Q2 Product Revenue Up 31% Compared to Q2 2011
Fluidigm Reports Financial Results for Second Quarter 2012
<0> Fluidigm CorporationHoward High, 650-266-6081 (Office)510-786-7378 (Mobile)Press Relations </0>
Fluidigm Corporation (NASDAQ:FLDM) today announced its financial results for the second quarter ended June 30, 2012.
Product revenue for the second quarter of 2012 was $12.8 million, an increase of 31% from $9.7 million in the second quarter of 2011. Product margin was 69% in the second quarter of 2012, consistent with the 69% in the second quarter of 2011 and up slightly from the first quarter of this year. Total revenue for the second quarter of 2012 was $12.9 million, an increase of 22% from $10.6 million in the second quarter of 2011. Net loss for the second quarter of 2012 was $4.6 million, compared to a net loss of $7.2 million in the second quarter of 2011 (which included a one-time charge of $3.0 million related to a litigation settlement and intellectual property licensing agreements). Non-GAAP net loss for the second quarter of 2012 was $2.9 million, consistent with the $2.9 million non-GAAP net loss for the second quarter of 2011 (see accompanying table for reconciliation of GAAP and non-GAAP measures).
“Growth in single-cell genomics, high-throughput gene expression and production genotyping powered our strong performance during the quarter. Demand was healthy for both instruments and consumables, particularly our BioMark™ HD System and 96.96 Dynamic Array™ chip,” stated Gajus Worthington, Fluidigm President and Chief Executive Officer.
As of the end of the second quarter, Fluidigm had 565 systems installed at customer locations. Consumables revenue reached high levels, achieving 79% growth during the quarter, compared to the second quarter of 2011.
“With each passing quarter, there are more signs that validate our strategic focus around single-cell genomics. Our products are now enabling researchers to change our understanding of biology in profound ways. We believe the C™ Single-Cell AutoPrep System will accelerate this, and in fact our first C users are already performing experiments with the system. We have enjoyed strong demand for participation in our Early Access Program, and this high level of enthusiasm for the C is indicative of the growing excitement among researchers to take science down to the level of the individual cell,” Worthington continued.
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.
Fluidigm will host a conference call today, August 7, 2012 at 5:30 p.m. Eastern Time. The call can be accessed by calling (877) 556-5248 (domestic toll-free) or (720) 545-0029 (international toll). Fluidigm will also provide a live stream of its second quarter of 2012 financial results conference call for investors at: . The link will not be active until 5:15 p.m. Eastern Time on August 7, 2012. A telephone replay of the teleconference will be available 90 minutes after the end of the call at (855) 859-2056 (domestic toll-free), or (404) 537-3406 (international toll), access code 13399164. The conference call will also be archived on the Fluidigm investor’s page at: .
The Company has presented certain financial information in accordance with GAAP and also on a non-GAAP basis for the second quarter of 2012 and 2011. Management believes that non-GAAP financial measures, taken in conjunction with GAAP financial measures, provide useful information for both management and investors by excluding certain non-cash and other expenses that are not indicative of the Company’s core operating results. Management uses non-GAAP measures to compare the Company’s performance relative to forecasts and strategic plans and to benchmark the Company’s performance externally against competitors. Non-GAAP information is not prepared under a comprehensive set of accounting rules and should only be used to supplement an understanding of the Company’s operating results as reported under U.S. GAAP. The Company encourages investors to carefully consider its results under GAAP, as well as its supplemental non-GAAP information and the reconciliation between these presentations, to more fully understand its business. Reconciliations between GAAP and non-GAAP results are presented in the accompanying table of this release.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, among others, statements relating to the launch and impact of new products, market trends, current estimates of 2012 product and grant revenue, our future growth, quarterly growth in our revenue, and our strategy and position in the field of single-cell genomics research. Forward-looking statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from currently anticipated results, including but not limited to, risks relating to market acceptance of our products, our ability to successfully launch new products and applications, competition, our sales, marketing and distribution capabilities, our planned sales and research and development activities, reduction in research and development spending or changes in budget priorities by customers, interruptions or delays in the supply of components or materials for our products, and risk associated with international operations. Information on these and additional risks, uncertainties, and other information affecting Fluidigm’s business and operating results are contained in our Annual Report on Form 10-K for the year ended December 31, 2011 and other filings with the Securities and Exchange Commission. Additional information will also be set forth in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2012 to be filed with the Securities and Exchange Commission. These forward-looking statements speak only as of the date hereof. Fluidigm Corporation disclaims any obligation to update these forward-looking statements.
Fluidigm (NASDAQ:FLDM) develops, manufactures and markets microfluidic systems for growth markets in the life science and agricultural biotechnology, or Ag-Bio, industries. Fluidigm’s proprietary microfluidic systems consist of instruments and consumables, including chips, assays and other reagents. These systems are designed to significantly simplify experimental workflow, increase throughput and reduce costs, while providing the excellent data quality demanded by customers. Fluidigm actively markets four microfluidic systems, including eight different commercial chips, to leading academic institutions, diagnostic laboratories, and pharmaceutical, biotechnology and Ag-Bio companies. Fluidigm products are marketed for research purposes only (not for diagnostic use).
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Fluidigm, the Fluidigm logo, BioMark, Dynamic Array, C Access Array and EP1 are trademarks or registered trademarks of Fluidigm Corporation.