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Fluidigm Reports Strong Q2 2013 Revenue Growth Of 35%

Fluidigm Corporation (NASDAQ:FLDM) today announced its financial results for the second quarter ended June 30, 2013.

Total revenue for the second quarter of 2013 was $17.5 million, an increase of 35% from $12.9 million in the second quarter of 2012. Net loss for the second quarter of 2013 was $4.0 million, compared to a net loss of $4.6 million in the second quarter of 2012. Non-GAAP net loss for the second quarter of 2013 was $1.7 million, compared with a $2.8 million non-GAAP net loss for the second quarter of 2012 (see accompanying table for reconciliation of GAAP and non-GAAP measures). Product margin was 72% in the second quarter of 2013, compared to 69% in the second quarter of 2012.

“Our revenue growth was catalyzed by accelerating market adoption of the C 1™ Single-Cell Auto Prep System. This adoption further solidifies our leadership in single-cell genomics. Single-cell genomics revenue more than doubled year-over-year and we achieved record instrument revenue for the quarter. Introduction of the C 1 system in June 2012 has also strengthened our BioMark™ HD business. Approximately 30% of the C 1 units sold in the second quarter of 2013 were bundled with a BioMark HD System,” said Gajus Worthington, Fluidigm President and Chief Executive Officer.

“Another consistent theme supporting our growth in the second quarter was robust adoption and utilization of our products in production genomics. We have been increasingly successful in applied markets, where customers value high reproducibility, streamlined workflows, and lower running costs. Our growing customer base in this area spans agricultural biotechnology, biorepository, and clinical laboratory settings,” continued Worthington.

Financial Highlights and Analysis
  • Fluidigm’s instrument installed base expanded to approximately 780 units at the end of Q2 2013.
  • Analytical systems (BioMark, BioMark HD, and EP1™) represented approximately 62% of the installed base and preparatory systems (Access Array™ and C 1) represented the remainder.
  • Instrument revenue grew 47% year-on-year in the quarter, driven primarily by sales of the C 1 Single-Cell Auto Prep System.
  • Consumables revenue grew 21% year-on-year in the quarter, driven by production genomics customers.
  • Consumables pull-through for analytical systems was within its historical range of $40,000 – $50,000 per instrument/year. Consumables pull-through for preparatory systems was above its historical range of $10,000 – $15,000.
  • Revenue by geography as a percent of total product revenue in the second quarter of 2013 was as follows: United States – 59%; Europe – 26%; Asia-Pacific – 9%; Japan – 2%; and Other – 4%.
  • Fluidigm ended the second quarter of 2013 with approximately $83.5 million in cash, cash equivalents, and investments.

Business Highlights Since Fluidigm’s Last Earnings Release
  • Approximately 50% of the BioMark HD System sales during the quarter were motivated by single-cell research.
  • The total number of single-cell publications referencing Fluidigm increased to 80.
  • We introduced the Single-Cell miRNA Expression Profiling protocol for the C 1 Single-Cell Auto Prep System today. This release builds on our growing menu of applications for the C 1 system, including Single-Cell Targeted Gene Expression and Single-Cell mRNA Sequencing. The new protocol is run on the BioMark HD System and allows the interrogation of more than 370 miRNA targets across 96 individual cells.
  • We broadened our production genomics customer base to include public health infectious disease monitoring. In May 2013, the Saskatchewan Disease Control Laboratory adopted the BioMark HD System to profile a panel of infectious disease pathogens, including influenza, norovirus and salmonella.
  • We announced a co-marketing partnership with Olink Bioscience to expand the application menu on the BioMark HD System to high-throughput multiplex immunoassays. Olink Bioscience’s Proseek® Multiplex technology, in conjunction with the BioMark HD System, enables the analysis of 96 samples across 92 proteins in a single run.

Financial Outlook

Fluidigm now projects total revenue growth for the full year 2013 to be between 27% and 31%, above its previously provided projections of 22% to 26%. Operating expenses in 2013 are projected to be between $65 million to $68 million. Stock-based compensation expense in 2013 is projected to be between $6 million and $7 million. Capital spending is projected to between $4 million and $5 million.

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