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 third
quarter ended September 30, 2020.
Financial Highlights
Third Quarter 2020
- Third quarter revenue increased 50.4 percent to $39.9 million
from $26.5 million in the third quarter of 2019. Product and
service revenue increased 34.4 percent to $35.3 million.
Microfluidics product and service revenue increased 88 percent
driven by COVID-19 testing. Total revenue included $4.5 million of
other revenue.
- GAAP net loss for the quarter was $6.0 million, compared with a
GAAP net loss of $12.9 million for the third quarter of 2019.
- Non-GAAP net income was $2.5 million for the quarter, compared
with a $6.2 million non-GAAP net loss for the third quarter of
2019.
“I am extremely pleased with our exceptional performance this
quarter with strong execution on our COVID-19 testing and clinical
research strategies yielding sequential growth for both the
microfluidics and mass cytometry businesses,” said Chris
Linthwaite, President and CEO. “FDA Emergency Use Authorization of
the Advanta™ Dx SARS-CoV-2 RT-PCR Assay at the end of August drove
growing awareness and healthy adoption of saliva-based testing,
with new instrument placements across multiple customer segments
including clinical and public health labs, and academic medical
centers.”
“In the third quarter, we closely managed our cash and operating
expenses while making progress on milestones tied to collaboration
payments,” added Linthwaite. “Moving forward, we are focused on
expanding our diagnostic reach as our customers utilize
microfluidics to address the gap in COVID-19 testing capacity.
Longer-term, we are also executing on a product roadmap for
microfluidics and mass cytometry to drive growth from translational
and clinical research and diagnostics customer segments.”
A reconciliation of GAAP to non-GAAP financial measures can be
found in the tables of this news release.
Third Quarter
2020 Results
Revenue by category:
Category |
Revenue by Category |
Year-over-Year Change |
% of Total Revenue |
Instruments |
$12.7 million |
38% |
32% |
Consumables |
$16.6 million |
44% |
42% |
Service |
$6.1 million |
9% |
15% |
Other |
$4.5 million |
N/A |
11% |
Product and service revenue by market:
- Mass cytometry product and service revenue decreased 3 percent
to $15.1 million from $15.5 million in the prior year period due to
lower sales of instruments, partially offset by higher sales of
consumables and services.
- Microfluidics product and service revenue increased 88 percent
to $20.2 million from $10.7 million in the prior year period
primarily due to higher sales of instruments and consumables.
Revenue by geographic area:
Geographic Area |
Revenue by Geography |
Year-over-Year
Change |
% of Total Revenue |
Americas* |
$23.7 million |
113% |
60% |
EMEA |
$8.8 million |
(3)% |
22% |
Asia-Pacific |
$7.4 million |
17% |
18% |
*Americas geographic area includes Other Revenue of $4.5
million
Product and service margin: Product and service margin was
58.9 percent in the third quarter of 2020 compared to 52.6 percent
in the year ago period and 52.5 percent in the second quarter of
2020. Non-GAAP product and service margin was 68.3 percent in the
third quarter of 2020 compared to 65.2 percent in the year ago
period and 67.1 percent in the second quarter of 2020.
The year-over-year increase in non-GAAP product and service
margin was primarily due to sales of COVID-19 related consumables
and lower inventory reserves. The increase was partially
offset by a higher mix of microfluidics instruments, as well as
lower prices and lower product volumes for mass cytometry
instruments. On a sequential basis, the increase in non-GAAP
product and service margin was primarily due to sales of COVID-19
related consumables partially offset by a higher mix of
microfluidics instruments.
GAAP product and service margin, both sequentially and on a
year-over-year basis, was positively impacted by fixed amortization
over higher revenue in addition to the factors described above.
Cash and cash equivalents, and restricted cash as of September
30, 2020: Cash and cash equivalents and restricted cash as of
September 30, 2020 totaled $73.4 million, including approximately
$20 million of net proceeds from sales of common stock under an “at
the market” equity offering program and $10 million of unspent
milestone payments under our National Institutes of Health (NIH)
Rapid Acceleration of Diagnostics (RADx) contract. Cash and cash
equivalents, available for sale securities, and restricted cash as
of September 30, 2019 totaled $64.8 million.
Operational and Business
Progress
Microfluidics and COVID-19 testing
progress
- Received FDA Emergency Use Authorization (EUA) for the
saliva-based Advanta™ Dx SARS-CoV-2 RT-PCR Assay for COVID-19 on
August 25.
- Achieved initial milestone for $11.7 million payment under NIH
RADx agreement; executed definitized contract with NIH RADx.
- Sold 795,000 COVID-19 assays in the third quarter.
- Sold more than 30 Biomark™ HD instruments in the third
quarter.
- Year-to-date, 43 Biomark HD instruments have been enabled for
COVID-19 testing.
- Announced an agreement with Healthvana Inc. to provide clinical
laboratory customers utilizing the Fluidigm® saliva-based Advanta
Dx SARS-CoV-2 RT-PCR Assay with the option to deliver test results
faster via Healthvana’s mobile platform.
- Introduced the Fluidigm COVID-19 Campus Safeguard Program to
support saliva-based testing needs for U.S. colleges and
universities, with participation already at Oklahoma University,
University of Pennsylvania, and Washington University in St.
Louis.
- Fluidigm COVID-19 testing adopted by clinical labs and public
health and academic medical centers including: Dante Labs in
Europe; Millennium Health, which has partnered with the U.S. Health
and Human Service to provide surge testing through the federal
Community-Based Testing Site program; hospitals in Greece;
ImmunoGenomics; and Vero Diagnostics.
Mass Cytometry and Imaging Mass
Cytometry Progress
- Record sales of the Maxpar® Direct™ Immune Profiling Assay™ for
COVID-19 immune profiling studies.
- Launch of a new Innovative Solutions offering by Fluidigm
Therapeutic Insights Services, the robust IMC™ Cell Segmentation
Kit, which facilitates an end-to-end workflow for Imaging Mass
Cytometry™ (IMC) single-cell data analytics.
- Use of CyTOF® technology in 16 COVID-19 publications and five
COVID-19 clinical trials through September.
- Use of CyTOF technology in 113 National Clinical Trials through
September, including 25 initiated in 2020, with three of those
utilizing Imaging Mass Cytometry. Total publications and reviews
involving CyTOF technology exceeded 1,300, including 65 that
involved Imaging Mass Cytometry.
Conference Call Information
Fluidigm will host a conference call today, November 5, 2020, at
2:00 p.m. PT, 5:00 p.m. ET, to discuss third quarter 2020 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) 545-0029Please reference Conference ID: 7187059
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 November 5, 2020.
After the live webcast, the call will be archived on Fluidigm’s
Investor Relations page at investors.fluidigm.com. In addition, a
telephone replay of the teleconference will be available
approximately 90 minutes after the end of the call.
The replay dial-in numbers are:
US domestic callers: (855) 859-2056 Outside US:
(404) 537-3406 Please reference Conference ID: 7187059
The telephone replay will be available until November 12.
Statement Regarding Use of Non-GAAP Financial
Information
Fluidigm has presented certain financial information in
accordance with U.S. GAAP and on a non-GAAP basis for the
three-month periods ended September 30, 2020,
and September 30, 2019. 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
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 opportunities
for Fluidigm technology and products, including growth from sales
of Fluidigm’s diagnostic tests, increasing adoption of such tests,
and a product roadmap encompassing new customer segments.
Forwardlooking 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
the potential adverse effects of the coronavirus pandemic on our
business and operating results during 2020; the suitability and
acceptance of our tools and technology by the research community
pursuing solutions for the novel coronavirus pandemic; our ability
and/or the ability of the institutions utilizing our products and
technology to obtain FDA and any other requisite approvals to use
our products and technology for diagnostic testing purposes;
customers and prospective customers continuing to curtail or
suspend activities utilizing our products; interruptions or delays
in the supply of components or materials for, or manufacturing of,
our products resulting from the pandemic or other factors;
challenges inherent in developing, manufacturing, launching,
marketing, and selling new products; risks relating to reliance on
sales of capital equipment for a significant proportion of revenues
in each quarter; potential product performance and quality issues;
the possible loss of key employees, customers, or suppliers;
intellectual property risks; competition; uncertainties in
contractual relationships; risks relating to company research and
development, sales, marketing, and distribution plans and
capabilities; reductions in research and development spending or
changes in budget priorities by customers; seasonal variations in
customer operations; unanticipated increases in costs or expenses;
and risks associated with international operations. 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, 2019, 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.com.Fluidigm,
the Fluidigm logo, Advanta, Biomark, CyTOF, Direct,
Imaging Mass Cytometry, IMC, Immune Profiling Assay, and Maxpar are
trademarks and/or registered trademarks of Fluidigm
Corporation in the United States and/or other
countries. Fluidigm products are provided for Research
Use Only. Not for use in diagnostic procedures.
Available InformationWe use our website
(fluidigm.com), investor site (investors.fluidigm.com), corporate
Twitter account (@fluidigm), Facebook page (facebook.com/Fluidigm),
and LinkedIn page (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.
Contact:
Investors:Agnes LeeVice President, Investor Relations650 416
7423agnes.lee@fluidigm.com
Media:Mark SpearmanSenior Director, Corporate Communications650
243 6621mark.spearman@fluidigm.com
|
FLUIDIGM
CORPORATION |
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS |
|
(In
thousands, except per share amounts) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
Product revenue |
|
|
$ |
29,210 |
|
|
|
$ |
20,666 |
|
|
|
$ |
65,596 |
|
|
|
$ |
68,728 |
|
|
|
Service revenue |
|
|
6,131 |
|
|
|
5,630 |
|
|
|
16,457 |
|
|
|
15,875 |
|
|
|
Product and service revenue |
|
|
35,341 |
|
|
|
26,296 |
|
|
|
82,053 |
|
|
|
84,603 |
|
|
|
Other revenue |
|
|
4,520 |
|
|
|
200 |
|
|
|
11,483 |
|
|
|
200 |
|
|
|
Total revenue |
|
|
39,861 |
|
|
|
26,496 |
|
|
|
93,536 |
|
|
|
84,803 |
|
|
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
Cost of product revenue |
|
|
12,773 |
|
|
|
10,520 |
|
|
|
31,896 |
|
|
|
33,009 |
|
|
|
Cost of service revenue |
|
|
1,769 |
|
|
|
1,938 |
|
|
|
4,531 |
|
|
|
5,403 |
|
|
|
Cost of product and service revenue |
|
|
14,542 |
|
|
|
12,458 |
|
|
|
36,427 |
|
|
|
38,412 |
|
|
|
Research and development |
|
|
8,128 |
|
|
|
7,125 |
|
|
|
25,275 |
|
|
|
23,362 |
|
|
|
Selling, general and administrative |
|
|
22,655 |
|
|
|
20,729 |
|
|
|
65,966 |
|
|
|
65,687 |
|
|
|
Total costs and expenses |
|
|
45,325 |
|
|
|
40,312 |
|
|
|
127,668 |
|
|
|
127,461 |
|
|
|
Loss from operations |
|
|
(5,464 |
) |
|
|
(13,816 |
) |
|
|
(34,132 |
) |
|
|
(42,658 |
) |
|
|
Interest expense |
|
|
(885 |
) |
|
|
(444 |
) |
|
|
(2,682 |
) |
|
|
(3,636 |
) |
|
|
Loss on extinguishment of debt |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(9,000 |
) |
|
|
Other income (expense), net |
|
|
107 |
|
|
|
205 |
|
|
|
(248 |
) |
|
|
920 |
|
|
|
Loss before income taxes |
|
|
(6,242 |
) |
|
|
(14,055 |
) |
|
|
(37,062 |
) |
|
|
(54,374 |
) |
|
|
Income tax benefit |
|
|
243 |
|
|
|
1,168 |
|
|
|
2,068 |
|
|
|
2,269 |
|
|
|
Net loss |
|
|
$ |
(5,999 |
) |
|
|
$ |
(12,887 |
) |
|
|
$ |
(34,994 |
) |
|
|
$ |
(52,105 |
) |
|
|
Net loss per share, basic and diluted |
|
|
$ |
(0.08 |
) |
|
|
$ |
(0.19 |
) |
|
|
$ |
(0.49 |
) |
|
|
$ |
(0.79 |
) |
|
|
Shares used in computing net
loss per share, basic and diluted |
|
|
72,486 |
|
|
|
69,469 |
|
|
|
71,294 |
|
|
|
65,792 |
|
|
|
FLUIDIGM CORPORATION |
CONDENSED CONSOLIDATED BALANCE SHEETS |
(In thousands) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
September 30,2020 |
|
December 31, 2019 (1) |
ASSETS |
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents (Note 2) |
|
$ |
72,345 |
|
|
$ |
21,661 |
|
Short-term investments (Note 2) |
|
— |
|
|
36,978 |
|
Accounts receivable, net |
|
17,613 |
|
|
18,981 |
|
Grant receivable |
|
7,456 |
|
|
— |
|
Inventories |
|
19,560 |
|
|
13,884 |
|
Prepaid expenses and other current assets (Note 2) |
|
5,689 |
|
|
4,592 |
|
Total current assets |
|
122,663 |
|
|
96,096 |
|
Property and equipment,
net |
|
7,531 |
|
|
8,056 |
|
Operating lease right-of-use
assets, net |
|
38,469 |
|
|
4,860 |
|
Other non-current assets (Note
2) |
|
4,904 |
|
|
5,492 |
|
Developed technology, net |
|
42,955 |
|
|
46,200 |
|
Goodwill |
|
106,455 |
|
|
104,108 |
|
Total assets |
|
$ |
322,977 |
|
|
$ |
264,812 |
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts payable |
|
$ |
10,971 |
|
|
$ |
6,510 |
|
Accrued compensation and related benefits |
|
9,122 |
|
|
5,160 |
|
Operating lease liabilities, current |
|
2,697 |
|
|
1,833 |
|
Other accrued liabilities |
|
6,565 |
|
|
7,515 |
|
Deferred revenue, current |
|
13,436 |
|
|
11,803 |
|
Total current liabilities |
|
42,791 |
|
|
32,821 |
|
Convertible notes, net |
|
54,121 |
|
|
53,821 |
|
Deferred tax liability,
net |
|
9,041 |
|
|
11,494 |
|
Operating lease liabilities,
non-current |
|
38,607 |
|
|
4,323 |
|
Deferred revenue,
non-current |
|
7,684 |
|
|
8,168 |
|
Deferred grant income,
non-current |
|
18,224 |
|
|
— |
|
Other non-current
liabilities |
|
536 |
|
|
573 |
|
Total liabilities |
|
171,004 |
|
|
111,200 |
|
Total stockholders'
equity |
|
151,973 |
|
|
153,612 |
|
Total liabilities and
stockholders' equity |
|
$ |
322,977 |
|
|
$ |
264,812 |
|
|
|
|
|
|
Notes: |
|
|
|
|
(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 |
|
$ |
72,345 |
|
|
$ |
21,661 |
|
Short-term investments |
|
— |
|
|
36,978 |
|
Restricted cash (included in
prepaid and other current assets, and other non-current
assets) |
|
1,015 |
|
|
2,075 |
|
Total cash and cash
equivalents, available for sale securities and restricted cash |
|
$ |
73,360 |
|
|
$ |
60,714 |
|
|
|
|
|
|
FLUIDIGM
CORPORATION |
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS |
(In
thousands) |
(Unaudited) |
|
|
|
|
|
|
|
Nine Months Ended September 30, |
|
|
2020 |
|
2019 |
Operating activities |
|
|
|
|
Net loss |
|
$ |
(34,994 |
) |
|
|
$ |
(52,105 |
) |
|
Depreciation and amortization |
|
2,988 |
|
|
|
3,484 |
|
|
Stock-based compensation expense |
|
10,358 |
|
|
|
8,292 |
|
|
Amortization of developed technology |
|
8,929 |
|
|
|
8,400 |
|
|
Loss on extinguishment of debt |
|
— |
|
|
|
9,000 |
|
|
Loss on disposal of property and equipment |
|
191 |
|
|
|
52 |
|
|
Other non-cash items |
|
2,971 |
|
|
|
3,310 |
|
|
Changes in assets and liabilities, net |
|
(2,127 |
) |
|
|
(10,124 |
) |
|
Net cash used in operating activities |
|
(11,684 |
) |
|
|
(29,691 |
) |
|
|
|
|
|
|
Investing activities |
|
|
|
|
Acquisition, net of cash
acquired |
|
(5,154 |
) |
|
|
— |
|
|
Purchases of investments |
|
— |
|
|
|
(52,719 |
) |
|
Proceeds from RADx grant |
|
11,151 |
|
|
|
— |
|
|
Proceeds from sales and maturities of investments |
|
36,810 |
|
|
|
16,000 |
|
|
Purchases of property and equipment |
|
(2,010 |
) |
|
|
(2,031 |
) |
|
Net cash provided by (used in) investing activities |
|
40,797 |
|
|
|
(38,750 |
) |
|
|
|
|
|
|
Financing activities |
|
|
|
|
Proceeds from issuance of common stock from at-the-market
offering, net of commissions |
|
20,226 |
|
|
|
— |
|
|
Payment of debt and equity issuance costs |
|
(509 |
) |
|
|
(128 |
) |
|
Proceeds from employee equity programs, net |
|
708 |
|
|
|
1,134 |
|
|
Net cash provided by financing activities |
|
20,425 |
|
|
|
1,006 |
|
|
|
|
|
|
|
Effect of foreign exchange rate fluctuations on cash and cash
equivalents |
|
86 |
|
|
|
(5 |
) |
|
Net increase (decrease) in cash, cash equivalents and
restricted cash |
|
49,624 |
|
|
|
(67,440 |
) |
|
Cash, cash equivalents and restricted cash at beginning of
period |
|
23,736 |
|
|
|
95,401 |
|
|
Cash, cash equivalents and restricted cash at end of
period |
|
$ |
73,360 |
|
|
|
$ |
27,961 |
|
|
|
|
|
|
|
Cash and cash equivalents, restricted cash and available for
sale securities consist of: |
|
|
|
|
Cash and cash equivalents |
|
$ |
72,345 |
|
|
|
$ |
25,886 |
|
|
Short-term investments |
|
— |
|
|
|
36,875 |
|
|
Restricted cash (included in prepaid and other current assets,
and other non-current assets) |
|
1,015 |
|
|
|
2,075 |
|
|
Total cash and cash equivalents, available for sale securities
and restricted cash |
|
$ |
73,360 |
|
|
|
$ |
64,836 |
|
|
|
|
|
|
|
FLUIDIGM
CORPORATION |
|
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL
INFORMATION |
|
(In
thousands, except per share amounts) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ITEMIZED
RECONCILIATION BETWEEN GAAP AND NON-GAAP NET INCOME
(LOSS) |
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
Net loss
(GAAP) |
|
$ |
(5,999 |
) |
|
|
$ |
(12,887 |
) |
|
|
$ |
(34,994 |
) |
|
|
$ |
(52,105 |
) |
|
|
Stock-based compensation expense |
|
4,358 |
|
|
|
3,029 |
|
|
|
10,358 |
|
|
|
8,292 |
|
|
|
Amortization of developed technology (a) |
|
2,993 |
|
|
|
2,800 |
|
|
|
8,929 |
|
|
|
8,400 |
|
|
|
Depreciation and amortization |
|
972 |
|
|
|
1,133 |
|
|
|
2,988 |
|
|
|
3,484 |
|
|
|
Interest expense (b) |
|
885 |
|
|
|
444 |
|
|
|
2,682 |
|
|
|
3,636 |
|
|
|
Loss on disposal of property and equipment |
|
43 |
|
|
|
23 |
|
|
|
191 |
|
|
|
52 |
|
|
|
Loss on extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
9,000 |
|
|
|
Benefit from acquisition related income taxes (c) |
|
(742 |
) |
|
|
(742 |
) |
|
|
(2,226 |
) |
|
|
(2,226 |
) |
|
|
Net income (loss) (Non-GAAP) |
|
$ |
2,510 |
|
|
|
$ |
(6,200 |
) |
|
|
$ |
(12,072 |
) |
|
|
$ |
(21,467 |
) |
|
|
Shares used in net income (loss) per share calculation - |
|
|
|
|
|
|
|
|
|
basic and diluted (GAAP and Non-GAAP) |
|
72,486 |
|
|
|
69,469 |
|
|
|
71,294 |
|
|
|
65,792 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share - basic and diluted (GAAP) |
|
$ |
(0.08 |
) |
|
|
$ |
(0.19 |
) |
|
|
$ |
(0.49 |
) |
|
|
$ |
(0.79 |
) |
|
|
Net income (loss) per share - basic and diluted (Non-GAAP) |
|
$ |
0.03 |
|
|
|
$ |
(0.09 |
) |
|
|
$ |
(0.17 |
) |
|
|
$ |
(0.33 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
ITEMIZED
RECONCILIATION BETWEEN GAAP AND NON-GAAP PRODUCT AND SERVICE
MARGIN |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
Product and service gross profit (GAAP) |
|
$ |
20,799 |
|
|
|
$ |
13,838 |
|
|
|
$ |
45,626 |
|
|
|
$ |
46,191 |
|
|
|
Amortization of developed technology (a) |
|
2,800 |
|
|
|
2,800 |
|
|
|
8,400 |
|
|
|
8,400 |
|
|
|
Depreciation and amortization (d) |
|
419 |
|
|
|
418 |
|
|
|
1,215 |
|
|
|
1,315 |
|
|
|
Stock-based compensation expense (d) |
|
133 |
|
|
|
94 |
|
|
|
312 |
|
|
|
328 |
|
|
|
Product and service gross profit (Non-GAAP) |
|
$ |
24,151 |
|
|
|
$ |
17,150 |
|
|
|
$ |
55,553 |
|
|
|
$ |
56,234 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Product and service margin percentage (GAAP) |
|
58.9 |
|
% |
|
52.6 |
|
% |
|
55.6 |
|
% |
|
54.6 |
|
% |
|
Product and service margin percentage (Non-GAAP) |
|
68.3 |
|
% |
|
65.2 |
|
% |
|
67.7 |
|
% |
|
66.5 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
ITEMIZED
RECONCILIATION BETWEEN GAAP AND NON-GAAP OPERATING
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
Operating expenses (GAAP) |
|
$ |
30,783 |
|
|
|
$ |
27,854 |
|
|
|
$ |
91,241 |
|
|
|
$ |
89,049 |
|
|
|
Stock-based compensation expense (e) |
|
(4,225 |
) |
|
|
(2,935 |
) |
|
|
(10,046 |
) |
|
|
(7,964 |
) |
|
|
Depreciation and amortization (e) |
|
(746 |
) |
|
|
(715 |
) |
|
|
(2,302 |
) |
|
|
(2,169 |
) |
|
|
Loss on disposal of property and equipment (e) |
|
(43 |
) |
|
|
(23 |
) |
|
|
(191 |
) |
|
|
(52 |
) |
|
|
Operating expenses (Non-GAAP) |
|
$ |
25,769 |
|
|
|
$ |
24,181 |
|
|
|
$ |
78,702 |
|
|
|
$ |
78,864 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ITEMIZED
RECONCILIATION BETWEEN GAAP AND NON-GAAP INCOME (LOSS) FROM
OPERATIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
Loss from operations (GAAP) |
|
$ |
(5,464 |
) |
|
|
$ |
(13,816 |
) |
|
|
$ |
(34,132 |
) |
|
|
$ |
(42,658 |
) |
|
|
Stock-based compensation expense |
|
4,358 |
|
|
|
3,029 |
|
|
|
10,358 |
|
|
|
8,292 |
|
|
|
Amortization of developed technology (a) |
|
2,993 |
|
|
|
2,800 |
|
|
|
8,929 |
|
|
|
8,400 |
|
|
|
Depreciation and amortization (e) |
|
972 |
|
|
|
1,133 |
|
|
|
2,988 |
|
|
|
3,484 |
|
|
|
Loss on disposal of property and equipment (e) |
|
43 |
|
|
|
23 |
|
|
|
191 |
|
|
|
52 |
|
|
|
Income (loss) from operations (Non-GAAP) |
|
$ |
2,902 |
|
|
|
$ |
(6,831 |
) |
|
|
$ |
(11,666 |
) |
|
|
$ |
(22,430 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) represents amortization of developed
technology in connection with the DVS acquisition |
(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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