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 fourth
quarter and full year ended December 31, 2020.
Financial HighlightsFourth Quarter 2020
- Fourth quarter revenue increased 38 percent to $44.6 million
from $32.4 million in the fourth quarter of 2019. Product and
service revenue increased 26 percent to $40.5 million. Total
revenue included $4.1 million of other revenue.
- GAAP net loss for the quarter was $18.0 million, compared with
a GAAP net loss of $12.7 million for the fourth quarter of
2019.
- Non-GAAP net loss was $9.8 million for the quarter, compared
with a $2.3 million non-GAAP net loss for the fourth quarter of
2019.
Full Year 2020
- Revenue increased 18 percent to $138.1 million from $117.2
million in full year 2019. Total revenue included $15.6 million of
other revenue.
- GAAP net loss was $53.0 million, compared with a GAAP net loss
of $64.8 million for the full year of 2019.
- Non-GAAP net loss was $21.8 million for the full year, compared
with a non-GAAP net loss of $23.7 million for the full year of
2019.
“Revenue in the fourth quarter was the highest in the company’s
history, driven by exceptional performance in microfluidics as well
as sequential improvement in mass cytometry,” said Chris
Linthwaite, President and CEO. “Demand for our saliva-based
COVID-19 tests was notable, and we saw broad-based improvement in
our core business lines compared to earlier periods in the
pandemic. For the full year, we delivered record-breaking revenue
while navigating an incredibly volatile operating environment that
impacted all facets of our business. We made excellent progress in
our molecular diagnostics and immune research strategies, expanding
our customer base and driving growth in our recurring revenue
sources. In addition, we strengthened our balance sheet and secured
new partnerships to build new capabilities, access new markets and
develop new products.”
Linthwaite added, “Although COVID-19 caused significant
disruption to our business, our agility and responsiveness paved
the way for accelerating growth and increased opportunities in 2021
and beyond. We anticipate further progress in transforming our
microfluidics franchise into a durable diagnostics platform with
new product releases and partnerships. Additionally, our mass
cytometry franchise is moving closer to healthcare decision making
with a strong increase in publications, clinical studies, and an
exciting new collaboration to enter regulated markets in China. We
anticipate that new product innovation, new collaborations and
partnerships, and a growing body of research and clinical trial
insights will drive growth as we pioneer new fields of scientific
exploration in human biology.”
A reconciliation of GAAP to non-GAAP financial measures can be
found in the tables of this news release.
Fourth Quarter 2020 ResultsRevenue by market
and category:
Total by Category |
Revenue by Category |
Year-over-Year Change |
% of Total Revenue |
Instruments |
$14.9 million |
(6 |
)% |
33 |
% |
Consumables |
$19.5 million |
79 |
% |
44 |
% |
Service |
$6.1 million |
13 |
% |
14 |
% |
Other |
$4.1 million |
N/A |
|
9 |
% |
Total revenue |
$44.6 million |
38 |
% |
100 |
% |
Mass Cytometry by Category |
Revenue by Category |
Year-over-Year Change |
% of Total Revenue |
Instruments |
$9.8 million |
(24 |
)% |
50 |
% |
Consumables |
$5.4 million |
9 |
% |
28 |
% |
Service |
$4.3 million |
15 |
% |
22 |
% |
Total |
$19.5 million |
(9 |
)% |
100 |
% |
Microfluidics by Category* |
Revenue by Category |
Year-over-Year Change |
% of Total |
Instruments |
$5.1 million |
71 |
% |
24 |
% |
Consumables |
$14.1 million |
137 |
% |
67 |
% |
Service |
$1.8 million |
9 |
% |
9 |
% |
Total |
$21.0 million |
98 |
% |
100 |
% |
*Microfluidics by category
excludes Other Revenue of $4.1 million.
Revenue by geographic area:
Geographic Area |
Revenue by Geography |
Year-over-Year Change |
% of Total |
Americas* |
$22.1 million |
87 |
% |
50 |
% |
EMEA |
$14.3 million |
24 |
% |
32 |
% |
Asia-Pacific |
$8.2 million |
(10 |
)% |
18 |
% |
Total revenue |
$44.6 million |
38 |
% |
100 |
% |
*Americas geographic
area includes Other Revenue of
$4.1 million.
Loss from operations:GAAP loss from operations for the fourth
quarter was $16.9 million, compared with a GAAP loss from
operations of $9.2 million for the fourth quarter of 2019. Non-GAAP
loss from operations was $8.8 million for the fourth quarter,
compared with a $1.7 million non-GAAP loss from operations for the
fourth quarter of 2019.
GAAP loss from operations for the full year 2020 was $51.0
million, compared with a GAAP loss from operations of $51.8 million
for the full year 2019. Non-GAAP loss from operations was $20.4
million for the full year 2020, compared with a $24.1 million
non-GAAP loss from operations for the full year 2019.
Cash and cash equivalents and restricted cash as of December 31,
2020:Cash and cash equivalents and restricted cash as of December
31, 2020, totaled $69.5 million, compared to $73.4 million as of
September 30, 2020. Cash and cash equivalents, available-for-sale
securities and restricted cash as of December 31, 2019, totaled
$60.7 million.
Operational and Business Progress
Microfluidics
- Thirty instruments are now generating patient testing
results.
- The company received a CE-IVD mark for its Advanta™ Dx
SARS-CoV-2 RT-PCR Assay for COVID-19.
- Two private labs based in Missouri, Helix Specialty Diagnostics
and Genomic LTC DX, are partnering to provide COVID-19 testing
using the Advanta Dx Assay. Both are certified under the Clinical
Laboratory Improvement Amendments (CLIA).
- University adoption progressed with George Mason University
providing COVID-19 testing with the Advanta Dx SARS-CoV-2 RT-PCR
Assay.
- A growing body of peer-reviewed research is confirming the
accuracy of saliva-based testing
Mass Cytometry:
- The company announced a collaboration with Zhejiang PuLuoTing
Health Technology Co. Ltd to market CyTOF® technology to clinical
labs in China. As part of the agreement, the companies are
collaborating to seek approval for a CyTOF instrument authorized
for diagnostic use in China.
- The National Institutes of Health is sponsoring a study at
Stanford University School of Medicine utilizing mass cytometry and
the company’s Maxpar® Direct™ Immune Profiling Assay™ to evaluate
immune responses in pediatric patients with COVID-19.
- A new study published by Georgetown Lombardi Comprehensive
Cancer Center validates the potential for Imaging Mass Cytometry™
to provide new insights into the interactions between pancreatic
tumor cells and the immune system and to identify novel and
actionable targets for pancreatic cancer therapy.
- The mass cytometry active installed instrument base increased
to 328 at the end of 2020. This included 102 imaging-enabled
instruments.
- Through January 2021, CyTOF technology was used in 129 clinical
trials, including 8 for Imaging Mass Cytometry.
- As of the end of 2020, total publications and reviews involving
CyTOF technology exceeded 1,380 total, including 88 publications
and reviews for Imaging Mass Cytometry. Publications are up 100%
percent compared to the end of 2019.
Industry recognition:
- Fluidigm was named to Greater Toronto’s Top Employers for 2021,
the second time in as many years the company was chosen for the
annual listing of organizations with exceptionally positive and
engaging environments that inspire and motivate employees.
Full Year 2020 Results
Revenue by category:
Category |
Revenue by Category |
Year-over-Year Change |
% of Total Revenue |
Instruments |
$45.5 million |
(9 |
)% |
33 |
% |
Consumables |
$54.4 million |
20 |
% |
40 |
% |
Service |
$22.6 million |
6 |
% |
16 |
% |
Other |
$15.6 million |
N/A |
|
11 |
% |
Total revenue |
$138.1 million |
18 |
% |
100 |
% |
Mass Cytometry by Category |
Revenue by Category |
Year-over-Year Change |
% of Total |
Instruments |
$28.5 million |
(31 |
)% |
46 |
% |
Consumables |
$18.0 million |
1 |
% |
29 |
% |
Service |
$15.6 million |
12 |
% |
25 |
% |
Total |
$62.1 million |
(15 |
)% |
100 |
% |
Microfluidics by Category* |
Revenue by Category |
Year-over-Year Change |
% of Total |
Instruments |
$17.0 million |
102 |
% |
28 |
% |
Consumables |
$36.4 million |
32 |
% |
60 |
% |
Service |
$7.0 million |
(6 |
)% |
12 |
% |
Total |
$60.4 million |
39 |
% |
100 |
% |
*Microfluidics by category
excludes Other Revenue of $15.6 million.
Revenue by geographic area:
Geographic Area |
Revenue by Geography |
Year-over-Year Change |
% of Total Revenue |
Americas* |
$74.5 million |
59 |
% |
54 |
% |
EMEA |
$37.8 million |
(6 |
)% |
27 |
% |
Asia-Pacific |
$25.8 million |
(15 |
)% |
19 |
% |
Total revenue |
$138.1 million |
18 |
% |
100 |
% |
*Americas geographic
area includes Other Revenue of
$15.6 million.
Active installed base :
Active installed base for selected
instruments |
As of December 31, 2020 |
Mass Cytometry |
328 |
Imaging-enabled instruments |
102* |
Biomark™ generating patient
testing results |
30* |
Biomark/Biomark HD/EP1™ for other applications |
457 |
*Subset of Mass Cytometry and Biomark instrument totals
Annual 2021 Guidance
- Product and service revenue of approximately $140 million to
$150 million, or approximately 14 to 22 percent year-over-year
growth.
- Other revenue of $4 million to $5 million.
- GAAP net loss of $50 million to $54 million.
- Non-GAAP net loss of $17 million to $21 million.
Q1 2021 Guidance
- Product and service revenue of approximately $29 million to $31
million, or approximately 20 percent to 29 percent year-over-year
growth.
- Other revenue of $1 million to $2 million.
- Total revenue of approximately $30 million to $33 million.
Conference Call InformationFluidigm will host a
conference call today, February 10, 2021, at 2:00 p.m. PT, 5:00
p.m. ET, to discuss fourth quarter and full year 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: 4664638
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 February 10, 2021.
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: 4664638
The telephone replay will be available until February
17.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-and twelve-month periods ended December 31,
2020, and December 31, 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. 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 revenue growth and
opportunities, development and expansion of Fluidigm’s diagnostic
business, new product releases, additional collaborations and
partnerships, benefits and increasing adoption and utilization of
Fluidigm mass cytometry products and technologies, benefits and
plans for contractual relationships, regulatory filings and
authorizations, adoption of and demand for the Advanta Dx
SARS-CoV-2 RT-PCR assay and related Fluidigm microfluidics
products, 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; 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, 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, EP1, Imaging Mass Cytometry,
Immune Profiling Assay, and Maxpar 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.
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 December 31, |
|
Twelve Months Ended December 31, |
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Revenue: |
|
|
|
|
|
|
|
|
Product revenue |
|
$ |
34,348 |
|
|
$ |
26,688 |
|
|
$ |
99,944 |
|
|
$ |
95,416 |
|
Service revenue |
|
6,122 |
|
|
5,402 |
|
|
22,579 |
|
|
21,277 |
|
Product and service revenue |
|
40,470 |
|
|
32,090 |
|
|
122,523 |
|
|
116,693 |
|
Other revenue (Note 1) |
|
4,138 |
|
|
350 |
|
|
15,621 |
|
|
550 |
|
Total revenue |
|
44,608 |
|
|
32,440 |
|
|
138,144 |
|
|
117,243 |
|
Costs and expenses: |
|
|
|
|
|
|
|
|
Cost of product revenue |
|
15,631 |
|
|
12,452 |
|
|
47,527 |
|
|
45,461 |
|
Cost of service revenue |
|
2,760 |
|
|
2,100 |
|
|
7,291 |
|
|
7,503 |
|
Cost of product and service revenue |
|
18,391 |
|
|
14,552 |
|
|
54,818 |
|
|
52,964 |
|
Research and development |
|
11,186 |
|
|
8,278 |
|
|
36,461 |
|
|
31,640 |
|
Selling, general and administrative |
|
31,935 |
|
|
18,791 |
|
|
97,901 |
|
|
84,478 |
|
Total costs and expenses |
|
61,512 |
|
|
41,621 |
|
|
189,180 |
|
|
169,082 |
|
Loss from operations |
|
(16,904 |
) |
|
(9,181 |
) |
|
(51,036 |
) |
|
(51,839 |
) |
Interest expense |
|
(890 |
) |
|
(643 |
) |
|
(3,572 |
) |
|
(4,279 |
) |
Loss from extinguishment of
debt |
|
— |
|
|
(3,020 |
) |
|
— |
|
|
(12,020 |
) |
Other income, net |
|
755 |
|
|
513 |
|
|
507 |
|
|
1,433 |
|
Loss before income taxes |
|
(17,039 |
) |
|
(12,331 |
) |
|
(54,101 |
) |
|
(66,705 |
) |
Income tax benefit
(expense) |
|
(987 |
) |
|
(354 |
) |
|
1,081 |
|
|
1,915 |
|
Net loss |
|
$ |
(18,026 |
) |
|
$ |
(12,685 |
) |
|
$ |
(53,020 |
) |
|
$ |
(64,790 |
) |
Net loss per share, basic and
diluted |
|
$ |
(0.24 |
) |
|
$ |
(0.18 |
) |
|
$ |
(0.74 |
) |
|
$ |
(0.97 |
) |
Shares used in computing net
loss per share, basic and diluted |
|
74,277 |
|
|
69,706 |
|
|
72,044 |
|
|
66,779 |
|
|
|
|
|
|
|
|
|
|
Note: |
|
|
|
|
|
|
|
|
(1) Other revenue
includes development revenue, license revenue, royalty revenue, and
grant revenue. |
|
FLUIDIGM CORPORATION |
CONDENSED CONSOLIDATED BALANCE SHEETS |
(In thousands) |
(Unaudited) |
|
|
|
|
|
|
|
December 31, |
|
|
2020 |
|
2019 (1) |
ASSETS |
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents (Note 2) |
|
$ |
68,520 |
|
|
$ |
21,661 |
|
Short-term investments (Note 2) |
|
— |
|
|
36,978 |
|
Accounts receivable, net |
|
25,423 |
|
|
18,981 |
|
Inventories, net |
|
19,689 |
|
|
13,884 |
|
Prepaid expenses and other current assets |
|
4,031 |
|
|
4,592 |
|
Total current assets |
|
117,663 |
|
|
96,096 |
|
Property and equipment,
net |
|
17,531 |
|
|
8,056 |
|
Operating lease right-of-use
asset, net |
|
38,114 |
|
|
4,860 |
|
Other non-current assets |
|
4,680 |
|
|
5,492 |
|
Developed technology, net |
|
40,206 |
|
|
46,200 |
|
Goodwill |
|
106,563 |
|
|
104,108 |
|
Total assets |
|
$ |
324,757 |
|
|
$ |
264,812 |
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts payable |
|
$ |
9,220 |
|
|
$ |
5,152 |
|
Accrued compensation and related benefits |
|
13,787 |
|
|
5,160 |
|
Operating lease liabilities, current |
|
2,973 |
|
|
1,833 |
|
Other accrued liabilities |
|
14,794 |
|
|
8,873 |
|
Deferred revenue, current |
|
13,475 |
|
|
11,803 |
|
Total current liabilities |
|
54,249 |
|
|
32,821 |
|
Convertible notes, net |
|
54,224 |
|
|
53,821 |
|
Deferred tax liability |
|
8,697 |
|
|
11,494 |
|
Operating lease liabilities,
non-current |
|
38,178 |
|
|
4,323 |
|
Deferred revenue,
non-current |
|
7,990 |
|
|
8,168 |
|
Deferred grant income,
non-current |
|
21,036 |
|
|
— |
|
Other non-current
liabilities |
|
1,333 |
|
|
573 |
|
Total liabilities |
|
185,707 |
|
|
111,200 |
|
Total stockholders’
equity |
|
139,050 |
|
|
153,612 |
|
Total liabilities and
stockholders’ equity |
|
$ |
324,757 |
|
|
$ |
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 |
|
$ |
68,520 |
|
|
$ |
21,661 |
|
Short-term investments |
|
— |
|
|
36,978 |
|
Restricted cash (included in
prepaid and other current assets, and other non-current
assets) |
|
1,016 |
|
|
2,075 |
|
Total cash and cash
equivalents, available for sale securities and restricted cash |
|
$ |
69,536 |
|
|
$ |
60,714 |
|
|
|
|
|
|
|
|
|
|
FLUIDIGM CORPORATION |
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS |
(In thousands) |
(Unaudited) |
|
|
|
|
|
|
|
Twelve Months Ended December 31, |
|
|
2020 |
|
2019 |
Operating
activities |
|
|
|
|
Net loss |
|
$ |
(53,020 |
) |
|
$ |
(64,790 |
) |
Depreciation and
amortization |
|
4,014 |
|
|
4,605 |
|
Stock-based compensation
expense |
|
14,451 |
|
|
11,393 |
|
Amortization of developed
technology |
|
11,910 |
|
|
11,200 |
|
Impairment of intangible |
|
— |
|
|
443 |
|
Loss from extinguishment of
debt |
|
— |
|
|
12,020 |
|
Loss on disposal of property
and equipment |
|
212 |
|
|
89 |
|
Other non-cash items |
|
4,602 |
|
|
3,427 |
|
Change in assets and
liabilities, net |
|
2,414 |
|
|
(13,597 |
) |
Net cash used in operating
activities |
|
(15,417 |
) |
|
(35,210 |
) |
|
|
|
|
|
Investing
activities |
|
|
|
|
Proceeds from RADx grant |
|
21,036 |
|
|
— |
|
Acquisition, net of cash
acquired |
|
(5,154 |
) |
|
— |
|
Purchases of investments |
|
— |
|
|
(62,370 |
) |
Proceeds from sale of
investments |
|
5,010 |
|
|
— |
|
Proceeds from maturities of
investments |
|
31,800 |
|
|
25,600 |
|
Purchases of property and
equipment |
|
(12,717 |
) |
|
(2,531 |
) |
Net cash provided by (used in)
investing activities |
|
39,975 |
|
|
(39,301 |
) |
|
|
|
|
|
Financing
activities |
|
|
|
|
Proceeds from issuance of common
stock, net of commissions |
|
20,226 |
|
|
— |
|
Proceeds from debt
issuance |
|
— |
|
|
55,000 |
|
Repayment of long-term
debt |
|
— |
|
|
(51,826 |
) |
Payments of debt and equity
issuance cost |
|
(684 |
) |
|
(1,888 |
) |
Proceeds from employee equity
programs, net |
|
1,315 |
|
|
1,504 |
|
Net cash provided by financing
activities |
|
20,857 |
|
|
2,790 |
|
|
|
|
|
|
Effect of foreign exchange
rate fluctuations on cash and cash equivalents |
|
385 |
|
|
56 |
|
Net increase (decrease) in
cash, cash equivalents and restricted cash |
|
45,800 |
|
|
(71,665 |
) |
Cash, cash equivalents and
restricted cash at beginning of period |
|
23,736 |
|
|
95,401 |
|
Cash, cash equivalents and
restricted cash at end of period |
|
$ |
69,536 |
|
|
$ |
23,736 |
|
|
|
|
|
|
Cash and cash equivalents,
restricted cash and available for sale securities consist of: |
|
|
|
|
Cash and cash equivalents |
|
$ |
68,520 |
|
|
$ |
21,661 |
|
Short-term investments |
|
— |
|
|
36,978 |
|
Restricted cash (included in
prepaid and other current assets, and other non-current
assets) |
|
1,016 |
|
|
2,075 |
|
Total cash and cash
equivalents, available for sale securities and restricted cash |
|
$ |
69,536 |
|
|
$ |
60,714 |
|
|
|
|
|
|
|
|
|
|
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 December 31, |
|
Twelve Months Ended December 31, |
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
|
|
|
|
|
|
|
|
Net loss (GAAP) |
|
$ |
(18,026 |
) |
|
$ |
(12,685 |
) |
|
$ |
(53,020 |
) |
|
$ |
(64,790 |
) |
Stock-based compensation
expense |
|
4,093 |
|
|
3,101 |
|
|
14,451 |
|
|
11,393 |
|
Amortization of developed
technology (a) |
|
2,981 |
|
|
2,800 |
|
|
11,910 |
|
|
11,200 |
|
Depreciation and
amortization |
|
1,026 |
|
|
1,121 |
|
|
4,014 |
|
|
4,605 |
|
Interest expense (b) |
|
890 |
|
|
643 |
|
|
3,572 |
|
|
4,279 |
|
Impairment of intangible
(c) |
|
— |
|
|
443 |
|
|
— |
|
|
443 |
|
Loss on disposal of property
and equipment |
|
21 |
|
|
37 |
|
|
212 |
|
|
89 |
|
Loss from extinguishment of
debt |
|
— |
|
|
3,020 |
|
|
— |
|
|
12,020 |
|
Benefit from acquisition
related income taxes (d) |
|
(742 |
) |
|
(742 |
) |
|
(2,968 |
) |
|
(2,968 |
) |
Net loss (Non-GAAP) |
|
$ |
(9,757 |
) |
|
$ |
(2,262 |
) |
|
$ |
(21,829 |
) |
|
$ |
(23,729 |
) |
Shares used in net loss per
share calculation - |
|
|
|
|
|
|
|
|
basic and diluted (GAAP and Non-GAAP) |
|
74,277 |
|
|
69,706 |
|
|
72,044 |
|
|
66,779 |
|
|
|
|
|
|
|
|
|
|
Net loss per share - basic and
diluted (GAAP) |
|
$ |
(0.24 |
) |
|
$ |
(0.18 |
) |
|
$ |
(0.74 |
) |
|
$ |
(0.97 |
) |
Net loss per share - basic and
diluted (Non-GAAP) |
|
$ |
(0.13 |
) |
|
$ |
(0.03 |
) |
|
$ |
(0.30 |
) |
|
$ |
(0.36 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ITEMIZED RECONCILIATION BETWEEN GAAP AND NON-GAAP PRODUCT
AND SERVICE MARGIN |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Product and service gross
profit (GAAP) |
|
$ |
22,079 |
|
|
$ |
17,538 |
|
|
$ |
67,705 |
|
|
$ |
63,729 |
|
Amortization of developed
technology (a) |
|
2,800 |
|
|
2,800 |
|
|
11,200 |
|
|
11,200 |
|
Depreciation and amortization
(e) |
|
415 |
|
|
399 |
|
|
1,630 |
|
|
1,714 |
|
Stock-based compensation
expense (e) |
|
100 |
|
|
95 |
|
|
412 |
|
|
423 |
|
Product and service gross
profit (Non-GAAP) |
|
$ |
25,394 |
|
|
$ |
20,832 |
|
|
$ |
80,947 |
|
|
$ |
77,066 |
|
|
|
|
|
|
|
|
|
|
Product and service margin
percentage (GAAP) |
|
54.6 |
% |
|
54.7 |
% |
|
55.3 |
% |
|
54.6 |
% |
Product and service margin
percentage (Non-GAAP) |
|
62.7 |
% |
|
64.9 |
% |
|
66.1 |
% |
|
66.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ITEMIZED RECONCILIATION BETWEEN GAAP AND NON-GAAP OPERATING
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Operating expenses (GAAP) |
|
$ |
43,121 |
|
|
$ |
27,069 |
|
|
$ |
134,362 |
|
|
$ |
116,118 |
|
Stock-based compensation
expense (f) |
|
(3,993 |
) |
|
(3,006 |
) |
|
(14,039 |
) |
|
(10,970 |
) |
Depreciation and amortization
(f) |
|
(792 |
) |
|
(722 |
) |
|
(3,094 |
) |
|
(2,891 |
) |
Impairment of intangible
(c) |
|
— |
|
|
(443 |
) |
|
— |
|
|
(443 |
) |
Loss on disposal of property
and equipment |
|
(21 |
) |
|
(37 |
) |
|
(212 |
) |
|
(89 |
) |
Operating expenses
(Non-GAAP) |
|
$ |
38,315 |
|
|
$ |
22,861 |
|
|
$ |
117,017 |
|
|
$ |
101,725 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ITEMIZED RECONCILIATION BETWEEN GAAP AND NON-GAAP LOSS FROM
OPERATIONS |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Loss from operations
(GAAP) |
|
$ |
(16,904 |
) |
|
$ |
(9,181 |
) |
|
$ |
(51,036 |
) |
|
$ |
(51,839 |
) |
Stock-based compensation
expense |
|
4,093 |
|
|
3,101 |
|
|
14,451 |
|
|
11,393 |
|
Amortization of developed
technology (a) |
|
2,981 |
|
|
2,800 |
|
|
11,910 |
|
|
11,200 |
|
Depreciation and amortization
(e) |
|
1,026 |
|
|
1,121 |
|
|
4,014 |
|
|
4,605 |
|
Impairment of intangible
(c) |
|
— |
|
|
443 |
|
|
— |
|
|
443 |
|
Loss on disposal of property
and equipment (e) |
|
21 |
|
|
37 |
|
|
212 |
|
|
89 |
|
Loss from operations
(Non-GAAP) |
|
$ |
(8,783 |
) |
|
$ |
(1,679 |
) |
|
$ |
(20,449 |
) |
|
$ |
(24,109 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) represents
amortization of developed technology in connection with the DVS
acquisition |
(b) represents interest
expense, primarily on convertible debt |
|
|
|
|
|
|
|
|
(c) represents
impairment of intangible no longer used in our product lines |
|
|
|
|
(d) represents
the tax impact on the purchase of intangible assets in connection
with the DVS acquisition |
(e) represents expense
associated with cost of product revenue |
|
|
|
|
|
|
|
|
(f) represents
expense associated with research and development, selling, general
and administrative activities |
|
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