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

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

Join For Free

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 3,200+ scientific posters on ePosters
  • More than 4,800+ 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 TechnologyNetworks.com 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
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
Cancer Research UK Purchases Fluidigm Genotyping System
The research centre will utilize high-throughput SNP genotyping to identify and verify genetic variants underlining susceptibility to various cancers.
Friday, June 05, 2009
Scientific News
Liquid Biopsies: Miracle Diagnostic or Next New Fad?
Thanks to the development of highly specific gene-amplification and sequencing technologies liquid biopsies access more biomarkers relevant to more cancers than ever before.
Discovered Through ‘Big Data’ Analysis
Researchers at the SBP have identified over 100 new genetic regions that affect the immune response to cancer.
New Therapeutic Targets For Small Cell Lung Cancer Identified
Researchers at UTSW Medical Center have identified a protein termed ASCL1 that is essential to the development of small cell lung cancer and that, when deleted in the lungs of mice, prevents the cancer from forming.
Liquid Biopsies Treating Ovarian Cancer
Researchers have discovered a promising monitor and treat recurrence of ovarian cancer. Detecting cancer long before tumours reappear.
Cell Cargo Ships in Near Future?
Virus-inspired container design may lead to cell cargo ships following construction of ten large, two-component, icosahedral protein complexes.
Uncovering a New Principle in Chemotherapy Resistance in Breast Cancer
The NIH study has revealed an entirely unexpected process for acquiring drug resistance that bypasses the need to re-establish DNA damage repair in breast cancers that have mutant BRCA1 or BRCA2 genes.
Understanding Treatment Resistant Melanoma
Researchers have determined how advanced melanoma becomes resistant; a development toward developing treatments.
Liquid Biopsies: DNA Size Matters
Study finds circulating tumour DNA can be distinguished from healthy DNA through fragment size identification.
Unravelling the Roots of Insect’s Waterproof Coating
Researchers have identified the genes that control cuticular lipid production in Drosophila, by performing an RNAi screen and using Direct Analysis in Real Time and GC-MS.
Identifying Cancer Drug Targets Using 3D-Modelling
Researchers are now able to model genetic mutations manipulation of proteins that can potentially drive cancer.
SELECTBIO

SELECTBIO Market Reports
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
3,200+ scientific and medical posters
A library of 2,500+ scientific videos on LabTube
4,800+ scientific videos
Close
Premium CrownJOIN TECHNOLOGY NETWORKS PREMIUM FOR FREE!