Corporate Banner
Satellite Banner
Technology
Networks
Scientific Communities
 
Become a Member | Sign in
Home>News>This Article
  News
Return

Fluidigm Reports Financial Results for First Quarter 2011

Published: Wednesday, May 11, 2011
Last Updated: Wednesday, May 11, 2011
Bookmark and Share
Total revenue for the first quarter of 2011 was $8.7 million, an increase of 30% from $6.7 million in the first quarter of 2010.

Product revenue for the first quarter of 2011 was $8.4 million, an increase of 34% from $6.3 million in the first quarter of 2010. Product margin improved 760 basis points to 65%. Net loss for the quarter was $7.3 million, excluding the impact of a decrease in the conversion price of the Series E convertible preferred stock that resulted in a non-recurring, non-cash deemed dividend of $9.9 million. The Q1 2011 net loss is compared to a $5.6 million net loss in the first quarter of 2010. Non-GAAP net loss for the first quarter of 2011 was $3.7 million as compared to $4.5 million for the first quarter of 2010. Non-GAAP net loss excludes deemed dividend, stock-based compensation expense and certain other charges (see accompanying table for reconciliation of GAAP and non-GAAP measures).

“This was a solid quarter for Fluidigm. Growth in product revenues and margins were robust. We experienced strong interest in single-cell genomics, genotyping consumables, and sample preparation for next-generation sequencing. More than half of the BioMark™ and new BioMark HD Systems sold during Q1 are being used to conduct single-cell research,” stated Gajus Worthington, Fluidigm president and chief executive officer. “We watched with great concern as some of our Japanese customers and employees experienced the catastrophic earthquake and tsunami in March. Fluidigm experienced no direct physical damage from these events. Given this extreme environment, the performance of our Japan team during this period was just stellar.”

Financial Highlights and Analysis

•    Revenue growth in the first quarter of 2011, compared to the prior year, was a result of product revenue growth, with a stronger increase in consumables sales compared to instrument sales. Revenue from grants and collaborations was 37% lower than the prior year first quarter primarily due to reduced activity under our Singapore Economic Development Board (EDB) grant agreement as we approach the end of the grant period.
•    Instrument/consumable mix was 59% and 41%, respectively, for the first quarter of 2011, compared to 66% and 34%, respectively, in the first quarter of 2010.
•    Product margin increased to 65% in the first quarter of 2011, from 58% in the first quarter of 2010 primarily due to a favorable product mix and improved chip capacity utilization and yields resulting in lower chip costs.
•    Geographic revenues as a percent of total product revenue were as follows: United States - 49%; Europe – 26%; Asia Pacific – 12%; Japan – 11%; and Other 2%.
•    Research and development expense was $3.2 million in the first quarter of 2011, comparable to the expense in the first quarter of 2010.
•    Selling, general and administrative expense was $7.4 million in the first quarter of 2011, compared to $6.1 million in the first quarter of 2010, an increase of 22%, reflecting factors such as the expansion of the Company’s sales and marketing infrastructure and activities.
•    Fluidigm ended the first quarter of 2011 with $77.7 million in cash, cash equivalents and available-for-sale securities as a result of the company’s successful IPO in February of this year.

Business Highlights Since Fluidigm’s Last Earnings Release

•    Unit numbers and percentage of sales of BioMark and BioMark HD Systems designated for single-cell use reached an all time high during the first quarter of 2011. Over half the BioMark instruments sold during the quarter are being used for single-cell genomics.
•    During the first quarter, Fluidigm completed the worldwide launch of its new BioMark HD Real-Time PCR System. Production of the Company’s original BioMark product line has now converted fully to the BioMark HD System, providing customers with high sensitivity and improved workflow in a reduced footprint.
•    In early May, Fluidigm introduced a line of platform-optimized assay and primer products marketed as DELTAgene™ Assays (gene expression), SNPtype™ Assays (SNP genotyping), and Access Array™ Target-specific Primers (target enrichment for next-generation sequencing).
•    Fluidigm has surpassed a significant operational milestone, having now manufactured and delivered more than one billion microscopic NanoFlex™ valves to customers world-wide. These valves control the flow of fluids within the Fluidigm chips and provide precise control over complex fluid-handling steps to help ensure high reliability.
•    Publication activity of scientific research using Fluidigm technology continues at a strong pace. In the first quarter alone, Fluidigm technology was cited in at least four papers describing research in single-cell genomics, a fast-growing field that is enabled by the BioMark System.
•    Fluidigm made two appointments to its Board of Directors: Evan Jones, who will join the Compensation Committee; and Patrick S. Jones who will chair the Board’s audit committee. Both new members bring extensive industry experience to the Board.

Financial Outlook

For the full year 2011, year-over-year product revenue growth is projected to be in the range of 27%-30%, an increase from the 25% - 27% growth projection provided in our earnings release for the fourth quarter and full year 2010. Revenue from grants and collaborations is projected to be around $2 million, which is at the lower end of the range provided previously. This is due to modifications in the milestones and timing of payments from the collaboration agreement with Novartis.


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 2,500+ 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 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

Fluidigm, OpGen Collaborate
Fluidigm and OpGen have announced an agreement to collaborate on instruments and kits to test for multi-drug resistance genes in bacteria, fungi, and viruses.
Tuesday, July 14, 2015
Early Access Program for Fluidigm's New Imaging Mass Cytometry Platform
Prototypes of the product are expected to begin shipping to early access partners by the end of this year.
Sunday, August 03, 2014
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
Fluidigm to Develop and Supply a Custom High-throughput Prep System for HLA Typing
Custom system will ultimately enable DKMS Life Science Lab to type several thousand samples per week.
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
Fluidigm Announces $60 Million Public Offering of Common Stock
Company has closed the previously announced underwritten public offering of 4,209,000 shares of its common stock at a price to the public of $14.25 per share for gross proceeds of approximately $60 million.
Wednesday, August 22, 2012
Fluidigm Announces Unrestricted Sales into Prenatal Health
Fluidigm collaboration ends.
Tuesday, June 19, 2012
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 Reports Financial Results for First Quarter 2012
Q1 total revenue up 26% compared to Q1 2011.
Monday, May 14, 2012
Fluidigm China Opens Its Doors
Company expects to rapidly build strong presence in country and improve services to Chinese customer base.
Monday, April 23, 2012
Fluidigm and AH Diagnostics Sign Distribution Deal for Scandinavia
AH diagnostics will offer Fluidigm's complete portfolio, including the complete line up of Dynamic Array(TM), Digital Array(TM) and Access Array IFCs for real-time PCR, digital PCR, single-cell gene expression, sample preparation for next-generation sequencing, and SNP genotyping.
Tuesday, January 31, 2012
Fluidigm and Life Technologies Cross-License a Broad Set of Intellectual Properties
Fluidigm Corporation announces that it has entered into a set of cross-licensing and sub-licensing agreements on a range of intellectual properties with Life Technologies.
Tuesday, July 12, 2011
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
Scientific News
Health Risks of Saturated Fats Aggravated by Immune Response
Research shows that the presence of saturated fats resulted in monocytes migrating into the tissues of vital organs.
Changing the Biological Data Visualisation World
Scientists at TGAC, alongside European partners, have created a cutting-edge, open source community for the life sciences.
NIH Study Finds Calorie Restriction Lowers Some Risk Factors for Age-Related Diseases
Two-year trial did not produce expected metabolic changes, but influenced other life span markers.
Immunotherapy Agent Benefits Patients with Drug-Resistant Multiple Myeloma in First Human Trial
Daratumumab proved generally safe in patients, even at the highest doses.
Low-level Arsenic Exposure Before Birth Associated with Early Puberty in Female Mice
Study examine whether low-dose arsenic exposure could have similar health outcomes in humans.
Inciting an Immune Attack On Cancer Cells
A new minimally invasive vaccine that combines cancer cells and immune-enhancing factors could be used clinically to launch a destructive attack on tumors.
‘Mutation-Tracking’ Blood Test for Breast Cancer
Scientists have developed a blood test for breast cancer able to identify which patients will suffer a relapse after treatment, months before tumours are visible on hospital scans.
Cellular Contamination Pathway for Heavy Elements Identified
Berkeley Lab scientists find that an iron-binding protein can transport actinides into cells.
Intensity of Desert Storms May Affect Ocean Phytoplankton
MIT study finds phytoplankton are extremely sensitive to changing levels of desert dust.
Common ‘Heart Attack’ Blood Test May Predict Future Hypertension
Small rises in troponin levels may have value as markers for subclinical heart damage and high blood pressure.
Scroll Up
Scroll Down
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
2,500+ scientific and medical posters
A library of 2,500+ scientific videos on LabTube
3,800+ scientific videos
Close
Premium CrownJOIN TECHNOLOGY NETWORKS PREMIUM FREE!