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 first
quarter ended March 31, 2021.
“We delivered solid performance in the quarter as we worked to
transform our microfluidics and mass cytometry franchises into
durable growth platforms,” said Chris Linthwaite, President and
CEO. “Fundamental changes in our traditional markets will enable us
to focus on next-generation health care decision tools, generate
higher recurring revenues and capitalize on a significant
addressable market opportunity. We are acting with urgency to
cultivate new revenue streams and partnerships in our core markets
as vaccinations increase and the demand for COVID testing and
related revenue wanes.
“With new publications, new data and expansion into new markets,
our mass cytometry business has become increasingly important for
health care decision making. Looking ahead, we expect that
customers will continue to recognize the numerous translational and
clinical research applications of our comprehensive platform.
“Our Vision 2025 strategy focuses on innovation, establishing
and mobilizing new markets and channels and seeking collaborations
to deliver enhanced value for our customers and stockholders,”
continued Linthwaite. “We are confident that our flexibility,
efficiency, scalability and novel testing strategies position us
well for the future.”
Recent Highlights
- The company delivered growth across all geographies versus the
prior year period.
- A $1 million order was closed from a major microfluidics
customer serving the public education market with COVID-19
testing.
- At quarter end, 144 clinical trials were underway using
Fluidigm® proprietary CyTOF® technology.
- Total publications and reviews involving CyTOF technology
exceeded 1,500, including 105 publications and reviews for Imaging
Mass Cytometry™, as of the end of Q1 2021.
- Data published in the prestigious
Nature Communications journal demonstrate the potential of CyTOF
and Imaging Mass Cytometry for predicting individual patient
response to oncology therapies.
Product Innovation
- A new COVID-19 mutation detection reagent kit will be made
available this quarter and will enable customers to identify
pathogen Variants of Concern, including UK, South Africa and Brazil
variants.
- Fluidigm plans to host a virtual investor event on May 24
including customer guest speakers showcasing the effectiveness of
Fluidigm’s technology, applications and proactive response to
emerging customer needs.
First Quarter 2021 Financial Results
Total revenue was $32.8 million for the quarter ended March 31,
2021, representing a 19 percent increase from $27.6 million in the
first quarter of 2020. Product and service revenue increased 28
percent to $31.0 million and included $6.5 million of COVID-19
revenue. Total revenue also included $1.8 million of other
revenue.
GAAP net loss for the quarter was $18.8 million, compared with a
GAAP net loss of $16.0 million for the first quarter of 2020.
Non-GAAP net loss was $11.1 million for the quarter, compared
with a $9.4 million non-GAAP net loss for the first quarter of
2020.
Cash and cash equivalents and restricted cash as of March 31,
2021, totaled $50.8 million. This compared to $69.5 million at
December 31, 2020.
A reconciliation of GAAP to non-GAAP financial measures can be
found in the tables of this news release.
Supplemental Financial Information updated through March 31,
2021, has been posted on our website concurrent with this
release.
Annual 2021 Guidance
In view of the recent decline in, and the high degree of
variability in the outlook for, COVID-19 testing, the company is
revising its revenue and net loss guidance to reflect lower revenue
from COVID-19 testing partially offset by higher anticipated
revenue from the company's base business (excluding COVID-19) due
to the improving outlook and activities in support of growth,
including the launch of new products.
($ in millions) |
2020 |
2021 |
|
Actuals |
Previous Guidance |
AnnualGuidance |
Product & Service Revenue |
|
|
|
|
|
Base business |
$100.1 |
|
$108 |
|
$112 |
|
$116 |
|
$117 |
|
COVID-19 |
$22.4 |
|
$32 |
|
$38 |
|
$14 |
|
$18 |
|
Total Product & Service
Revenue |
$122.5 |
|
$140 |
|
$150 |
|
$130 |
|
$135 |
|
Other Revenue |
$15.6 |
|
$4 |
|
$5 |
|
$4 |
|
$5 |
|
Total Revenue |
$138.1 |
|
$144 |
|
$155 |
|
$134 |
|
$140 |
|
|
|
|
|
|
|
Year-over-year growth |
|
|
|
|
|
Base
business |
-14% |
|
8% |
|
12% |
|
16% |
|
17% |
|
COVID-19 |
NM |
|
43% |
|
70% |
|
-38% |
|
-20% |
|
Total Product & Service Revenue |
5% |
|
14% |
|
22% |
|
6% |
|
10% |
|
Total Revenue |
18% |
|
4% |
|
12% |
|
-3% |
|
1% |
|
- GAAP net loss of $57 million to $60 million.
- Non-GAAP net loss of $24 million to
$27 million.
Q2 2021 Guidance
- Product and service revenue of approximately $29 million to $31
million, or approximately 29 percent to 38 percent year-over-year
growth,
- Base product and service revenue (excluding COVID-19) of
approximately $26 million to $27 million, or approximately 28
percent to 33 percent year-over-year growth.
- Other revenue of approximately $1 million.
- Total revenue of approximately $30
million to $32 million.
Conference Call Information Fluidigm will host
a conference call today, May 6, 2021, at 2:00 p.m. PT, 5:00 p.m.
ET, to discuss first 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) 545-0029Please reference Conference ID: 6019148
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 May 6, 2021. The webcast will be archived on
the Fluidigm Investor Relations page at investors.fluidigm.com.
Statement Regarding Use of Non-GAAP Financial
InformationFluidigm has presented certain financial
information in accordance with U.S. GAAP and also on a non-GAAP
basis for the three-month periods ended March 31, 2021, and March
31, 2020. 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 StatementsThis press
release contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995, including,
among others, statements regarding market trends and Fluidigm’s
ability to introduce products, grow revenues, and access markets
based on such trends; Fluidigm’s ability to enter into new
collaborations and partnerships; the adoption of Fluidigm
technology and products for translational and clinical research;
strategic plans to access new markets and channels; anticipated new
product introductions and company events; 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.com.
Fluidigm, the Fluidigm logo, Advanta, CyTOF, and
Imaging Mass Cytometry 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 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.
Contacts:Investors:Peter DeNardo415 389 6400ir@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 March 31, |
|
|
2021 |
|
2020 |
Revenue: |
|
|
|
|
Product revenue |
|
$ |
24,728 |
|
|
$ |
18,981 |
|
Service revenue |
|
6,286 |
|
|
5,186 |
|
Product and service revenue |
|
31,014 |
|
|
24,167 |
|
Other revenue (Note 1) |
|
1,780 |
|
|
3,450 |
|
Total revenue |
|
32,794 |
|
|
27,617 |
|
Costs and expenses: |
|
|
|
|
Cost of product revenue |
|
11,663 |
|
|
9,640 |
|
Cost of service revenue |
|
2,090 |
|
|
1,525 |
|
Cost of product and service revenue |
|
13,753 |
|
|
11,165 |
|
Research and development |
|
10,753 |
|
|
8,699 |
|
Selling, general and administrative |
|
27,608 |
|
|
22,695 |
|
Total costs and expenses |
|
52,114 |
|
|
42,559 |
|
Loss from operations |
|
(19,320 |
) |
|
(14,942 |
) |
Interest expense |
|
(887 |
) |
|
(900 |
) |
Other expense, net |
|
(285 |
) |
|
(818 |
) |
Loss before income taxes |
|
(20,492 |
) |
|
(16,660 |
) |
Income tax benefit |
|
1,671 |
|
|
680 |
|
Net loss |
|
$ |
(18,821 |
) |
|
$ |
(15,980 |
) |
Net loss per share, basic and
diluted |
|
$ |
(0.25 |
) |
|
$ |
(0.23 |
) |
Shares used in computing net
loss per share, basic and diluted |
|
74,707 |
|
|
70,458 |
|
|
|
|
|
|
Note: (1) Other
revenue includes development revenue, license revenue, royalty
revenue and grant revenue. |
|
|
FLUIDIGM CORPORATION |
CONDENSED CONSOLIDATED BALANCE SHEETS |
(In thousands) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
March 31,2021 |
|
December 31,2020 (1) |
ASSETS |
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents (Note 2) |
|
$ |
49,744 |
|
|
$ |
68,520 |
|
Accounts receivable, net |
|
15,412 |
|
|
25,423 |
|
Inventories, net |
|
21,892 |
|
|
19,689 |
|
Prepaid expenses and other current assets (Note 2) |
|
9,279 |
|
|
4,031 |
|
Total current assets |
|
96,327 |
|
|
117,663 |
|
Property and equipment,
net |
|
23,784 |
|
|
17,531 |
|
Operating lease right-of-use
assets, net |
|
37,245 |
|
|
38,114 |
|
Other non-current assets (Note
2) |
|
4,386 |
|
|
4,680 |
|
Developed technology, net |
|
37,000 |
|
|
40,206 |
|
Goodwill |
|
106,456 |
|
|
106,563 |
|
Total assets |
|
$ |
305,198 |
|
|
$ |
324,757 |
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts payable |
|
$ |
12,552 |
|
|
$ |
9,220 |
|
Accrued compensation and related benefits |
|
8,693 |
|
|
13,787 |
|
Operating lease liabilities, current |
|
3,025 |
|
|
2,973 |
|
Other accrued liabilities |
|
15,037 |
|
|
14,794 |
|
Deferred revenue, current |
|
14,222 |
|
|
13,475 |
|
Total current liabilities |
|
53,529 |
|
|
54,249 |
|
Convertible notes, net |
|
53,837 |
|
|
54,224 |
|
Deferred tax liability,
net |
|
6,732 |
|
|
8,697 |
|
Operating lease liabilities,
non-current |
|
37,419 |
|
|
38,178 |
|
Deferred revenue,
non-current |
|
7,202 |
|
|
7,990 |
|
Deferred grant income,
non-current |
|
22,167 |
|
|
21,036 |
|
Other non-current
liabilities |
|
1,374 |
|
|
1,333 |
|
Total liabilities |
|
182,260 |
|
|
185,707 |
|
Total stockholders'
equity |
|
122,938 |
|
|
139,050 |
|
Total liabilities and
stockholders' equity |
|
$ |
305,198 |
|
|
$ |
324,757 |
|
|
|
|
|
|
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 |
|
$ |
49,744 |
|
|
$ |
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 |
|
$ |
50,760 |
|
|
$ |
69,536 |
|
|
|
|
|
|
|
FLUIDIGM CORPORATION |
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS |
(In thousands) |
(Unaudited) |
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
2021 |
|
2020 |
Operating
activities |
|
|
|
|
Net loss |
|
$ |
(18,821 |
) |
|
$ |
(15,980 |
) |
Stock-based compensation
expense |
|
3,677 |
|
|
2,366 |
|
Amortization of developed
technology |
|
2,983 |
|
|
2,968 |
|
Depreciation and
amortization |
|
934 |
|
|
1,092 |
|
Other non-cash items |
|
610 |
|
|
599 |
|
Changes in assets and
liabilities, net |
|
(2,284 |
) |
|
4,660 |
|
Net cash used in operating
activities |
|
(12,901 |
) |
|
(4,295 |
) |
|
|
|
|
|
Investing
activities |
|
|
|
|
Acquisition, net of cash
acquired |
|
— |
|
|
(5,154 |
) |
Proceeds from NIH
Contract |
|
2,000 |
|
|
— |
|
Proceeds from sales and
maturities of investments |
|
— |
|
|
23,644 |
|
Purchases of property and
equipment |
|
(6,923 |
) |
|
(1,030 |
) |
Net cash provided by (used in)
investing activities |
|
(4,923 |
) |
|
17,460 |
|
|
|
|
|
|
Financing
activities |
|
|
|
|
Repayment of long-term
debt |
|
(501 |
) |
|
— |
|
Payments for taxes related to
net share settlement of equity awards |
|
(525 |
) |
|
(146 |
) |
Payment of debt issuance
costs |
|
— |
|
|
(357 |
) |
Net cash used in financing
activities |
|
(1,026 |
) |
|
(503 |
) |
|
|
|
|
|
Effect of foreign exchange
rate fluctuations on cash and cash equivalents |
|
74 |
|
|
(331 |
) |
Net increase (decrease) in
cash, cash equivalents and restricted cash |
|
(18,776 |
) |
|
12,331 |
|
Cash, cash equivalents and
restricted cash at beginning of period |
|
69,536 |
|
|
23,736 |
|
Cash, cash equivalents and
restricted cash at end of period |
|
$ |
50,760 |
|
|
$ |
36,067 |
|
|
|
|
|
|
Cash and cash equivalents,
restricted cash and available for sale securities consist of: |
|
|
|
|
Cash and cash equivalents |
|
$ |
49,744 |
|
|
$ |
34,992 |
|
Short-term investments |
|
— |
|
|
13,493 |
|
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 |
|
$ |
50,760 |
|
|
$ |
49,560 |
|
|
|
|
|
|
|
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
LOSS |
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
2021 |
|
2020 |
|
|
|
|
|
Net loss (GAAP) |
|
$ |
(18,821 |
) |
|
$ |
(15,980 |
) |
Stock-based compensation
expense |
|
3,677 |
|
|
2,366 |
|
Amortization of developed
technology (a) |
|
2,983 |
|
|
2,968 |
|
Depreciation and
amortization |
|
934 |
|
|
1,092 |
|
Interest expense (b) |
|
887 |
|
|
900 |
|
Loss on extinguishment of
debt |
|
9 |
|
|
— |
|
Benefit from acquisition
related income taxes (c) |
|
(742 |
) |
|
(742 |
) |
Net loss (Non-GAAP) |
|
$ |
(11,073 |
) |
|
$ |
(9,396 |
) |
Shares used in net loss per
share calculation - |
|
|
|
|
basic and diluted (GAAP and Non-GAAP) |
|
74,707 |
|
|
70,458 |
|
|
|
|
|
|
Net loss per share - basic and
diluted (GAAP) |
|
$ |
(0.25 |
) |
|
$ |
(0.23 |
) |
Net loss per share - basic and
diluted (Non-GAAP) |
|
$ |
(0.15 |
) |
|
$ |
(0.13 |
) |
|
|
|
|
|
ITEMIZED RECONCILIATION BETWEEN GAAP AND NON-GAAP PRODUCT
AND SERVICE MARGIN |
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
2021 |
|
2020 |
Product and service gross
profit (GAAP) |
|
$ |
17,261 |
|
|
$ |
13,002 |
|
Amortization of developed
technology (a) |
|
2,800 |
|
|
2,800 |
|
Depreciation and amortization
(d) |
|
420 |
|
|
393 |
|
Stock-based compensation
expense (d) |
|
98 |
|
|
71 |
|
Product and service gross
profit (Non-GAAP) |
|
$ |
20,579 |
|
|
$ |
16,266 |
|
|
|
|
|
|
Product and service margin
percentage (GAAP) |
|
55.7 |
% |
|
53.8 |
% |
Product and service margin
percentage (Non-GAAP) |
|
66.4 |
% |
|
67.3 |
% |
|
|
|
|
|
ITEMIZED RECONCILIATION BETWEEN GAAP AND NON-GAAP OPERATING
EXPENSES |
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
2021 |
|
2020 |
Operating expenses (GAAP) |
|
$ |
38,361 |
|
|
$ |
31,394 |
|
Stock-based compensation
expense (e) |
|
(3,579 |
) |
|
(2,295 |
) |
Depreciation and amortization
(e) |
|
(697 |
) |
|
(867 |
) |
Operating expenses
(Non-GAAP) |
|
$ |
34,085 |
|
|
$ |
28,232 |
|
ITEMIZED RECONCILIATION BETWEEN GAAP AND NON-GAAP LOSS FROM
OPERATIONS |
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
2021 |
|
2020 |
Loss from operations (GAAP) |
|
$ |
(19,320 |
) |
|
$ |
(14,942 |
) |
Stock-based compensation
expense |
|
3,677 |
|
|
2,366 |
|
Amortization of developed
technology (a) |
|
2,983 |
|
|
2,968 |
|
Depreciation and amortization
(e) |
|
934 |
|
|
1,092 |
|
Loss from operations
(Non-GAAP) |
|
$ |
(11,726 |
) |
|
$ |
(8,516 |
) |
|
|
|
|
|
|
|
|
|
|
(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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