in October 2008. It provides its customers with high-quality products for cell culture, DNA sequencing, liquid handling, microarray, PCR and proteomics.
The Gel Company provides complementary products sold to the same customer that enables the group to provide a complete and unique solution for customers performing protein electrophoresis. The Gel Company also provides the group with a regional centre in North America from which the company is launching its North American sales and marketing drive.
Revenue shortfall has arisen partly as a result of unfavourable foreign exchange rate movements. In addition, full product marketing for some gel products was delayed until recently, as the company improved quality control for those products.
Fluorotechnics said it has received strong interest in the newly developed horizontal gel system, which will be officially launched at a major international proteomics conference in Montreal on 26 September this year. This new gel system has already been adopted by selected key opinion leading research organisations in Europe and Asia.
In a statement, Fluorotechnics said it remains confident in the potential market size and selling propositions of its products as well as "our competitive position but they recognise that some customer expenditures have been curtailed during the global economic slow down. Accordingly, the previous guidance for 2009 - 10 revenues of $18 million, has been revised to approximately $10 – 12 million."
Recently, Fluorotechnics was granted the key US patent for its fluorescence technology - which strengthens the company’s assets and commercial position in the prime commercial target market.
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