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Fluidigm Reports Q3 2015 Financial Results

The following excerpt is from the company's SEC filing.

SOUTH SAN FRANCISCO, Calif. - October 29, 2015 - Fluidigm Corporation (NASDAQ:FLDM) today announced its financial results for the third quarter ended September 30, 2015.

Total revenue for the third quarter of 2015 was $28.6 million, a decrease of 3% from $29.6 million in the third quarter of 2014. On a constant-currency basis, total revenue increased 3% year-over-year.

Net loss for the third quarter of 2015 was $9.3 million, compared to a net loss of $13.8 million in the third quarter of 2014. Non-GAAP net loss for the third quarter of 2015 was $4.4 million, compared with non-GAAP net loss of $3.1 m illion for the third quarter of 2014 (see accompanying table for reconciliation of GAAP and non-GAAP measures).

“We are encouraged by our third quarter performance and improvements in our commercial execution. Last quarter, we highlighted four key assumptions incorporated in our second half of 2015 revenue guidance. Specifically, we expected growth within our single-cell proteomics product line, genomics analytical consumables pull-through to be within the range in the first half of the year, modest contribution from new products, and muted results from core single-cell genomics instrumentation. Our results in the third quarter were consistent with these expectations, and we expect these trends to continue in the fourth quarter as we continue to implement organizational changes and benefit from our increased focus. We are narrowing our 2015 total revenue guidance range to be between $111 million and $114 million,” said Gajus Worthington, Fluidigm President and Chief Executive Officer.

“We have made substantial progress in implementing our new organizational structure, adding executive sales leadership, and re-focusing our commercial activity. We believe these key actions have stabilized our near-term performance and position us for growth in 2016 and beyond,” continued Worthington.

Financial Highlights and Analysis

Instrument and service revenue was up 4% or $0.7 million year-on-year in the quarter, primarily due to contribution from new products, increased sales of Helios™ (CyTOF

) systems and service, partly offset by decreased sales from core genomics systems.

Approximately 45% of the Biomark™ HD system sales during the quarter were motivated by single-cell biology research.

Approximately 20% of C1™ system sales were combined with a Biomark HD system in the quarter.

Consumables revenue declined 14% or $1.7 million year-on-year in the quarter, primarily due to decreased sales from production genomics applications.

IFC (integrated fluidic circuit) pull-through in the quarter was within its revised historical range of $25,000 - $35,000 per instrument/year for genomics analytical systems and within its historical range of $15,000 - $25,000 per instrument/year for genomics preparatory systems.

Consumables pull-through for proteomics analytical systems in the quarter was within its historical range of $50,000 - $70,000 per instrument/year.

Geographic revenue as a percent of total product revenue in the third quarter of 2015 was as follows: United States -48%; Europe - 35%; Japan - 4%; Asia-Pacific -8%; and Other -5%.

Fluidigm’s total instrument installed base was approximately 1,565 units at the end of the quarter.

Approximately 55% of the installed base was analytical versus 45% preparatory systems.

Single-cell biology systems (includes C1, Polaris™, Helios, CyTOF, CyTOF 2, Callisto™, Biomark and Biomark HD systems motivated by single-cell research) represented approximately 760 units.

GAAP product margin was 58.3% in the third quarter of 2015, versus 61.3% in the year ago period. Non-GAAP product margin was 72.1% in the third quarter of 2015, versus 74.4% in the year ago period. Non-GAAP product margin excludes the effects of amortization of developed technology, depreciation and amortization, and stock-based compensation expense (see accompanying table for reconciliation of GAAP and non-GAAP product margins).

Fluidigm ended September 30, 2015 with approximately $114.1 million in cash, cash equivalents, and investments.

Business Highlights Since Fluidigm’s Last Earnings Release

Fluidigm, in partnership with Monash University, the University of Melbourne, the University of Newcastle, and the Hudson Institute of Medical Research established Australia’s first Single-Cell Genomics Centre of Excellence.

We commercially launched the high throughput single-cell mRNA sequencing workflow for the C1 system, which includes a new integrated fluidic circuit (IFC) and reagent kit.

Fluidigm expanded its commercial leadership team with the addition of industry veterans Fred Graff, Vice President, North America Sales; John Stark, Senior Vice President, Commercial Operations; and Pat Cooke, PhD, Vice President, Global Services.

Financial Outlook

Fluidigm now projects total revenue to be between $111 million and $114 million versus prior guidance of between $110 million and $115 million. 2015 revenue projections incorporate an estimated negative currency related impact of approximately 4 to 5 percent at the midpoint of the range.

The Company now projects 2015 operating expenses on a GAAP basis to be between $121 million and $124 million (excluding the gain on...


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