SOUTH SAN FRANCISCO, Calif. – October 29, 2015 – Fluidigm Corporation (NASDAQ:FLDM) today announced its financial results for the third quarter ended September 30, 2015.

 

Total revenue for the third quarter of 2015 was $28.6 million, a decrease of 3% from $29.6 million in the third quarter of 2014.  On a constant-currency basis, total revenue increased 3% year-over-year.

 

Net loss for the third quarter of 2015 was $9.3 million, compared to a net loss of $13.8 million in the third quarter of 2014. Non-GAAP net loss for the third quarter of 2015 was $4.4 million, compared with non-GAAP net loss of $3.1 million for the third quarter of 2014 (see accompanying table for reconciliation of GAAP and non-GAAP measures).  

 

“We are encouraged by our third quarter performance and improvements in our commercial execution. Last quarter, we highlighted four key assumptions incorporated in our second half of 2015 revenue guidance. Specifically, we expected growth within our single-cell proteomics product line, genomics analytical consumables pull-through to be within the range in the first half of the year, modest contribution from new products, and muted results from core single-cell genomics instrumentation.  Our results in the third quarter were consistent with these expectations, and we expect these trends to continue in the fourth quarter as we continue to implement organizational changes and benefit from our increased focus.  We are narrowing our 2015 total revenue guidance range to be between $111 million and $114 million,” said Gajus Worthington, Fluidigm President and Chief Executive Officer. 

 

“We have made substantial progress in implementing our new organizational structure, adding executive sales leadership, and re-focusing our commercial activity. We believe these key actions have stabilized our near-term performance and position us for growth in 2016 and beyond,” continued Worthington.  

  

 

Fluidigm now projects total revenue to be between $111 million and $114 million versus prior guidance of between $110 million and $115 million. 2015 revenue projections incorporate an estimated negative currency related impact of approximately 4 to 5 percent at the midpoint of the range.

The Company now projects 2015 operating expenses on a GAAP basis to be between $121 million and $124 million (excluding the gain on escrow settlement) compared to prior guidance of $123 million and $128 million. Non-GAAP operating expenses, excluding approximately $16 million of estimated stock-based compensation expense, and $4 million of estimated depreciation and amortization expense, are expected to be between $101 million and $104 million versus prior guidance of $101 million and $106 million (also, see accompanying table for reconciliation of GAAP and non-GAAP operating expenses for the third quarter results of 2015 and 2014). Interest expense is projected to be approximately $6 million and capital spending is projected to be between $4 million and $5 million compared to prior guidance of $6 million and $8 million.  

 

Fluidigm will host a conference call today, October 29, 2015 at 2:00 p.m. PST (5:00 p.m. EST). 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 Q3 2015 financial results conference call for investors at: http://investors.fluidigm.com. The link will not be active until 4:45 p.m. Eastern Time on October 29, 2015. 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 45143274. The conference call will also be archived on the Fluidigm investor’s page at: http://investors.fluidigm.com.

 

Fluidigm has presented certain financial information in accordance with GAAP and also on a non-GAAP basis for the third quarter of 2015 and 2014. 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. 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 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 current estimates of 2015 total revenue, GAAP and non-GAAP operating expenses, stock-based compensation expense, depreciation and amortization expense, interest expense, capital spending, and currency related impact on 2015 revenue; anticipated trends relating to growth within Fluidigm’s single-cell proteomics product line, consumables pull-through range, contribution from new products, and results from core single-cell genomics instrumentation; and expectations regarding Fluidigm’s near-term performance and potential growth in 2016 and beyond.  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 future financial performance of Fluidigm’s product lines; challenges inherent in developing, manufacturing, launching, marketing, and selling new products; potential product performance and quality issues; the possible loss of key employees, customers, or suppliers; intellectual property risks, including risks relating to maintaining material in-licensed intellectual property rights; competition; Fluidigm’s research and development, sales, marketing, and distribution plans and capabilities; reduction in research and development spending or changes in budget priorities by customers; interruptions or delays in the supply of components or materials for, or manufacturing of, its products; seasonal variations in customer operations; unanticipated increases in costs or expenses; and risks associated with international operations. Information on these and additional risks, uncertainties, and other information affecting Fluidigm’s business and operating results are contained in Fluidigm’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2015, and other filings with the Securities and Exchange Commission. Additional information will also be set forth in Fluidigm’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2015 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 except as may be required by law.

 

Fluidigm (NASDAQ:FLDM) develops, manufactures, and markets life science analytical and preparatory systems for growth markets such as single-cell biology and production genomics. We sell to leading academic institutions, clinical laboratories, and pharmaceutical, biotechnology, and agricultural biotechnology companies worldwide. Our systems are based on proprietary microfluidics and multi-parameter mass cytometry technology, and are designed to significantly simplify experimental workflow, increase throughput, and reduce costs, while providing excellent data quality. Fluidigm products are provided for Research Use Only. Not for use in diagnostic procedures.

 

We use our website (www.fluidigm.com), corporate Twitter account (@Fluidigm), Facebook page (https://www.facebook.com/Fluidigm), and LinkedIn page (https://www.linkedin.com/company/fluidigm-corporation) 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.

 

Fluidigm, the Fluidigm logo, Helios, CyTOF, Biomark, C1, Polaris, and Callisto are trademarks or registered trademarks of Fluidigm Corporation.