Financial Highlights and Analysis
- Fluidigm ended the year with approximately $84 million in cash, cash equivalents, and investments.
- Fluidigm’s instrument installed base was approximately 670 units at year-end.
- Analytical systems (BioMark, BioMark HD, and EP1) represented approximately 65% of the installed base and preparatory systems (Access Array and C 1) represented the remainder.
- Approximately 60% of the BioMark HD system sales during the quarter were motivated by single-cell research.
- Instrument revenue grew 30% year-on-year in the quarter and 16% for the full year 2012, driven primarily by strong market uptake of the C 1 system.
- Consumables pull-through was within its historical range of $40,000 – $50,000 per instrument/year for analytical systems, and $10,000 – $15,000 per instrument/year for preparatory systems.
- Consumables revenue grew 17% year-on-year in the quarter and 45% for the full year 2012.
- Geographic revenue as a percent of total product revenue in the fourth quarter of 2012 was as follows: United States – 48%; Europe – 32%; Asia-Pacific – 12%; Japan – 7%; and Other – 1%.
Business Highlights Since Fluidigm’s Last Earnings Release
- Completed an oversubscribed C 1 Single-Cell Auto Prep System Early Access Program.
- Introduced the mRNA sequencing application on the C 1 Single-Cell Auto Prep System, expanding the C 1 system addressable opportunity to include next-generation sequencing customers.
- In partnership with the Genome Institute of Singapore, established the Single-Cell ‘Omics Center — the first research center in Asia exclusively dedicated to accelerating the understanding of how individual cells work, and how diagnosis and treatment might be enhanced through insight derived from single cells.
- Placements of Access Array systems for sequencing sample preparation grew sequentially in the quarter driven by broadening adoption by clinical laboratory customers globally, representing over half of system placements in the quarter.
- The C 1 Single-Cell Auto Prep System won a 2012 GOOD DESIGN™ Award from the Chicago Athenaeum: Museum of Architecture and Design and The European Centre for Architecture Art Design and Urban Studies.
The Company is projecting 2013 total revenue growth guidance to be 22%-26% over 2012. Historically, Fluidigm’s product revenues have tended to be lowest in the first quarter of the year and highest in the fourth quarter of the year. We expect the trend to continue in 2013.
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