Fluidigm Corporation (Nasdaq:FLDM) today announced financial
results for the first quarter ended March 31, 2020.
Financial Highlights
First Quarter 2020
- First quarter revenue decreased 8 percent to $27.6 million from
$30.1 million. Total revenue included $3.1 million of license
revenue.
- GAAP net loss for the quarter was $16.0 million, compared with
a GAAP net loss of $25.5 million for the first quarter of
2019.
- Non-GAAP net loss was $9.4 million for the quarter, compared
with a $8.2 million non-GAAP net loss for the first quarter of
2019.
“This is a different world from the one we knew a
few months ago,” said Chris Linthwaite, Fluidigm President and CEO.
“While the pandemic has created near-term headwinds, it has also
delivered new opportunities. Our extremely high-throughput Biomark™
system enables labs to process up to 6,000 samples per day and is
being employed in the global build-out of COVID-19 testing
infrastructure. Our mass cytometry platform is measuring immune
response in experimental new treatments and for characterization of
COVID-19 induced immune response in the infected population. As a
market leader in immune monitoring we are uniquely well-positioned
to support testing of investigational new vaccines and
therapeutics. I am impressed by our organization’s ability to adapt
to the rapidly changing landscape.
“Protecting our employees, repositioning our
products for COVID-19 applications and managing our liquidity are
top priorities,” added Linthwaite. “From a liquidity perspective,
we are focused on preserving the health of our business and
actively managing our operating expenses in response to the
evolving market conditions. Looking beyond this pandemic, our core
business model is intact and we see incremental opportunities for
new growth in the infectious disease market as the world returns to
work. We anticipate infectious disease applications will complement
our long-term commitment to biomarker discovery, disease research,
and treatment paradigms linked to understanding immune function and
response in a wide range of diseases.”
A reconciliation of GAAP to non-GAAP financial
measures can be found in the tables of this news release.
First Quarter 2020 Results
Revenue by category:
Category |
Revenue by Category |
Year-over-Year Change |
% of Total Revenue |
Instruments |
$9.5 million |
(26 |
%) |
34 |
% |
Consumables |
$9.5 million |
(21 |
%) |
34 |
% |
Service |
$5.2 million |
(2 |
%) |
20 |
% |
License and Other |
$3.4 million |
N/A |
12 |
% |
Revenue by market:
- Mass cytometry revenue decreased 20
percent to $15.0 million from $18.8 million in the prior year
period. Mass cytometry product revenue decreased 26 percent to
$11.5 million from $15.5 million in the prior year due to
lower sales of instruments.
- Microfluidics revenue increased 11
percent to $12.6 million from $11.4 million in the prior year
period. Microfluidics product revenue decreased 20 percent to $7.5
million from $9.4 million in the prior year period primarily due to
lower sales of consumables partially offset by higher sales of
instruments.
Revenue by geographic area:
Geographic Area |
Revenue by Geography |
Year-over-Year Change |
% of Total Revenue |
Americas |
$14.8 million |
14 |
% |
54 |
% |
EMEA |
$8.1 million |
(1 |
)% |
29 |
% |
Asia-Pacific |
$4.7 million |
(48 |
%) |
17 |
% |
Product and service margin:
Product and service margin was 53.8 percent in the
first quarter of 2020 compared to 56.4 percent in the year ago
period and 54.7 percent in the fourth quarter of 2019. Non-GAAP
product and service margin was 67.3 percent in the first quarter of
2020 compared to 67.7 percent in the year ago period and 64.9
percent in the fourth quarter of 2019. The year-over-year decrease
in product and service margin was primarily due to lower average
selling prices and an unfavorable product mix, partially offset by
lower service costs and improved manufacturing efficiencies.
Sequentially, the increase in non-GAAP product and service margin
was primarily due to lower service costs, favorable product mix,
and lower inventory reserves. In the case of GAAP margin, the
year-over-year decrease was coupled with fixed amortization over
lower revenue. The decrease in sequential product and service
margin was a result of fixed amortization over lower revenue more
than offsetting lower service costs, favorable product mix, and
lower inventory reserves.
Cash and cash equivalents, short-term investments,
and restricted cash as of March 31, 2020:
Cash and cash equivalents, short-term investments,
and restricted cash as of March 31, 2020, were $49.6 million. Cash
and cash equivalents, short-term investments, and restricted cash
as of December 31, 2019, were $60.7 million.
Operational and Business
Progress
SARS-CoV-2 virus detection
utilizing microfluidics
- OU Medicine has submitted a test to detect SARS-CoV-2, the
virus that causes COVID‑19, for Emergency Use Authorization (EUA)
by the U.S. Food and Drug Administration (FDA). This test is
intended for large-scale testing of patients across the OU Medicine
health care system and was developed in collaboration with
University of Oklahoma Health Sciences Center and Oklahoma Medical
Research Foundation.
- Lab 24, a contract research organization in Florida, has filed
for FDA EUA for its SARS-CoV-2 detection test.
- BioXpedia, a contract research laboratory in Denmark, is
offering SARS-CoV-2 testing on the Fluidigm Biomark HD system, with
the capability to detect up to 24 total target genes per sample
allowing testing for additional viral respiratory diseases.
Novel SARS-CoV-2 virus
test utilizing microfluidics
- A consortium of medical schools led by the Icahn School of
Medicine at Mount Sinai is developing a novel epigenetic test
for early detection of SARS-CoV-2.
COVID-19 publications
- Fluidigm CyTOF® technology, the Maxpar® Direct™ Immune
Profiling Assay™, and Maxpar Pathsetter™ analysis software were
used in a clinical study to identify a distinct phenotype with an
exaggerated immune response in critically ill patients with severe
COVID-19.
- Imaging Mass Cytometry™ was used in a clinical study to
identify and locate immune cells in lung tissue from patients who
had COVID-19 and acute respiratory distress syndrome.
- Fluidigm CyTOF and microfluidics technologies were used by
researchers at Beijing You’an Hospital for a multi-omic study.
Researchers recently correlated mild and severe clinical data for
COVID-19 patients upon admission and after initial treatment
reflecting, differing gene expression patterns and T cell and
cytokine levels.
- Fluidigm CyTOF technology was used in a clinical study
producing preliminary evidence that stem cell therapy improves
outcomes in patients with COVID-19 pneumonia, providing key
information about potential mechanisms of action of the treatment
strategy.
- Additional information on these publications can be found on
our website at fluidigm.com.
Product launches, new services and
acquisitions:
- Launched Therapeutic Insights Services, designed to provide
researchers with sample-to-answer mass cytometry and Imaging Mass
Cytometry service for a broad range of research needs including
COVID-19 related research.
- Launched the AccuLift™ Laser Capture Microdissection System.
The new AccuLift product portfolio enables precise and efficient
capture of individual cells or larger tissue regions for DNA, RNA,
and protein biomarker analysis.
- Acquired InstruNor AS to expand Fluidigm’s industry-leading
mass cytometry capabilities and address flow cytometry markets with
the addition of fully automated sample prep.
Conference Call Information
Fluidigm will host a conference call today, May 7,
2020, at 2:30 p.m. PT/5:30 p.m. ET to discuss first 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: 6873327
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 2:15 p.m. PT/5:15 p.m. ET on May 7, 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: 6873327
The telephone replay will be available until May
14.
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 March 31, 2020,
and March 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. 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
regardingopportunities for Fluidigm technology and products,
including expected uses and demand for COVID-19 testing and
research, potential for growth in revenues in the infectious
disease markets, anticipated benefits of contractual relationships,
including customers using Fluidigm technology for SARS-CoV-2 virus
detection and epigenetic tests, and expectations for newly launched
and recently acquired products and services. 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 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) is an industry-leading
biotechnology tools provider with a vision to improve life through
comprehensive health insight. We focus 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, and
plant and animal research 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, AccuLift,
Biomark, CyTOF, Direct, Imaging Mass Cytometry, Immune Profiling
Assay, Maxpar, and Pathsetter 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 Information We 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
RelationsFluidigm Corporation650 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 |
March 31, |
|
|
2020 |
|
2019 |
Revenue: |
|
|
|
|
Product revenue |
|
$ |
18,981 |
|
|
$ |
24,827 |
|
Service revenue |
|
5,186 |
|
|
5,284 |
|
Product and service revenue |
|
24,167 |
|
|
30,111 |
|
Grant revenue |
|
350 |
|
|
— |
|
License revenue |
|
3,100 |
|
|
— |
|
Total revenue |
|
27,617 |
|
|
30,111 |
|
Costs and expenses: |
|
|
|
|
Cost of product revenue |
|
9,640 |
|
|
11,389 |
|
Cost of service revenue |
|
1,525 |
|
|
1,732 |
|
Cost of product and service
revenue |
|
11,165 |
|
|
13,121 |
|
Research and development |
|
8,699 |
|
|
8,372 |
|
Selling, general and administrative |
|
22,695 |
|
|
22,824 |
|
Total costs and expenses |
|
42,559 |
|
|
44,317 |
|
Loss from operations |
|
(14,942 |
) |
|
(14,206 |
) |
Interest expense |
|
(900 |
) |
|
(2,701 |
) |
Loss on extinguishment of
debt |
|
— |
|
|
(9,000 |
) |
Other income (loss), net |
|
(818 |
) |
|
484 |
|
Loss before income taxes |
|
(16,660 |
) |
|
(25,423 |
) |
Income tax benefit
(expense) |
|
680 |
|
|
(42 |
) |
Net loss |
|
$ |
(15,980 |
) |
|
$ |
(25,465 |
) |
Net loss per share, basic and
diluted |
|
$ |
(0.23 |
) |
|
$ |
(0.44 |
) |
Shares used in computing net
loss per share, basic and diluted |
|
70,458 |
|
|
58,411 |
|
|
FLUIDIGM CORPORATION |
CONDENSED CONSOLIDATED BALANCE SHEETS |
(In thousands) |
(Unaudited) |
|
|
|
|
|
March 31, 2020 |
|
December 31, 2019 (1) |
ASSETS |
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents (Note 2) |
|
$ |
34,992 |
|
|
$ |
21,661 |
|
Short-term investments (Note 2) |
|
13,493 |
|
|
36,978 |
|
Accounts receivable, net |
|
14,410 |
|
|
18,981 |
|
Inventories |
|
16,294 |
|
|
13,884 |
|
Prepaid expenses and other current assets (Note 2) |
|
3,244 |
|
|
4,592 |
|
Total current assets |
|
82,433 |
|
|
96,096 |
|
Property and equipment,
net |
|
8,143 |
|
|
8,056 |
|
Operating lease right-of-use
assets, net |
|
39,499 |
|
|
4,860 |
|
Other non-current assets (Note
2) |
|
5,204 |
|
|
5,492 |
|
Developed technology, net |
|
48,612 |
|
|
46,200 |
|
Goodwill |
|
106,328 |
|
|
104,108 |
|
Total assets |
|
$ |
290,219 |
|
|
$ |
264,812 |
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts payable |
|
$ |
9,440 |
|
|
$ |
6,510 |
|
Accrued compensation and related benefits |
|
5,616 |
|
|
5,160 |
|
Operating lease liabilities, current |
|
1,185 |
|
|
1,833 |
|
Other accrued liabilities |
|
6,456 |
|
|
7,515 |
|
Deferred revenue, current portion |
|
12,667 |
|
|
11,803 |
|
Total current liabilities |
|
35,364 |
|
|
32,821 |
|
Convertible notes, net |
|
53,920 |
|
|
53,821 |
|
Deferred tax liability,
net |
|
10,929 |
|
|
11,494 |
|
Operating lease liabilities,
non-current |
|
39,611 |
|
|
4,323 |
|
Deferred revenue,
non-current |
|
8,438 |
|
|
8,168 |
|
Other non-current
liabilities |
|
461 |
|
|
573 |
|
Total liabilities |
|
148,723 |
|
|
111,200 |
|
Total stockholders'
equity |
|
141,496 |
|
|
153,612 |
|
Total liabilities and
stockholders' equity |
|
$ |
290,219 |
|
|
$ |
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 |
|
$ |
34,992 |
|
|
$ |
21,661 |
|
Short-term investments |
|
13,493 |
|
|
36,978 |
|
Restricted cash (included in
prepaid and other current assets, and other non-current
assets) |
|
1,075 |
|
|
2,075 |
|
Total cash and cash
equivalents, available for sale securities and restricted cash |
|
$ |
49,560 |
|
|
$ |
60,714 |
|
|
FLUIDIGM
CORPORATION |
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS |
(In
thousands) |
(Unaudited) |
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
2020 |
|
2019 |
Operating activities |
|
|
|
|
Net loss |
|
$ |
(15,980 |
) |
|
$ |
(25,465 |
) |
Depreciation and amortization |
|
1,092 |
|
|
1,191 |
|
Stock-based compensation expense |
|
2,366 |
|
|
2,271 |
|
Amortization of developed technology |
|
2,968 |
|
|
2,800 |
|
Amortization of debt discounts, premiums and issuance
costs |
|
140 |
|
|
2,037 |
|
Loss on extinguishment of debt |
|
— |
|
|
9,000 |
|
Loss on disposal of property and equipment |
|
— |
|
|
70 |
|
Other non-cash items |
|
459 |
|
|
110 |
|
Changes in assets and liabilities, net |
|
4,660 |
|
|
(12,144 |
) |
Net cash used in operating activities |
|
(4,295 |
) |
|
(20,130 |
) |
|
|
|
|
|
Investing activities |
|
|
|
|
Acquisition, net of cash
acquired |
|
(5,154 |
) |
|
— |
|
Purchases of investments |
|
— |
|
|
(9,491 |
) |
Proceeds from sales and maturities of investments |
|
23,644 |
|
|
— |
|
Purchases of property and equipment |
|
(1,030 |
) |
|
(266 |
) |
Net cash provided by (used in) investing activities |
|
17,460 |
|
|
(9,757 |
) |
|
|
|
|
|
Financing activities |
|
|
|
|
Payment of debt issuance costs |
|
(357 |
) |
|
— |
|
Proceeds from (payments for) employee equity programs, net |
|
(146 |
) |
|
147 |
|
Net cash provided by (used in) financing activities |
|
(503 |
) |
|
147 |
|
|
|
|
|
|
Effect of foreign exchange rate fluctuations on cash and cash
equivalents |
|
(331 |
) |
|
(27 |
) |
Net increase (decrease) in cash, cash equivalents and
restricted cash |
|
12,331 |
|
|
(29,767 |
) |
Cash, cash equivalents and restricted cash at beginning of
period |
|
23,736 |
|
|
95,401 |
|
Cash, cash equivalents and restricted cash at end of
period |
|
$ |
36,067 |
|
|
$ |
65,634 |
|
|
|
|
|
|
Cash and cash equivalents, restricted cash and available for
sale securities consist of: |
|
|
|
|
Cash and cash equivalents |
|
$ |
34,992 |
|
|
$ |
21,661 |
|
Short-term investments |
|
13,493 |
|
|
36,978 |
|
Restricted cash (included in prepaid and other current assets,
and other non-current assets) |
|
1,075 |
|
|
1,075 |
|
Total cash and cash equivalents, available for sale securities
and restricted cash |
|
$ |
49,560 |
|
|
$ |
59,714 |
|
|
|
|
|
|
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 March 31, |
|
|
2020 |
|
2019 |
|
|
|
|
|
Net loss
(GAAP) |
|
$ |
(15,980 |
) |
|
$ |
(25,465 |
) |
Stock-based compensation expense |
|
2,366 |
|
|
2,271 |
|
Amortization of developed technology (a) |
|
2,968 |
|
|
2,800 |
|
Depreciation and amortization |
|
1,092 |
|
|
1,191 |
|
Interest expense (b) |
|
900 |
|
|
2,701 |
|
Loss on disposal of property and equipment |
|
— |
|
|
70 |
|
Loss on extinguishment of debt |
|
— |
|
|
9,000 |
|
Benefit from acquisition related income taxes (c) |
|
(742 |
) |
|
(742 |
) |
Net loss (Non-GAAP) |
|
$ |
(9,396 |
) |
|
$ |
(8,174 |
) |
Shares used in net loss per share calculation - |
|
|
|
|
basic and diluted (GAAP and Non-GAAP) |
|
70,458 |
|
|
58,411 |
|
|
|
|
|
|
Net loss per share - basic and diluted (GAAP) |
|
$ |
(0.23 |
) |
|
$ |
(0.44 |
) |
Net loss per share - basic and diluted (Non-GAAP) |
|
$ |
(0.13 |
) |
|
$ |
(0.14 |
) |
|
|
|
|
|
ITEMIZED
RECONCILIATION BETWEEN GAAP AND NON-GAAP PRODUCT AND SERVICE
MARGIN |
|
|
|
|
|
|
|
Three Months
Ended March 31, |
|
|
2020 |
|
2019 |
Product and service gross profit (GAAP) |
|
13,002 |
|
|
16,990 |
|
Amortization of developed technology (a) |
|
2,800 |
|
|
2,800 |
|
Depreciation and amortization (d) |
|
393 |
|
|
453 |
|
Stock-based compensation expense (d) |
|
71 |
|
|
127 |
|
Product and service gross profit (Non-GAAP) |
|
$ |
16,266 |
|
|
$ |
20,370 |
|
|
|
|
|
|
Product and service margin percentage (GAAP) |
|
53.8 |
% |
|
56.4 |
% |
Product and service margin percentage (Non-GAAP) |
|
67.3 |
% |
|
67.7 |
% |
|
|
|
|
|
ITEMIZED
RECONCILIATION BETWEEN GAAP AND NON-GAAP OPERATING
EXPENSES |
|
|
|
|
|
|
|
Three Months
Ended March 31, |
|
|
2020 |
|
2019 |
Operating expenses (GAAP) |
|
31,394 |
|
|
31,196 |
|
Stock-based compensation expense (e) |
|
(2,295 |
) |
|
(2,144 |
) |
Depreciation and amortization (e) |
|
(867 |
) |
|
(738 |
) |
Loss on disposal of property and equipment (e) |
|
— |
|
|
(70 |
) |
Operating expenses (Non-GAAP) |
|
$ |
28,232 |
|
|
$ |
28,244 |
|
|
|
|
|
|
ITEMIZED
RECONCILIATION BETWEEN GAAP AND NON-GAAP LOSS FROM
OPERATIONS |
|
|
|
|
|
|
|
|
Three Months
Ended March 31, |
|
|
2020 |
|
2019 |
Loss from operations (GAAP) |
|
$ |
(14,942 |
) |
|
$ |
(14,206 |
) |
Stock-based compensation expense |
|
2,366 |
|
|
2,271 |
|
Amortization of developed technology (a) |
|
2,968 |
|
|
2,800 |
|
Depreciation and amortization (e) |
|
1,092 |
|
|
1,191 |
|
Loss on disposal of property and equipment (e) |
|
— |
|
|
70 |
|
Loss from operations (Non-GAAP) |
|
$ |
(8,516 |
) |
|
$ |
(7,874 |
) |
|
|
|
|
|
|
|
|
|
|
(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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