Seeking Alpha
We cover over 5K calls/quarter
Profile| Send Message|
( followers)  

Executives

Isy Goldwasser - Chief Executive Officer

Rex Jackson - Chief Financial Officer

Analysts

Dan Leonard - First Analysis

Jerry Kahn - Kahn Investors

Mark Gross - GGS Capital

Amarish Mehta - Arcadia Capital

Symyx Technologies Inc. (SMMX) Q4 2009 Earnings Call February 11, 2010 5:00 PM ET

Operator

Good afternoon and thank you for joining us to discuss Symyx Technologies fourth quarter and full year 2009 results. Joining me on the call today are Isy Goldwasser, Chief Executive Officer; and Rex Jackson, Chief Financial Officer.

Before we begin, please note that management will make forward-looking statements in this call based on the environment as management sees it today, and that these statements thus involve risks and uncertainties. You should refer to the company’s press release and the SEC filings referenced there for information on risks and uncertainties that could cause actual results to differ materially from the results forecasted today. The company expressly disclaims any obligation to update or revise information contained in these forward-looking statements, except as required by law.

An archived webcast of this teleconference will be available on Symyx’s website at www.symyx.com for one year. In addition, a telephonic tape replay will be available for two weeks by dialing 888-203-1112 for the U.S. and Canada and 719-457-0820 for international callers. The reservation number is 9812405.

I’ll now turn the call over to Isy Goldwasser, Symyx’s Chief Executive Officer; please go ahead sir.

Isy Goldwasser

Thank you, Paul. Good afternoon everyone and thank you for joining today's call. Today, in addition to reporting our 2009 results, we are announcing a climate planned divesture of our High Productivity Research or HPR business, which will result in Symyx fully transitioning to a stay-alone software business by the end of March.

I’ll first give you our 2009 results. Revenue for the fourth quarter exceeded $45 million, with non-GAAP diluted earnings per share of $0.13 surpassing the high end of our revenue and non-GAAP EPS range projections for the quarter. The better than expected finish enables us to post revenues above $150 million, hitting the midpoint of our original revenue range for the year, and resulting in non-GAAP EPS for 2009 of $0.19 per share, solidly beating our guidance.

I am particularly pleased with our expenses management this year, as we’ve reduced R&D and SG&A expenses by $32.5 million or 25% versus last year, which enabled us despite 5% lower overall revenue, to swing from a non-GAAP loss of below $5 million last year to a non-GAAP profit this year of $6.7 million. I am also pleased to report; we beat our adjusted EBITDA target for the year delivering $20 million or over 13% of revenue.

Focusing now on Symyx Software, we are generally satisfied with our promise in 2009 against our internal bookings plan, including doubling our Symyx Notebook bookings for new and renewal business versus 2008. We delivered consistently in our development and product release schedules, and most importantly Symyx Software continued to deliver at the bottom line as we substantially improved the company’s profitability this year.

From our revenue perspective, for the fourth quarter Symyx Software revenue was just above $24 million, 2% below last year’s Q4. Maintenance and licensing revenues were up quarter-over-quarter, but these improvements were not sufficient to offset reduction in the consulting services and to a lesser degree content.

Over the year software was down 6% due to lower services. Those services booking have been healthy coming in at approximately two times our services revenues. The combination of our customers’ notebooks rollouts schedules and certain fixed price engagements has created challenges for us in the services top line.

From our licensing standpoint, the majority of our new bookings in 2009 were for our primary growth product to Symyx Notebook platform. Our performance had increased our Symyx Notebooks revenues by more than 50% in 2010.

During the fourth quarter, we signed a large Electronic Lab Notebook or ELN agreement with [Espira] and expanding our ELN footprint with the top bio-pharmaceutical company that have previously made a multi million dollar commitment towards adopting our platform. This quarter, we also completed our first multi-million dollar bookings for Symyx Notebook and associated services in the Agricultural, Chemical Sector, reflecting our continuing efforts to expand the reach of this product.

HM research and consultant recently sized the total available ELN market for R&D at $1.3 billion globally, with a served available market of $100 million in 2009, and an expected 2010 growth rate of 20%. Our year end revenues grew at a faster rate from 2008 to 2009, and we believe we are in an excellent position in this emerging market to continue to grow and to increase market share.

Moving now to our development activities, we ramped up our efforts in Symyx Notebook during fiscal year 2009, executing three major 2009 notebook releases, and in January 2010 announced the release of Symyx Notebook 6.4, setting the standard for the leading ELN capability targeting analytical labs.

The analytical chemistry market for ELN is forecasted to be the largest overall opportunity. Symyx Notebook 6.4 represents our commitment to lead this market and provide our customers with the latest and best tools to leverage research efforts and drive productivity.

Looking forward, we have a healthy pipeline of 2010 Symyx Notebook opportunities, with more than 30 significant pilots and processes that are planned for 2010. These pilots represent approximately half of our current pipeline for this platform.

Our distribution across the various ELN markets of excellence are just under 50% of the opportunity dollars represented in these pilots is an analytical chemistry, with the balance split evenly between chemistry and biology. Our pilot plant includes five large pharmaceutical companies, and four large companies in the consumer products chemical markets.

We also continue to advance our core products, as we launch this quarter a No-fee, Web-based Chemical Drawing Tool the Symyx JDraw Applet. It enables software developments to add chemical structure and reaction capabilities to web applications. This applet is available as a download for existing Symyx Draw licensees, as well as for students, teachers and researchers working in academic, and not-for-profit institutions.

For our DiscoveryGate platform, we announced the launch of a collaborative partnership with the Royal Society of Chemistry in Europe. To improve information accessed by making chemical contents available and DiscoveryGate with ChemSpider, our free-access chemistry search engine that aggregates and indexes chemical structures and information. This enables scientist using DiscoveryGate the quickly retrieve more complete and comprehensive information as they execute chemical experiments.

Building on to momentum of our recent Symyx Isentris 3.2 release, we announced two new product offerings, Isentris Forms and Isentris Data Miner. Isentris Forums and Data Miner offers scientists a solution that is faster and easier to deploy in the full Isentris system, enabling researches to ramp productivity quickly with a minimal learning curve. Through our new Isentris products, we are providing current and new customers with a low risk attractive pack to access Isentris functionality.

I’m pleased with the progress of Symyx Software this year, as we have moved Symyx Notebook ahead aggressively, delivered a solid year in bookings, executed on-development and other operational fundamentals, managed expenses well, and delivered a good bottom line and cash flow performance. Most importantly, we have also positioned Symyx Software to operate successfully as stand-alone Software Company in 2010. I’ll touch on its import transition and its benefits in my closing remarks.

Now I’ll briefly review results for our HPR business unit and detail the planned divesture we announced today. So our fourth quarter revenues for HPR exceeded $21 million, up 19% from the same period a year ago, and driven by two large deliveries that we discussed in our last call.

In Research Services, we completed all of our research work for Dow and ExxonMobil by year end as planned, and executed the orderly wind down of operations, largely in the area of [accounts], supplying these contractual agreements. In addition, we completed the plan to exit from our contracted development manufacturing operations for CDMO during the quarter.

Throughout 2009, we took steps to improve the efficiency of HPR and executed difficult yet necessary steps to reduce operating expenses, tighten the business appropriately and improve operating margins. Through this process, we determined that our HPR and software business units will perform best as separate companies.

As a result, we conducted a thorough evaluation of strategic options for HPR, with a priority to retain all rights to license fees and royalty revenue streams, and have announced today the execution of a definitive agreement with our HPR business unit to our new company. This company is led by John Senaldi, who resigned yesterday from his position as President of HPR to pursue this opportunity.

Pursued to the agreement Symyx will transfer substantially all HPR assets and provide approximately $8.6 million of positive networking capital. In return, you will receive a $10 million note payable to Symyx, an approximate 19.5% in equity state. Importantly, Symyx will retain all rights to license fees and royalties under existing contracts. As part of the divesture, we expect substantially all of the existing workforce who elected to join the new company, ensuring that HPR customers are fully supported.

I’ll now turn the call over to Rex, who will detail our fourth quarter and full year financial performance and provide our business outlook. Rex.

Rex Jackson

Thank you, Isy. As a reminder, we have reconciled non-GAAP financial measures in the exhibits to our earnings release today. Also we provide non-GAAP operating results for our business unit on our website at www.symyx.com.

Symyx’s calculation of non-GAAP earnings includes stock-based compensation expenses under FAS 123R, but excludes amortization of intangibles and other acquisition related items, significant items that are generally non-recurring such as impairments, restructuring expenses, gains or losses from the sale of equity interests or businesses, and the tax effect associated with these items.

In addition to the above items, when calculating adjusted EBITDA, Symyx excludes interest and other income or expense, taxes, depreciation, amortization, and stock-based compensation.

Revenue for Q4 was $45.5 million compared with $42.6 million for Q4 ’08, exceeding the $45 million top end of our guidance range. Revenue for the year was $150.4 million, down 5% from last year’s $159 million, primarily due to lower services in both of our business unit.

Software revenues in the quarter were $24.1 million, down 2% from $24.5 million for Q4 of ’08. Consulting services were down $1.1 million or 37% from the same period a year ago, while licenses, content and royalties revenue of $12.4 million was approximately flat with the fourth quarter of 2008; maintenance revenue of $9.7 million increased by 8% over Q4 of last year.

For the year software revenue was $88.6 million, down 6% from $94.2 million last year, again primarily due to the decline in consulting services. As we indicated, our software consulting services line has been a challenge this year, with revenues declining 48% or $6.2 million despite healthy services bookings.

HPR revenue for Q4 was $21.4 million, up 19% from the $18.1 million for Q4 ’08. Tools revenue was a seasonally high $14 million compared with the $11.5 million for the same period a year ago, as we successfully shipped two large tools as expected in the fourth quarter, totaling approximately $8.7 million.

HPR revenue for the full year was $61.8 million, consisting of $30.9 million from tools and $30.9 million from research, down from 2008’s $64.8 million, where tools and research contributed $30.1 million and $34.7 million respectively.

Due to the expiration of our research and services commitments from Dow and ExxonMobil and to our decision to exit CDMO last quarter, HPR services revenue in 2010 would be nominal. The tool is expected to be approximately flat, and that Symyx’s existing cost in the core structure breakeven on profitable funds and operating basis.

Symyx Software contributed fourth quarter non-GAAP operating income of $3.3 million or 14% of revenue, and fully year non-GAAP operating income of $8.5 million or 10% of software revenue, and representing over 80% of the company’s total for the year. Symyx HPR contributed fourth quarter non-GAAP operating income of $4.3 million or 20% of HPR revenue, and full year non-GAAP operating income of $2 million or 3% of HPR revenue for the year.

Our largest customers Dow and ExxonMobil accounted for 17% and 9% of 2009 revenue respectively. Our next 25 customers, all contributing $1 million or more in revenue accounted for $69.3 million or 46% of 2009 revenue.

Turning now to margins, expenses in net income; gross margin for the fourth quarter was 69%, up slightly from 68% for Q4 ’08. For the year, gross margin was 68% versus last year’s 72%, reflecting primarily the impact of higher COGs from our CDMO services, and the fact that in 2009 certain research serviced as expenses reflected in COGs versus R&D.

Our R&D and SG&A expenses for the fourth quarter were $24.9 million, down significantly from $28.8 million for the same period a year ago. For full year 2009, these operating expense lines were $97.4 million, compared to $130 million for 2008. These substantial quarter-over-quarter and year-over-year decreases and expenses reflected the restructurings completed during the fourth quarters of 2008 and 2009, and our continued emphasis on operating efficiency throughout the year, and contributed the significant improvement in our bottom line performance.

GAAP net income for the fourth quarter was $1.7 million or $0.05 per diluted share, compared with a net loss of $97.6 million or a loss of $2.87 per share for the same period a year ago. For full year 2009, GAAP net loss was $12.1 million or $0.03 per share, compared with a GAAP net loss of $106.6 million or $3.16 loss per share for full year 2008. GAAP results for the fourth quarter and full year 2008 included a $90.3 million charge for impairment of goodwill, and other non-recurring items set forth in the financial statements portion of our earnings release.

Non-GAAP net income for the fourth quarter set strong improvement at $4.8 million or $0.13 per diluted share, compared with non-GAAP net income of $886,000 or $0.03 per diluted share for the fourth quarter of 2008. Non-GAAP net income for full year 2009 was $6.7 million or $0.19 per diluted share, favorably comparing with a non-GAAP net loss of $5.3 million or a $0.16 loss per share for 2008.

Adjusted EBITDA for the quarter was $9.9 million or 22% of fourth quarter revenue and for the year was $20.2 million or 13% of total revenue, meeting our stated EBITDA goal for the year of 10% for better. During the fourth quarter Symyx recorded a charge of $1.7 million associated with the restructuring of our HPR unit, and a loss of $2 million associated with the exit from our CDMO operations.

Now turning to cash, cash and equivalents, at December 31, 2009 we were $81.8 million compared to $66.4 million at December 31, 2008, as we continued to perform well on cash. Capital expenditures for Q4 were $800,000 as we finished the year at $4.9 million, better than our recent target. With a planned divestiture of HPR, we expect our annual capital expenditures will be approximately $2 million, and the depreciation will be approximately $3 million in fiscal 2010.

Now turning to our business outlook for 2010, as we stated in our release today, because of the pending HPR divestiture, we’re not in a position to provide guidance to our first quarter. However for full year 2010, and excluding the divestiture, we forecast revenue of $87 million to $92 million. Non-GAAP EPS was $0.06 to $0.14, and adjusted EBITDA was 11% to 14% of revenue.

Further to the combination of several operational initiatives in software and other expense actions the HPR divestiture enables, we expect our second half of adjusted EBITDA to be stronger than our 13% for fiscal 2009, and we further expect to hit our target of 20% in fiscal 2009.

Thank you. Now, I’ll turn it back Isy for closing comments.

Isy Goldwasser

Thanks Rex. In summary, we delivered a strong performance in 2009, and we’re excited about fully transition to Symyx to a purified software company during the quarter. As a software company, we will now be able to first further simplify and focus our business model and operations; and second, enhance strategic partnership and growth opportunities.

The core strategy to build Symyx into a high performance software company is based on applying our strong financial position and cash generating core products to first achieve our number one clear position in the fast growing year end market; secondly, to scale our business in core franchises; and third, deliver consistent improvements and profitability with the expectation we will reach and maintain 20% EBITDA levels within fiscal year 2011.

Thank you. Now, I’ll open the call for questions. Operator.

Question-and-Answer Session

Operator

(Operator Instructions) Your first question comes from Dan Leonard - First Analysis.

Dan Leonard - First Analysis

If the notebook business is growing 50% in 2010, then the rest of the cheminformatic pieces deteriorating quite a bit, what would that be?

Isy Goldwasser

Without the Cheminformatic piece, it’s really the declining content, but even more for analysis, a decline in service and the services picture is one, revenue recognize. Rex will comment further, but I mentioned in my statements, our bookings are running around twice our revenue for services.

We just simply can’t recognize that amount of bookings, because we have scheduled rollouts, the amounts are driven for like network releases, which delay recognition of service, and there are some fixed price contracts which again that we recognition. So what we have is a situation were on a P&L based service is just reporting lower revenues, far lower than we were used to in 2008.

Dan Leonard - First Analysis

But for what period of time do bookings and software typically convert to revenue?

Rex Jackson

It varies, it’s typically tied. There’s three ways you can do it. One way is time and materials, that just independent project that turns ratably fairly quickly; however, in the ELN business we are tied primarily to customer rollout schedules, so you’ll do a large license engagement with the customer, and then you’ll roll your individual licenses out in chunks of 100s as opposed to 1000s, and the services get pushed out in accordance to that schedule.

We also have a few fixed priced consulting services engagements, and in those cases all of the revenue gets pushed back to the backend. So given booking can rollout in as many as six to 18 months.

Dan Leonard - First Analysis

Do you have a software bookings number at year end that you could share with us, a dollar amount?

Rex Jackson

We haven’t typically disclosed the booking targets and the figures Dan, but I think as we go forward transitioning to a full software company, organized that way, we are going to reevaluate what are the right metrics to report on, and bookings maybe one of those.

Dan Leonard - First Analysis

Isy, how do you characterize the commentary out of large pharma on R&D spending. This earning season it’s pretty negative. You guys feel like you can incorporate that into your forecast?

Isy Goldwasser

We believe so; we believe we have incorporated the challenge in the industry as going through right now. This is really the heart of our renewal seasonal, the fourth quarter and the first quarter are really the heart of our renewal season and I think we have factored that in.

Dan Leonard - First Analysis

Should we expect the similar amount of seasonality in your software business in 2010, as we have seen previously?

Isy Goldwasser

Although we sound the seasonality, but really it’s the business that once we transition fully, is always only that business. There is some volatility based on services and some on milestones that we just mentioned on licenses even.

So generally speaking, this business at the moment will report somewhere between $20 million and $24 million of revenue per quarter, and that’s the variability, and that’s why we call it seasonality, but it’s not predictable year-to-year. To-date our global force is to build that top line and make it even more predictable than it is today.

Dan Leonard - First Analysis

I’m having trouble getting from your $10 million to $11 million EBITDA forecast in 2010 to $0.10 in EPS. Are there some costs below the EBITDA line that I maybe missing, and you provided the depreciation expenses as $3 million, but I’m still having trouble getting there.

Rex Jackson

Are you backing out stock-based compensation?

Dan Leonard - First Analysis

Do you exclude that from EBITDA?

Rex Jackson

We do.

Dan Leonard - First Analysis

Okay, what is that number?

Rex Jackson

It’s about $2.5 million.

Dan Leonard - First Analysis

Maybe that’s the difference, because there were no corporate costs extraneous to the software business anymore, correct; going into 2010?

Rex Jackson

That’s right.

Dan Leonard - First Analysis

Finally, what is your anticipated cash outflow associated with the HPR divestiture in 2010?

Rex Jackson

So I think the primary number that you should focus on is the net positive working capital number of 8.6. So the liabilities in the transaction are not great, that we would have to match those with the inventory or other assets as well, but we’re thinking a pretty good placeholder is just a net positive amount of 8.5.

Operator

Your next question comes from Jerry Kahn - Kahn Investors.

Jerry Kahn - Kahn Investors

First question, the company that’s going to buy the HPR, what kind of financial backing do they have if any?

Rex Jackson

This is a management bio Jerry; and secondly, as management’s buying this, they’re likely to see investors and other factors later, but right now there’s no one else except them and they are highly motivated to do this. I would also say for further background, the key for us is that we are able to retain the royalties and license fees from this business as a priority, and in that net context, this is the best deal and the most attractive deal for customers and for us.

Jerry Kahn - Kahn Investors

Yes, but aren’t you frightened about the fact that they might be under capitalized?

Rex Jackson

No we’re not, because we are making sure that the company is well capitalized; in the sense that they have for their 2010 plan, 90% of their plan is under contract, and the cash we’re receiving upfront. When you run the model, they’re very stable and really just need to execute on their plan going forward, and so we don’t see that as a high risk.

Obviously they have to execute, but this is not a situation where they need to go and raise funding to run the business. They have enough capital and assets in IP to run it well at the current size.

Jerry Kahn - Kahn Investors

Is the structure such that on in royalties, the royalties come directly to us or does it go to the new company to be repaid to us?

Isy Goldwasser

No, it’s directly to us and we expect those to be between $4 million and $5 million in 2010, and we expect those to climb overtime.

Jerry Kahn - Kahn Investors

I can’t recall the name of the company that we helped up start, it was a semiconductor company, maybe you can help me with the name, but the question is, do we keep that or does that go…?

Isy Goldwasser

No, that’s part of the royalty stream. The company is named Intermolecular. We have an equity stage and a royalty arrangement. That entire arrangement is intact and remains at Symyx.

Jerry Kahn - Kahn Investors

How is that company doing?

Isy Goldwasser

It’s doing quite well, a private company, and we obviously hope that within a few years the company will be in the public markets or execute some kind of large transactions, but it’s growing. They don’t report the results, but it’s a leading company applying these high productivity tools to the semiconductor industry.

Jerry Kahn - Kahn Investors

Also the other question I have; Isy on your presentation at the beginning, would you happen to have printed copy of that, because somehow your speech was a little muddled. Do you have…?

Isy Goldwasser

Sure. I think we’ll make the script available and we can also send you our recent presentations that I’ve made about the business as well.

Jerry Kahn - Kahn Investors

Okay, how do we get that?

Isy Goldwasser

I’ll follow-up directly, Jerry.

Operator

Your next question comes from Mark Gross - GGS Capital.

Mark Gross - GGS Capital

A book keeping question, could you please state the amount of MDL deferred revenue that you were unable to book due to purchase accounting in 2008, and also if there is any in 2009?

Isy Goldwasser

The 2008 number was $7.4 million, and there’s none to speak of if any in 2009.

Mark Gross - GGS Capital

I take it that, you attempted to sell HPR to other companies, and you felt in end that that’s obtaining $4 million to $5 million a year in license fees and royalty revenue. Was it superior to any offers that you got?

Isy Goldwasser

That’s correct. I mean our priority was retaining that stream, and what that did is, is made the business very lumpy and unprofitable in our hands, if once you take that stream out. When strategic buyers or financial buyers, they want to see predictability and less volatility and less customization, it’s not interesting to them, and once again, we’re not promising on royalties and license fees being retained as we just said; the best structure was this buyout structure which is very exciting for customers and employees.

Operator

(Operator Instructions) Your next question comes from Amarish Mehta - Arcadia Capital.

Amarish Mehta - Arcadia Capital

Just going back to the divestiture of HPR, I mean walk us through sort of your strategic review process there? Whether there are other sort of buyers out there that showed interest that ultimately you guys can close the value gap on? I mean help us understand sort of what happened over the last year there?

Isy Goldwasser

Sure. The process really was ramped up during the last four to five months, and we really engaged after reaching out to the market, I would say very solidly out to the market, we had two serious buyers, and one in particular was selected and we went forward to the advanced stages with that buyer, and then along the way, the management decided they could come up with a better offer, and allow us to keep the royalty stream at Symyx and that became the most attractive path, so we chose that path.

Amarish Mehta - Arcadia Capital

How do you think you will ultimately realize value on this investment? Maybe on the I guess the $4 million that you get on an annual basis?

Isy Goldwasser

Well, we have a note in our equity stake in the company, those are the two primary advantages, but really the value for us is currently deploying transition into a software business, organize it that way, allowing us to simplify and focus the operating model; allowing us to expand the number of partnerships and growth eventually gets triggered, simply because as you can image there are companies that really didn’t understand the hybrid model.

I think all are open to working with us strategically if we are a full software company versus a hybrid model company. From a shareholder perspective, there’s a much greater demand and a greater base of interest in a peer model as a public company versus the hybrid model.

Amarish Mehta - Arcadia Capital

Now that you have over $80 million of cash, help us understand what management and the Board is thinking about it? What’s the minimum level of cash you need to run the software company and then what would you do with the excess cash?

Isy Goldwasser

I’ll let Rex answer that second part of the minimum level and I can answer the first part of your question.

Rex Jackson

So, our placeholder is about 30.

Isy Goldwasser

In terms of what we do with the capital, that what we’ve been doing. We were quite disciplined about looking for acquisitions. They don’t pull the trigger unless we have all of the mentions inline, but my strategy and the team’s strategy here is clear. We use our financial strength and the cash flow from our core profits drive our tail end.

Market leadership is to drive the acquisitions that make sense to extend our portfolio, and we make sure along the way we expand the profitability of the business. So I think we’re poised to do that now as a software business, as soon as we get through all of this in the next three months.

Amarish Mehta - Arcadia Capital

Would you guys consider share buybacks as part of the…?

Isy Goldwasser

We did, I would say assuming annually and sometime we’re frequently considering buybacks, and we’ve done it in the past and we certainly would do it again if it’s wanted.

Operator

(Operator Instructions) We have no further question at this time.

Isy Goldwasser

Thank you, and thank you everyone for joining. We look forward to reporting our first quarter results and fully transitioning into the software business by the end of March. Thank you very much.

Operator

Once again, that does conclude our conference call for today. We thank you for your participation.

Copyright policy: All transcripts on this site are the copyright of Seeking Alpha. However, we view them as an important resource for bloggers and journalists, and are excited to contribute to the democratization of financial information on the Internet. (Until now investors have had to pay thousands of dollars in subscription fees for transcripts.) So our reproduction policy is as follows: You may quote up to 400 words of any transcript on the condition that you attribute the transcript to Seeking Alpha and either link to the original transcript or to www.SeekingAlpha.com. All other use is prohibited.

THE INFORMATION CONTAINED HERE IS A TEXTUAL REPRESENTATION OF THE APPLICABLE COMPANY'S CONFERENCE CALL, CONFERENCE PRESENTATION OR OTHER AUDIO PRESENTATION, AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE TRANSCRIPTION, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE REPORTING OF THE SUBSTANCE OF THE AUDIO PRESENTATIONS. IN NO WAY DOES SEEKING ALPHA ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY TRANSCRIPT. USERS ARE ADVISED TO REVIEW THE APPLICABLE COMPANY'S AUDIO PRESENTATION ITSELF AND THE APPLICABLE COMPANY'S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISIONS.

If you have any additional questions about our online transcripts, please contact us at: transcripts@seekingalpha.com. Thank you!

Source: Symyx Technologies Inc. Q4 2009 Earnings Call Transcript
This Transcript
All Transcripts