This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Fluidigm Reports Financial Results For Second Quarter 2012

Fluidigm Corporation (NASDAQ:FLDM) today announced its financial results for the second quarter ended June 30, 2012.

Product revenue for the second quarter of 2012 was $12.8 million, an increase of 31% from $9.7 million in the second quarter of 2011. Product margin was 69% in the second quarter of 2012, consistent with the 69% in the second quarter of 2011 and up slightly from the first quarter of this year. Total revenue for the second quarter of 2012 was $12.9 million, an increase of 22% from $10.6 million in the second quarter of 2011. Net loss for the second quarter of 2012 was $4.6 million, compared to a net loss of $7.2 million in the second quarter of 2011 (which included a one-time charge of $3.0 million related to a litigation settlement and intellectual property licensing agreements). Non-GAAP net loss for the second quarter of 2012 was $2.9 million, consistent with the $2.9 million non-GAAP net loss for the second quarter of 2011 (see accompanying table for reconciliation of GAAP and non-GAAP measures).

“Growth in single-cell genomics, high-throughput gene expression and production genotyping powered our strong performance during the quarter. Demand was healthy for both instruments and consumables, particularly our BioMark™ HD System and 96.96 Dynamic Array™ chip,” stated Gajus Worthington, Fluidigm President and Chief Executive Officer.

As of the end of the second quarter, Fluidigm had 565 systems installed at customer locations. Consumables revenue reached high levels, achieving 79% growth during the quarter, compared to the second quarter of 2011.

“With each passing quarter, there are more signs that validate our strategic focus around single-cell genomics. Our products are now enabling researchers to change our understanding of biology in profound ways. We believe the C 1™ Single-Cell AutoPrep System will accelerate this, and in fact our first C 1 users are already performing experiments with the system. We have enjoyed strong demand for participation in our Early Access Program, and this high level of enthusiasm for the C 1 is indicative of the growing excitement among researchers to take science down to the level of the individual cell,” Worthington continued.

Financial Highlights and Analysis
  • Sales of consumables were strong during the second quarter. As in previous quarters, this was mainly due to high demand for production genotyping chips. Increased sales of gene expression and Access Array™ chips, and assays, also contributed meaningfully to consumables revenue growth.
  • Instrument revenue growth was driven by robust demand for analytical platforms (BioMark, BioMark HD, EP1™ and after-market instruments), which grew in excess of 20% compared to the second quarter of 2011.
  • Instrument/consumables mix was 54% and 46%, respectively, for the second quarter of 2012, compared to 66% and 34%, respectively, in the second quarter of 2011.
  • Geographic revenue as a percent of total product revenue was as follows: United States – 51%; Europe – 22%; Asia-Pacific – 16%; Japan – 8%; and Other – 3%.
  • Research and development expense was $4.0 million in the second quarter of 2012, compared to $3.4 million in the second quarter of 2011.
  • Selling, general and administrative expense was $9.4 million in the second quarter of 2012, compared to $7.8 million in the second quarter of 2011.
  • Cash, cash equivalents and investments at the end of the second quarter of 2012 were $38.9 million, compared to $44.9 million at the beginning of the quarter.

Business Highlights Since Fluidigm’s Last Earnings Release
  • In June, Fluidigm introduced its new C 1 Single-Cell AutoPrep System to attendees at the International Society for Stem Cell Research (ISSCR) meeting in Yokohama, Japan. The C 1 System, based on Fluidigm’s innovative microfluidic technology, enables a researcher to isolate and process individual cells rapidly and reliably for genomic analysis.
  • Analytical systems (BioMark, BioMark HD and EP1) surpassed 400 installed instruments at June 30, 2012.
  • Scientists from the Cancer Research UK’s Cambridge Research Institute used Fluidigm’s Access Array technology to tag cancerous DNA fragments floating in a patient’s blood in order to determine how a given tumor was responding to treatment – demonstrating the feasibility of liquid biopsies. The paper, entitled “Noninvasive Identification and Monitoring of Cancer Mutations by Targeted Deep Sequencing of Plasma DNA,” published in Science Translational Medicine magazine, received global interest.
  • Fluidigm product revenue in the Asia-Pacific region, especially in China, achieved record levels during the second quarter of 2012, representing 16% of Fluidigm’s product revenue during the second quarter.

Financial Outlook

The Company currently expects full year 2012 product revenue to grow 25-30% from full year 2011 product revenue of $40.6 million. The Company expects 2012 grant revenue to be approximately $0.6 million.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,689.86 -56.12 -0.32%
S&P 500 2,103.84 -4.79 -0.23%
NASDAQ 5,128.2810 -0.5040 -0.01%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs