NEW YORK (TheStreet) -- Shares of Fluidigm (FLDM) were falling 26.4% to $27.54 on heavy trading volume Friday after the medical laboratories and research company missed analysts' estimates for earnings and revenue in the first quarter.
Fluidigm reported a loss of 56 cents a share for the first quarter, below analysts' estimates for a loss of 44 cents a share for the quarter. Revenue grew 3.8% year over year to $26.7 million in the quarter, below analysts' estimates of $30.7 million.
President and CEO Gajus Worthingtion said, "Our first quarter did not meet our internal expectations due to several factors, including timing of CyTOF orders and shipments, a shortfall in Biomark system revenues and weak genomics analytical consumable sales."
"In addition, currency had a more negative impact than we assumed at the beginning of the year," Worthingtion added.
About 2.5 million shares of Fluidigm were traded by 12:09 p.m. Friday, above the company's average trading volume of about 209,000 shares a day.
Separately, TheStreet Ratings team rates FLUIDIGM CORP as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:
"We rate FLUIDIGM CORP (FLDM) a HOLD. The primary factors that have impacted our rating are mixed -- some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and weak operating cash flow."