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Fluidigm Announces Second Quarter 2021 Financial Results with Total Revenue of $31.0 Million

Aug 5, 2021

Base business rebounds. Promising early reception to 4th generation mass cytometry instrument. Services business achieves quarterly revenue record of $6.6 million.

SOUTH SAN FRANCISCO, Calif., Aug. 05, 2021 (GLOBE NEWSWIRE) -- Fluidigm Corporation (Nasdaq:FLDM), an innovative biotechnology tools provider with a vision to improve life through comprehensive health insight, today announced financial results for the second quarter ended June 30, 2021.

“Second quarter results were driven by a rebound in our base business and early customer orders following the launch of our new fourth generation CyTOF® XT mass cytometry product,” said Chris Linthwaite, President and CEO. “Our services business continues to execute well despite a challenging operating environment.

“The steady improvement in our base business performance reflects the favorable impact of our focus on innovation and partnership. We have an exciting pipeline of new customer opportunities and new products. The emergence of the Delta variant remains a wildcard in terms of testing revenue in the months ahead, but our thesis that we are well-equipped to address the biggest trends in health care remains intact, as evidenced by further penetration of translational and clinical research programs and influential consortia,” continued Linthwaite.

Recent Highlights

  • The company joined the FLAMIN-GO Project consortium of academic and industry leaders in rheumatology, autoimmune disease research, and drug discovery and development to create an organ-on-a-chip solution, leveraging the Fluidigm® Hyperion™ Imaging System as a primary tool toward personalized care and improved outcomes for rheumatoid arthritis patients.
  • At quarter end, 162 clinical trials were underway using Fluidigm proprietary CyTOF technology.
  • Total publications and reviews involving CyTOF technology exceeded 1,590, including 115 publications and reviews for Imaging Mass Cytometry™ (IMC™), as of the end of Q2 2021.

Mass Cytometry

  • Fluidigm’s first Mass Cytometry Investor Day showcased competitive advantages of CyTOF technology and provided updates on the company’s innovation pipeline and key customer relationships.
  • CyTOF XT™, the fourth generation CyTOF system, launched at the end of May and was met with positive customer response. CyTOF XT provides simplified operation, increased throughput, automated setup and data acquisition, improved time to results, and reduced total cost of ownership
  • Three CyTOF XT instruments were ordered by quarter end and, to date, seven have been ordered by customers in clinical and translational research, including an order from one of the largest pharmaceutical companies in the world.
  • The company entered into a co-marketing agreement with Ultivue under which customers of both companies will have access to Imaging Mass Cytometry technology as well as the Ultivue InSituPlex® platform, providing optimum imaging solutions for biomarker discovery and drug development.
  • Fluidigm forged a product development and service offering collaboration with imaging CRO ImaBiotech, providing biopharma customers greater access to IMC technology.


  • Our proteomics OEM partner launched a new microfluidic instrument platform designed and manufactured by Fluidigm.
  • We achieved a milestone in our collaboration with the Defense Advanced Research Projects Agency and its Epigenetic Characterization and Observation program that supports development of innovative programs based on our microfluidics technology.
  • The company delivered on a milestone under our contract with the National Institutes of Health, National Institute of Biomedical Imaging and Bioengineering, under the agency’s Rapid Acceleration of Diagnostics initiative.
  • Fluidigm remains on track for an early access program for development partners for a sample-to-answer chip that integrates many of the current workflow steps into a novel proprietary microfluidic chip. We expect to launch the program later this summer, and, later this year, introduce the next-generation Biomark™ instrument.

Second Quarter 2021 Financial Results

Total revenue was $31.0 million for the quarter ended June 30, 2021, representing a 19 percent increase from $26.1 million in the second quarter of 2020. Base product and service revenue (excluding COVID-19 testing revenue) was $26.9 million, representing a 33% year-over-year increase. Service revenue of $6.6 million achieved a new quarterly record and increased 29 percent over $5.1 million for the second quarter of 2020. Total revenue also included $1.8 million and $3.5 million of other revenue in the quarters ended June 30, 2021 and 2020, respectively.

GAAP net loss for the quarter was $17.1 million, compared with a GAAP net loss of $13.0 million for the second quarter of 2020.

Non-GAAP net loss was $9.3 million for the quarter, compared with a $5.2 million non-GAAP net loss for the second quarter of 2020.

Cash and cash equivalents and restricted cash as of June 30, 2021, totaled $31.9 million, compared to $50.8 million as of March 31, 2021.

A reconciliation of GAAP to non-GAAP financial measures can be found in the tables of this news release.

Supplemental Financial Information updated through June 30, 2021, has been posted on our website concurrent with this release.

Fiscal 2021 Guidance

The company is continuing to review risk factors affecting its business. This includes the recent increase in variant and primary COVID-19 infections and the impact on access to labs and research institutions, as well as ongoing declines in COVID-19 testing revenue, and a potential resolution of certain tax permit issues in China that have previously impacted revenue. However, with some adjustments, Fluidigm is currently maintaining its previously stated full-year total revenue guidance with expectations of:

($ in millions) 2020 2021
  Actuals Previous
Product & Service Revenue      
Base business $100.1 $116$117 $120$122
COVID-19 Testing Revenue $22.4 $14$18 $10$13
Total Product & Service Revenue $122.5 $130$135 $130$135
Other Revenue $15.6 $4$5 $4$5
Total Revenue $138.1 $134$140 $134$140
Year-over-year growth      
Base business -14% 16% – 17% 20% – 22%
COVID-19 Testing Revenue NM -38% – -20% -60% – -42%
Total Product & Service Revenue 5% 6% – 10% 6% – 10%
Total Revenue 18% -3% – 1% -3% – 1%
  • GAAP net loss of $62 million to $65 million.
  • Non-GAAP net loss of $29 million to $32 million.

Q3 2021 Guidance

  • Base product and service revenue (excluding COVID-19 testing revenue) of approximately $29 million to $30 million, or approximately 16 to 20 percent year-over-year growth.
  • Total product and service revenue of approximately $29 million to $31 million, or a year-over-year decline of approximately 12 percent to 18 percent. Product and service revenue in Q3 2020 included approximately $10.5 million of COVID-19 testing revenue.
  • Total revenue of approximately $29 million to $31 million.

Conference Call Information
Fluidigm will host a conference call today, August 5, 2021, at 2:00 p.m. PT, 5:00 p.m. ET, to discuss second quarter 2021 financial results and operational progress. Individuals interested in listening to the conference call may do so by dialing the following:

US domestic callers: (877) 556-5248
Outside US callers: (720) 545-0029
Please reference Conference ID: 4579345

A live webcast of the conference call will be available online from the Investor Relations page of the company’s website at Events & Presentations. The link will not be active until 1:45 p.m. PT, 4:45 p.m. ET, on August 5, 2021. The webcast will be archived on the Fluidigm Investor Relations page at

Statement Regarding Use of Non-GAAP Financial Information
Fluidigm has presented certain financial information in accordance with U.S. GAAP and also on a non-GAAP basis for the three-month periods ended June 30, 2021, and June 30, 2020, as well as guidance for non-GAAP net loss for fiscal 2021. 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. Our estimates of forward-looking non-GAAP operating loss exclude estimates for stock-based compensation expense and depreciation and amortization; loss on disposal of property and equipment; future changes relating to developed and acquired technologies; other intangible assets; and income taxes, among other items, certain of which are presented in the tables accompanying our earnings release. A reconciliation of adjusted guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty regarding certain expenses that may be incurred in the future. The time and amount of certain material items needed to estimate non-GAAP financial measures are inherently unpredictable or outside of our control. Material changes to any of these items could have a significant effect on guidance and future GAAP results. 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. Fluidigm 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 operating results are presented in the accompanying tables of this release.

Use of Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, among others, statements regarding anticipated demand for new products, new product introductions and launch plans, access to new customers and markets, the impact of COVID-19, market trends and the benefits of Fluidigm technologies to address such trends, anticipated benefits under collaborations and under agreements with third parties, and revenue and net loss guidance for future periods. 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 the potential adverse effects of the coronavirus pandemic on our business and operating results; declines in revenue from COVID-19 testing; the possible loss of key employees, customers, or suppliers; uncertainties in contractual relationships; customers and prospective customers continuing to curtail or suspend activities utilizing our products; our ability and/or the ability of the research institutions utilizing our products and technology to obtain and maintain Emergency Use Authorization from the FDA and any other requisite authorizations or approvals to use our products and technology for diagnostic testing purposes; potential changes in priorities or requirements for Emergency Use Authorizations or other regulatory authorizations or approvals; potential limitations of any Emergency Use Authorization or other regulatory authorizations or approvals; potential changes in the priorities of government agencies; challenges inherent in developing, manufacturing, launching, marketing, and selling new products; reliance on sales of capital equipment for a significant proportion of revenues in each quarter; seasonal variations in customer operations; unanticipated increases in costs or expenses; uncertainties in contractual relationships; reductions in research and development spending or changes in budget priorities by customers; Fluidigm research and development and distribution plans and capabilities; interruptions or delays in the supply of components or materials for, or manufacturing of, Fluidigm products; potential product performance and quality issues; risks associated with international operations; intellectual property risks; and competition. Information on these and additional risks and uncertainties and other information affecting Fluidigm's business and operating results is contained in its Annual Report on Form 10-K for the year ended December 31, 2020, and in its other filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date hereof. Fluidigm disclaims any obligation to update these forward-looking statements except as may be required by law.

About Fluidigm 
Fluidigm (Nasdaq:FLDM) focuses on the most pressing needs in translational and clinical research, including cancer, immunology, and immunotherapy. Using proprietary CyTOF and microfluidics technologies, we develop, manufacture, and market multi-omic solutions to drive meaningful insights in health and disease, identify biomarkers to inform decisions, and accelerate the development of more effective therapies. Our customers are leading academic, government, pharmaceutical, biotechnology, plant and animal research, and clinical laboratories worldwide. Together with them, we strive to increase the quality of life for all. For more information, visit

Fluidigm, the Fluidigm logo, Advanta, Biomark, CyTOF, CyTOF XT, Hyperion, Imaging Mass Cytometry, and IMC are trademarks and/or registered trademarks of Fluidigm Corporation in the United States and/or other countries. All other trademarks are the sole property of their respective owners. The Advanta™ Dx SARS-CoV-2 RT-PCR Assay is for In Vitro Diagnostic Use. It is for Use under Emergency Use Authorization Only. Rx Only. Other Fluidigm products are provided for Research Use Only. Not for use in diagnostic procedures.

Available Information
We use our website (, investor site (, corporate Twitter account (@fluidigm), Facebook page (, and LinkedIn page ( as channels of distribution of information about our products, our planned financial and other announcements, our attendance at upcoming investor and industry conferences, and other matters. Such information may be deemed material information, and we may use these channels to comply with our disclosure obligations under Regulation FD. Therefore, investors should monitor our website and our social media accounts in addition to following our press releases, SEC filings, public conference calls, and webcasts.

Peter DeNardo
415 389 6400

Mark Spearman
Senior Director, Corporate Communications
650 243 6621

(In thousands, except per share amounts)
  Three Months Ended June 30,   Six Months Ended June 30,
  2021   2020   2021   2020
Product revenue $ 22,627       $ 17,405       47,355       36,386    
Service revenue 6,627       5,140       12,913       10,326    
Product and service revenue 29,254       22,545       60,268       46,712    
Other revenue (Note 1) 1,764       3,513       3,544       6,963    
Total revenue 31,018       26,058       63,812       53,675    
Costs and expenses:              
Cost of product revenue 12,730       9,483       24,393       19,123    
Cost of service revenue 1,867       1,237       3,957       2,762    
Cost of product and service revenue 14,597       10,720       28,350       21,885    
Research and development 9,441       8,448       20,194       17,147    
Selling, general and administrative 24,248       20,616       51,856       43,311    
Total costs and expenses 48,286       39,784       100,400       82,343    
Loss from operations (17,268 )     (13,726 )     (36,588 )     (28,668 )  
Interest expense (896 )     (897 )     (1,783 )     (1,797 )  
Other income (expense), net 504       463       219       (355 )  
Loss before income taxes (17,660 )     (14,160 )     (38,152 )     (30,820 )  
Income tax benefit 517       1,145       2,188       1,825    
Net loss $ (17,143 )     $ (13,015 )     $ (35,964 )     $ (28,995 )  
Net loss per share, basic and diluted $ (0.23 )     $ (0.18 )     $ (0.48 )     $ (0.41 )  
Shares used in computing net loss per share, basic and diluted 75,452       70,916       75,084       70,691    
Note: (1) Other revenue includes development revenue, license revenue, royalty revenue and grant revenue.

(In thousands)
  June 30
  December 31,
2020 (1)
Current assets:      
Cash and cash equivalents (Note 2) $ 30,863     $ 68,520  
Accounts receivable, net 15,666     25,423  
Inventories, net 25,074     19,689  
Prepaid expenses and other current assets (Note 2) 6,603     4,031  
Total current assets 78,206     117,663  
Property and equipment, net 27,718     17,531  
Operating lease right-of-use assets, net 38,717     38,114  
Other non-current assets (Note 2) 4,106     4,680  
Developed technology, net 34,082     40,206  
Goodwill 106,486     106,563  
Total assets $ 289,315     $ 324,757  
Current liabilities:      
Accounts payable $ 11,224     $ 9,220  
Accrued compensation and related benefits 8,293     13,787  
Operating lease liabilities, current 2,971     2,973  
Other accrued liabilities 8,682     11,882  
Deferred grant income, current 7,703     2,912  
Deferred revenue, current 13,975     13,475  
Total current liabilities 52,848     54,249  
Convertible notes, net 53,943     54,224  
Deferred tax liability, net 6,700     8,697  
Operating lease liabilities, non-current 39,061     38,178  
Deferred revenue, non-current 6,506     7,990  
Deferred grant income, non-current 20,531     21,036  
Other non-current liabilities 276     1,333  
Total liabilities 179,865     185,707  
Total stockholders' equity 109,450     139,050  
Total liabilities and stockholders' equity $ 289,315     $ 324,757  
(1) Derived from audited consolidated financial statements      
(2) Cash and cash equivalents, available for sale securities and restricted cash consist of:      
Cash and cash equivalents $ 30,863     $ 68,520  
Restricted cash (included in prepaid and other current assets, and other non-current assets) 1,016     1,016  
Total cash and cash equivalents, available for sale securities and restricted cash $ 31,879     $ 69,536  

(In thousands)
  Six Months Ended June 30,
  2021   2020
Net loss $ (35,964 )     $ (28,995 )  
Stock-based compensation expense 7,418       6,000    
Amortization of developed technology 5,965       5,936    
Loss on disposal of property and equipment       148    
Depreciation and amortization 1,851       2,016    
Other non-cash items 1,787       2,048    
Changes in assets and liabilities, net (8,622 )     5,762    
Net cash used in operating activities (27,565 )     (7,085 )  
Acquisition, net of cash acquired       (5,154 )  
Proceeds from NIH Contract 2,000          
Proceeds from sales and maturities of investments       34,411    
Purchases of property and equipment (11,095 )     (1,671 )  
Net cash provided by (used in) investing activities (9,095 )     27,586    
Repayment of long-term debt (501 )        
Proceeds from (payments for) employee equity programs, net (658 )     383    
Payment of debt issuance costs       (375 )  
Net cash provided by (used in) financing activities (1,159 )     8    
Effect of foreign exchange rate fluctuations on cash and cash equivalents 162       (205 )  
Net increase (decrease) in cash, cash equivalents and restricted cash (37,657 )     20,304    
Cash, cash equivalents and restricted cash at beginning of period 69,536       23,736    
Cash, cash equivalents and restricted cash at end of period $ 31,879       $ 44,040    
Cash and cash equivalents, restricted cash and available for sale securities consist of:      
Cash and cash equivalents $ 30,863       $ 42,965    
Short-term investments       2,431    
Restricted cash (included in prepaid and other current assets, and other non-current assets) 1,016       1,075    
Total cash and cash equivalents, available for sale securities and restricted cash $ 31,879       $ 46,471    

(In thousands, except per share amounts)
  Three Months Ended June 30,   Six Months Ended June 30,
  2021   2020   2021   2020
Net loss (GAAP) $ (17,143 )     $ (13,015 )     $ (35,964 )     $ (28,995 )  
Stock-based compensation expense 3,741       3,634       7,418       6,000    
Amortization of developed technology (a) 2,982       2,968       5,965       5,936    
Depreciation and amortization 917       924       1,851       2,016    
Interest expense (b) 896       897       1,783       1,797    
Loss on disposal of property and equipment 1       148       1       148    
Loss on extinguishment of debt             9          
Benefit from acquisition related income taxes (c) (742 )     (742 )     (1,484 )     (1,484 )  
Net loss (Non-GAAP) $ (9,348 )     $ (5,186 )     $ (20,421 )     $ (14,582 )  
Shares used in net loss per share calculation -              
basic and diluted (GAAP and Non-GAAP) 75,452       70,916       75,084       70,691    
Net loss per share - basic and diluted (GAAP) $ (0.23 )     $ (0.18 )     $ (0.48 )     $ (0.41 )  
Net loss per share - basic and diluted (Non-GAAP) $ (0.12 )     $ (0.07 )     $ (0.27 )     $ (0.21 )  
  Three Months Ended June 30,   Six Months Ended June 30,
  2021   2020   2021   2020
Product and service gross profit (GAAP) $ 14,657       $ 11,825       $ 31,918       $ 24,827    
Amortization of developed technology (a) 2,800       2,800       5,600       5,600    
Depreciation and amortization (d) 393       403       813       796    
Stock-based compensation expense (d) 128       108       226       179    
Product and service gross profit (Non-GAAP) $ 17,978       $ 15,136       $ 38,557       $ 31,402    
Product and service margin percentage (GAAP) 50.1   %   52.5   %   53.0   %   53.1   %
Product and service margin percentage (Non-GAAP) 61.5   %   67.1   %   64.0   %   67.2   %
  Three Months Ended June 30,   Six Months Ended June 30,
  2021   2020   2021   2020
Operating expenses (GAAP) $ 33,689       $ 29,064       $ 72,050       $ 60,458    
Stock-based compensation expense (e) (3,613 )     (3,526 )     (7,192 )     (5,821 )  
Depreciation and amortization (e) (707 )     (689 )     (1,404 )     (1,556 )  
Loss on disposal of property and equipment (e) (1 )     (148 )     (1 )     (148 )  
Operating expenses (Non-GAAP) $ 29,368       $ 24,701       $ 63,453       $ 52,933    
  Three Months Ended June 30,   Six Months Ended June 30,
  2021   2020   2021   2020
Loss from operations (GAAP) $ (17,268 )     $ (13,726 )     $ (36,588 )     $ (28,668 )  
Stock-based compensation expense 3,741       3,634       7,418       6,000    
Amortization of developed technology (a) 2,982       2,968       5,965       5,936    
Depreciation and amortization (e) 917       924       1,851       2,016    
Loss on disposal of property and equipment (e) 1       148       1       148    
Loss from operations (Non-GAAP) $ (9,627 )     $ (6,052 )     $ (21,353 )     $ (14,568 )  
(a) represents amortization of developed technology in connection with the DVS and InstruNor acquisitions
(b) represents interest expense, primarily on convertible debt
(c) represents the tax impact on the purchase of intangible assets in connection with the DVS acquisition
(d) represents expense associated with cost of product revenue            
(e) represents expense associated with research and development, selling, general and administrative activities

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Source: Fluidigm Corporation