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Fluidigm Posts Revenue for Q4 and the Full Year 2013

February 11, 2014

Fluidigm Corp. announced its financial results for the fourth quarter and full year ended December 31, 2013.

Total revenue for the fourth quarter of 2013 was $20.9 million, an increase of 33 percent from $15.7 million in the fourth quarter of 2012. Net loss for the fourth quarter of 2013 was $3.9 million, compared to a net loss of $3.6 million in the fourth quarter of 2012.

In a release on February 6, the Company noted that for the full year, total revenue increased by 36 percent to $71.2 million, compared to $52.3 million in 2012. Full year net loss was $15.8 million compared to a net loss of $19.0 million in 2012.

"2013 was a breakout year for Fluidigm, as we accelerated our top- line growth, solidified our leadership in the single-cell genomics market, and expanded our installed base by approximately 250 instruments. Single-cell genomics continued to be a key growth driver in the fourth quarter. We sold a record number of C1 and BioMark units motivated by single-cell research. In 2014, we expect to continue to set the pace in the single-cell analysis market with our anticipated acquisition of DVS Sciences, expanding and diversifying our analytical breadth to include multi-parameter single-cell protein analysis," said Gajus Worthington, Fluidigm President and Chief Executive Officer.

Financial Highlights and Analysis

-Instrument revenue grew 26 percent year-on-year in the quarter and 41 percent for the full year, driven by increased BioMark and C1 Single-Cell Auto Prep System sales.

-Approximately 70 percent and 65 percent of the BioMark system sales during the quarter and the full year, respectively, were motivated by single-cell research.

-Approximately 25 percent of C1 sales were bundled with a BioMark in the quarter and the full year.

-Consumables revenue grew 48 percent year-on-year in the quarter and 30 percent for the full year, driven by production genomics applications.

-Consumables pull-through in the quarter was within its historical range of $40,000 - $50,000 per instrument/year for analytical systems, and was above its historical range of $10,000 - $15,000 per instrument/year for preparatory systems.

-Geographic revenue as a percent of total product revenue in the fourth quarter of 2013 was as follows: United States - 44 percent; Europe - 32 percent; Asia-Pacific - 11 percent; Japan - 10 percent; and Other - 3 percent.

-Fluidigm's instrument installed base was approximately 920 units at year-end.

-Analytical systems (BioMark, BioMark HD, and EP1) represented approximately 530 units of the installed base and preparatory systems (Access Array and C1 Single-Cell Auto Prep Systems) represented the remainder.

-Product margin was 72 percent in the fourth quarter of 2013, in- line with the year ago period.

-Fluidigm generated positive cash flow from operations of $3.2 million in the quarter and ended the year with approximately $86.3 million in cash, cash equivalents, and investments.

Business Highlights Since Fluidigm's Last Earnings Release

-Fluidigm announced a definitive agreement to acquire DVS Sciences, Inc. for consideration of approximately $207.5 million, consisting of approximately $125 million in cash and approximately $82.5 million in Fluidigm stock.

-Fluidigm closed a public offering of its 2.75 percent convertible senior notes due 2034 and received net proceeds of approximately $194 million (including net proceeds received in connection with the full exercise of the underwriter's overallotment option), after deducting the underwriter's discount and other estimated offering expenses.

-The C1 system application menu was expanded to include single- cell targeted DNA sequencing in combination with the Access Array System. The total number of C1 applications is now four.

-Single-cell sequencing was selected as the 2013 Method of the Year by Nature Publishing Group.

-The total number of single-cell publications referencing Fluidigm increased to 115.

Financial Outlook

The following financial guidance excludes the anticipated impact from the proposed acquisition of DVS Sciences. Fluidigm is projecting 2014 total revenue growth to be between 23 percent and 28 percent over 2013. Fluidigm projects 2014 operating expenses to be between $88 million and $90 million, stock-based compensation expense to be between $12 million and $13 million, and capital spending to be between $7 million and $9 million, including capital expenditures related to the move and expansion of its manufacturing facility in Singapore. Fluidigm anticipates providing information regarding the impact of the proposed acquisition of DVS Sciences subsequent to the closing of the transaction, which is expected to occur in February 2014.

Fluidigm develops, manufactures, and markets microfluidic systems to leading academic institutions, clinical laboratories, and pharmaceutical, biotechnology, and agricultural biotechnology companies in growth markets, such as single-cell genomics, applied genotyping, and sample preparation for targeted resequencing.

More information:

fluidigm.com

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