Corporate Banner
Satellite Banner
Scientific Community
Become a Member | Sign in
Home>News>This Article

Fluidigm Reports Financial Results for First Quarter 2012

Published: Monday, May 14, 2012
Last Updated: Sunday, May 13, 2012
Bookmark and Share
Q1 total revenue up 26% compared to Q1 2011.

Fluidigm Corporation has announced its financial results for the first quarter ended March 31, 2012.

Product revenue for the first quarter of 2012 was $10.8 million, an increase of 28% from $8.4 million in the first quarter of 2011. Total revenue for the first quarter of 2012 was $10.9 million, an increase of 26% from $8.7 million in the first quarter of 2011.

Product margin was 67% in the first quarter of 2012, compared to 65% in the first quarter of 2011. Net loss for the first quarter of 2012 was $6.7 million, compared to a net loss of $7.3 million in the first quarter of 2011.

Non-GAAP net loss for the first quarter of 2012 was $5.1 million, compared to $3.7 million for the first quarter of 2011 (see accompanying table for reconciliation of GAAP and non-GAAP measures).

“This was a good start of the year for Fluidigm. Our leadership in single-cell genomics continued to be the catalyst behind sales of our BioMark™ HD System. For the second quarter in a row, about two-thirds of BioMark HD sales were designated for single-cell genomic research use,” stated Gajus Worthington, Fluidigm President and Chief Executive Officer.

“Consumable pull-through was healthy for all our major applications, indicating that our growing installed base is being put to good use. In addition, we revealed what the future for single-cell genomics will entail, with the expected launch of our C1™ Single-Cell Auto Prep System later this year,” Worthington continued.

Financial Highlights and Analysis

• Sales of consumables grew significantly during the quarter and we saw steadily increasing contributions from our DELTAgene™ assays, SNPtype™ assays and Access Array™ Target-Specific primers.

• Instrument/consumable mix was 55% and 45%, respectively, for the first quarter of 2012, compared to 59% and 41%, respectively, in the first quarter of 2011.

• Geographic revenue as a percent of total product revenue were as follows: United States - 54%; Europe - 24%; Asia-Pacific - 11%; Japan - 9%; and Other 2%.

• Research and development expense was $4.3 million in the first quarter of 2012, compared to $3.2 million in the first quarter of 2011.

• Selling, general and administrative expense was $9.4 million in the first quarter of 2012, compared to $7.4 million in the first quarter of 2011.

• Cash, cash equivalents and investments at the end of the first quarter of 2012 was $44.9 million, compared to $55.0 million at the beginning of the quarter. Cash used during the quarter included loan repayments of $3.8 million, including a balloon payment of $2.3 million as required under our loan agreement.

Business Highlights Since Fluidigm’s Last Earnings Release

• The Broad Institute and Fluidigm have announced the launch of the world’s first research center dedicated to accelerating the development of research methods and discoveries in mammalian single-cell genomics. The Single-Cell Genomics Center, housed at the Broad Institute in Massachusetts, is expected to act as a hub for collaboration among single-cell genomics researchers in many fields, including stem cell and cancer biology.

• Instrument revenue grew in double-digit percentages year-on-year for six consecutive quarters.

• Unit numbers and percentage of sales of BioMark HD Systems designated for single-cell genomic use continued at a strong pace during the first quarter of 2012. Two-thirds of the BioMark HD instruments sold during the quarter were designated for single-cell genomics research.

• Fluidigm unveiled a new system designed to revolutionize single-cell handling and preparation for genetic analysis. The new system, named C1 Single-Cell Auto Prep System, is expected to be available in the second half of 2012 and will be complementary to the BioMark HD System.

• Production genotyping consumable sales increased sharply in Q1 of 2012 relative to Q1 of 2011.

• Consumable pull-through for analytical systems was within our historical range of $40,000 to $50,000 per system per year. Similarly, pull-through for preparative systems was also within our historical range of $10,000 to $15,000 per system per year. DELTAgene and SNPtype assays continued to gain acceptance with our customer base.

• Fluidigm achieved its best-ever level of sales in China during Q1 of 2012 and established its Fluidigm China subsidiary.

Financial Outlook

The Company currently expects full year 2012 product revenue to grow 25-30% from full year 2011 product revenue of $40.6 million. The Company expects 2012 grant revenue to be approximately $0.6 million.

Historically, Fluidigm’s product revenue have tended to be lowest in the first quarter of the year, down from the prior year’s fourth quarter, reflecting numerous factors, including, among others, seasonal variations in customer operations and customer budget and capital spending cycles.

In recent years, product revenue experienced its largest sequential growth in the second and fourth quarters of the year, and we expect that trend to continue. We expect each quarter in 2012 to show year-on-year growth.

Further Information
Access to this exclusive content is for Technology Networks Premium members only.

Join Technology Networks Premium for free access to:

  • Exclusive articles
  • Presentations from international conferences
  • Over 2,600+ scientific posters on ePosters
  • More than 3,800+ scientific videos on LabTube
  • 35 community eNewsletters

Sign In

Forgotten your details? Click Here
If you are not a member you can join here

*Please note: By logging into you agree to accept the use of cookies. To find out more about the cookies we use and how to delete them, see our privacy policy.

Related Content

Revealing the Role of “Precocious” Dendritic Cells in Inflammatory Response
Discovery makes it possible for researchers to explore how these “precocious” cells escalate the body’s immune response when the body is under attack.
Monday, July 07, 2014
Fluidigm to Acquire DVS Sciences
The acquisition consideration of approximately $207.5 million consists of a combination of Fluidigm common stock and cash.
Wednesday, January 29, 2014
Fluidigm Reports Strong Q1 2013 Results
Revenue up 33% and margins increase 300 basis points compared to Q1 2012.
Friday, May 03, 2013
Singapore Single-Cell Research Centre Opens Door for Asian Biological Discoveries
Centre dedicated to diagnosis and treatment derived from single-cell exploration.
Monday, April 29, 2013
New Research Center to Focus on Mammalian Single Cell Genomics
New Center will feature a complete suite of Fluidigm single-cell tools, protocols and technologies.
Friday, June 15, 2012
Fluidigm Announce Israeli Distribution Deal
Fluidigm has appointed Eisenberg Brothers as distributor in Israel and Eisenberg Brothers offers Fluidigm's complete portfolio of BioMark™, EP1™, and Access Array™ systems.
Tuesday, March 01, 2011
Leading Leukemia Lab Invests In Fluidigm Access Array™ and EP1™ Systems
Fluidigm Corporation has announced that MLL Munich Leukemia Laboratory ( has purchased Access Array™ and EP1™ Systems.
Tuesday, November 16, 2010
Research Newsletter for Biochip User Community
Fluidigm announces availability of the Fall 2010 edition of its community newsletter.
Tuesday, October 19, 2010
Fluidigm Europe Announces a new Technical Poster Describing its Access Array™ Chip Technology
New poster describes how Access Array™ chip technology has been used at NCI’s core facility to capture and sequence the entire EBV genome.
Friday, August 13, 2010
Leading Agricultural Institute Reports Robust Genetic Analysis Results from Fluidigm Biomark™ System
INRA core facility is now providing a wide range of services on a Fluidigm BioMark™ System for Genetic Analysis to all European researchers.
Thursday, July 22, 2010
Modelling the Genetic Circuitry of Cell-to-Cell Communication
Stanford researchers used Fluidigm support instrumentation for analysis and modeling on how biological systems operate at the cellular level.
Thursday, July 15, 2010
Fluidigm Announces Availability of its Summer 2010 Edition of ‘IFC Application Hotspot’ E-newsletter
Issue includes two customer application studies, a recorded video interview with the GIS and a new single-cell gene expression protocol.
Friday, July 09, 2010
Fred Walder Joins Fluidigm as Chief Business Officer
Senior Executive from Fortune 500 company to lead business development and marketing for integrated fluidic circuit inventor.
Wednesday, June 30, 2010
Pathway-Focused Gene Expression Panels Validated for Real-time PCR
Fluidigm and SABiosciences team up to create gene expression panels validated for real-time PCR analysis on the Fluidigm BioMark™ System.
Thursday, April 08, 2010
USDA Purchases Fluidigm Solution for Development and Validation Testing of Cattle SNP Panels
Fluidigm’s EP1™ System will develop and validate focused 96- and 384-SNP panels for testing America’s dairy and beef cattle.
Friday, January 08, 2010
Scientific News
Researchers Develop Classification Model for Cancers Caused by KRAS
Most frequently mutated cancer gene help oncologists choose more effective cancer therapies.
Chromosomal Chaos
Penn study forms basis for future precision medicine approaches for Sezary syndrome
Shaking Up the Foundations of Epigenetics
Researchers at the Centre for Genomic Regulation (CRG) and the University of Barcelona (UB) published a study that challenges some of the current beliefs about epigenetics.
Genetic Defences of Bacteria Don’t Aid Antibiotic Resistance
Genetic responses to the stresses caused by antibiotics don’t help bacteria to evolve a resistance to the medications, according to a new study by Oxford University researchers.
Tolerant Immune System Increases Cancer Risk
Researchers have found that individuals with high immunoCRIT ratios may have an increased risk of developing certain cancers.
Developing a Gel that Mimics Human Breast for Cancer Research
Scientists at the Universities of Manchester and Nottingham have been funded to develop a gel that will match many of the biological structures of human breast tissue, to advance cancer research and reduce animal testing.
Lung Repair and Regeneration Gene Discovered
New role for hedgehog gene offers better understanding of lung disease.
3 Ways Viruses Have Changed Science for the Better
Viruses are really good at what they do, and we’ve been able to harness their skills to learn about – and potentially improve – human health in several ways.
Mixed Up Cell Transportation Key Piece of ALS and Dementia Puzzle
Researchers from the University of Toronto are one step closer to solving this incredibly complex puzzle, offering hope for treatment.
New Gene Therapy for Vision Loss From a Mitochondrial Disease
NIH-funded study shows success in targeting mitochondrial DNA in mice.
Skyscraper Banner

Skyscraper Banner
Go to LabTube
Go to eposters
Access to the latest scientific news
Exclusive articles
Upload and share your posters on ePosters
Latest presentations and webinars
View a library of 1,800+ scientific and medical posters
2,600+ scientific and medical posters
A library of 2,500+ scientific videos on LabTube
3,800+ scientific videos