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Fluidigm Reports Strong Q4 And Full Year 2012

Stocks in this article: FLDM

For more information, please visit www.fluidigm.com.

Fluidigm, the Fluidigm logo, C 1, BioMark, EP1, and Access Array are trademarks or registered trademarks of Fluidigm Corporation.

 
FLUIDIGM CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
 
  Three Months Ended December 31,   Year Ended
2012  

2011

2012  

2011 (1)

Revenue:
Instruments $ 9,606 $ 7,362 $ 29,152 $ 25,190
Consumables   5,756     4,928     22,336     15,391  
Product revenue 15,362 12,290 51,488 40,581
License, collaboration, and grant revenue   297     706     846     2,284  
Total revenue 15,659 12,996 52,334 42,865
Costs and expenses:
Cost of product revenue 4,335 4,007 15,325 13,191
Research and development 4,265 4,001 16,602 13,936
Selling, general and administrative 10,552 7,967 38,478 31,304
Litigation settlement   -     -     -     3,000  
Total costs and expenses   19,152     15,975     70,405     61,431  
Loss from operations (3,493 ) (2,979 ) (18,071 ) (18,566 )
Interest expense (12 ) (390 ) (628 ) (3,101 )
Other expense, net   (62 )   (52 )   (189 )   (637 )
Loss before income taxes (3,567 ) (3,421 ) (18,888 ) (22,304 )
Provision for income taxes   (35 )   (36 )   (136 )   (166 )
Net loss (3,602 ) (3,457 ) (19,024 ) (22,470 )

Deemed dividend related to the change in conversion rate of Series E convertible preferred stock

  -     -     -     (9,900 )
Net loss attributed to common stockholders $ (3,602 ) $ (3,457 ) $ (19,024 ) $ (32,370 )
 
Net loss per share attributed to common stockholders, basic and diluted $ (0.14 ) $ (0.17 ) $ (0.86 ) $ (1.81 )
 

Shares used in computing net loss per share attributed to common stockholders, basic and diluted

  25,028     20,274     22,136     17,847  
 
 
(1) Derived from audited consolidated financial statements.
 
 
FLUIDIGM CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
   
 
December 31, 2012

December 31, 2011 (1)

(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 58,649 $ 13,553
Short-term investments 21,362 39,914
Accounts receivable, net 12,900 9,253
Inventories 7,169 5,970
Prepaid expenses and other current assets   1,131   1,343
Total current assets 101,211 70,033
Long-term investments 3,666 1,500
Property and equipment, net 4,974 3,256
Other non-current assets   3,881   4,537
Total assets $ 113,732 $ 79,326
 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 2,555 $ 4,010
Accrued compensation and related benefits 2,877 2,442
Other accrued liabilities 4,279 2,787
Deferred revenue, current portion 1,886 2,011
Long-term debt, current portion   -   8,921
Total current liabilities 11,597 20,171
Long-term debt, net of current portion - 1,217
Other non-current liabilities   1,478   1,041
Total liabilities 13,075 22,429
Total stockholders' equity   100,657   56,897
Total liabilities and stockholders' equity $ 113,732 $ 79,326
 
(1) Derived from audited consolidated financial statements.
 
 
FLUIDIGM CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
   
Year Ended
2012

2011 (1)

Operating Activities
Net loss $ (19,024 ) $ (22,470 )
Depreciation and amortization 1,482 1,062
Stock-based compensation expense 4,088 2,799
Write-off of debt discount upon note repayment - 1,157
Other non-cash items, net 78 900
Changes in assets and liabilities, net   (4,102 )   (990 )
Net cash used in operating activities (17,478 ) (17,542 )
 
Investing Activities
Purchases of investments (35,385 ) (71,379 )
Proceeds from sales and maturities of investments 51,770 29,966
Purchases of property and equipment (2,384 ) (1,676 )
Other investing activities   -     (2,021 )
Net cash provided by (used in) investing activities 14,001 (45,110 )
 
Financing Activities
Proceeds from issuance of common stock, net of issuance costs 56,008 76,946
Proceeds from exercise of stock options 2,703 1,288
Repayment of long-term debt (10,190 ) (4,742 )
Proceeds from line of credit 1,875 -
Repayment of line of credit   (1,875 )   (3,125 )
Net cash provided by financing activities 48,521 70,367
 
Effect of foreign exchange rate fluctuations on cash and cash equivalents   52     115  
Net increase in cash and cash equivalents 45,096 7,830
Cash and cash equivalents at beginning of period   13,553     5,723  
Cash and cash equivalents at end of period $ 58,649   $ 13,553  
 
 
(1) Derived from audited consolidated financial statements.
 
 
FLUIDIGM CORPORATION

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION (1)

(In thousands, except per share amounts)
(Unaudited)
       
Three Months Ended December 31, Year Ended
2012 2011 2012 2011
 
Net loss attributed to common stockholders (GAAP) $ (3,602 ) $ (3,457) $ (19,024 ) $ (32,370 )
Deemed dividend related to the change in conversion rate of Series E convertible preferred stock - - - 9,900
Stock-based compensation expense 1,041 805 4,088 2,799
Depreciation and amortization 435 334 1,534 1,245
Interest expense 12 390 628 3,101
Loss on disposal of property and equipment - - 26 -
Change in the fair value of convertible preferred stock warrants and related expense, net - - - 718
Litigation settlement   -     -   -     3,000  
Net loss (Non-GAAP) $ (2,114 ) $ (1,928) $ (12,748 ) $ (11,607 )

Shares used in net loss per share calculation - basic and diluted (GAAP and Non-GAAP)

  25,028     20,274   22,136     17,847  
 
Net loss per share - basic and diluted (GAAP) $ (0.14 ) $ (0.17) $ (0.86 ) $ (1.81 )
Net loss per share - basic and diluted (Non-GAAP) $ (0.08 ) $ (0.10) $ (0.58 ) $ (0.65 )
 
(1) The Company reports non-GAAP results which exclude stock-based compensation expense, depreciation of property and equipment, amortization of long-term debt discount, interest expense related to long-term debt and write-off of debt discount upon note repayment, remeasurement adjustment for convertible preferred stock warrant fair value, net of gain from extinguishment of convertible preferred stock warrants and litigation settlement.




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