Fluidigm Corporation (Nasdaq:FLDM) today announced financial
results for the second quarter ended June 30, 2020.
Financial Highlights
Second Quarter 2020
- Second quarter revenue decreased 8 percent to $26.1 million
from $28.2 million in the second quarter of 2019. Product and
service revenue decreased 20 percent to $22.5 million. Total
revenue included $3.5 million of other revenue.
- GAAP net loss for the quarter was $13.0 million, compared with
a GAAP net loss of $13.8 million for the second quarter of
2019.
- Non-GAAP net loss was $5.2 million for the quarter, compared
with a $7.1 million non-GAAP net loss for the second quarter of
2019.
“As COVID-19 infection rates soar and test demand outpaces
capacity, Fluidigm has swiftly pivoted to meet the testing and
immune profiling research needs brought on by this pandemic. More
significantly, we filed for Emergency Use Authorization for our
extraction-free saliva test, shipped microfluidics consumables that
our customers used to produce over 100,000 COVID-19 assays, and
were selected for a project to expand COVID-19 testing under the
National Institutes of Health Rapid Acceleration of Diagnostics
initiative. At the same time, researchers are harnessing mass
cytometry technology and the Maxpar Direct Immune Profiling Assay
in large national government-supported COVID-19 patient studies to
better understand immune response to this disease,” said Chris
Linthwaite, Fluidigm President and CEO.
“This quarter, we also drove actions to preserve liquidity,
adding non-dilutive funding and closely managing our operating
expenses,” added Linthwaite. “Moving forward, we are
well-positioned to expand our efforts further in infectious disease
along with our focus on 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.
Second Quarter 2020 Results
Revenue by category:
Category |
Revenue by Category |
Year-over-Year Change |
% of Total Revenue |
Instruments |
$8.6 million |
(30%) |
33 |
% |
Consumables |
$8.8 million |
(20%) |
34 |
% |
Service |
$5.1 million |
4% |
20 |
% |
Other |
$3.5 million |
N/A |
13 |
% |
Product and service revenue by market:
- Mass cytometry product and services revenue decreased 28
percent to $12.5 million from $17.5 million in the prior year
period due to lower sales of instruments and
consumables.
- Microfluidics product and services revenue decreased 8 percent
to $10.0 million from $10.7 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* |
$13.9 million |
25% |
54 |
% |
EMEA |
$6.6 million |
(42)% |
25 |
% |
Asia-Pacific |
$5.6 million |
(5%) |
21 |
% |
*Americas geographic area includes Other Revenue of $3.5
million
Product and service margin:Product and service margin was 52.5
percent in the second quarter of 2020 compared to 54.5 percent in
the year ago period and 53.8 percent in the first quarter of 2020.
Non-GAAP product and service margin was 67.1 percent in the second
quarter of 2020 compared to 66.4 percent in the year ago period and
67.3 percent in the first quarter of 2020. The year-over-year
increase in non-GAAP product and service margin was primarily due
to lower service costs and improved manufacturing efficiencies
across our consumables products partially offset by unfavorable
product mix and higher mass cytometry instrument costs due to lower
factory utilization.
GAAP product and service margin, both sequentially and
year-over-year, was impacted by fixed amortization over lower
revenue more than offsetting lower service costs and improved
manufacturing efficiencies.
Cash and cash equivalents, short-term investments, and
restricted cash as of June 30, 2020:Cash and cash equivalents,
short-term investments, and restricted cash as of June 30, 2020,
were $46.5 million. Cash and cash equivalents, short-term
investments, and restricted cash as of March 31, 2020, were $49.6
million.
Operational and Business Progress
SARS-CoV-2 virus detection utilizing
microfluidics
- Fluidigm filed FDA Emergency Use Authorization (EUA) for the
saliva-based Advanta™ Dx SARS-CoV-2 RT-PCR Assay for COVID-19.
- Shipped microfluidics consumables that our customers used to
produce over 100,000 COVID-19 assays.
- Fluidigm was selected for a project of up to $37 million under
the National Institutes of Health Rapid Acceleration of Diagnostics
(NIH RADx) initiative. The project will expand Fluidigm production
capacity and throughput capabilities for microfluidics technology
in COVID-19 testing. Initial funding of up to $12 million is
available based on achievement of milestones under the executed
letter contract, with the remainder pending completion of
definitive contract.
COVID-19 immune profiling studies utilizing mass
cytometry technology and Maxpar Direct Immune Profiling
Assay
- Through July, CyTOF® technology was included in 13 COVID-19
publications and five clinical trials.
- CyTOF technology was used in an NIH sponsored clinical study of
up to 2,000 adult COVID-19 patients with 10 leading U.S. medical
institutions.
- University of Paris researchers published findings of a unique
phenotype specific to severe and critical COVID-19 patients.
In-depth phenotypic analysis of immune cells was completed using
the Fluidigm® Maxpar® Direct™ Immune Profiling Assay™ enabling the
team at University of Paris to go from experiment conception to
pre-print publication in 25 days.
Product launches, collaborations and
publications:
- The company launched six Maxpar Direct expansion panels
tailored for infectious disease and immune-oncology research. These
panels can be combined with the Maxpar Direct Immune Profiling
Assay.
- Launched an additional software product through a distribution
agreement with De Novo Software™. The software offers mass
cytometry customers a streamlined solution for high-parameter data
analysis with outputs into Microsoft® Office applications, while
maintaining high-resolution graphics and reports.
- Announced a collaboration with Bethyl Laboratories to expand
verified antibody offerings for the Hyperion™ Imaging System, based
on Imaging Mass Cytometry™.
- Total publications and reviews involving CyTOF technology
exceeded 1,100, with more than 50 publications in Imaging Mass
Cytometry. Clinical trials using CyTOF technology exceeded
100.
Conference Call Information Fluidigm will host
a conference call today, August 6, 2020, at 2:00 p.m. PT, 5:00 p.m.
ET, to discuss second 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: 2068836
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 August 6, 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: 2068836
The telephone replay will be available until August 13.
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 June 30, 2020, and June
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 StatementsThis 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 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, Advanta, CyTOF, Direct, Hyperion,
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. 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 June 30, |
|
Six Months Ended June 30, |
|
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Revenue: |
|
|
|
|
|
|
|
|
|
Product revenue |
|
|
$ |
17,405 |
|
|
$ |
23,235 |
|
|
$ |
36,386 |
|
|
$ |
48,062 |
|
Service revenue |
|
|
5,140 |
|
|
4,961 |
|
|
10,326 |
|
|
10,245 |
|
Product and service revenue |
|
|
22,545 |
|
|
28,196 |
|
|
46,712 |
|
|
58,307 |
|
Other revenue |
|
|
3,513 |
|
|
— |
|
|
6,963 |
|
|
— |
|
Total revenue |
|
|
26,058 |
|
|
28,196 |
|
|
53,675 |
|
|
58,307 |
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
Cost of product revenue |
|
|
9,483 |
|
|
11,100 |
|
|
19,123 |
|
|
22,489 |
|
Cost of service revenue |
|
|
1,237 |
|
|
1,733 |
|
|
2,762 |
|
|
3,465 |
|
Cost of product and service revenue |
|
|
10,720 |
|
|
12,833 |
|
|
|
21,885 |
|
|
|
25,954 |
|
Research and development |
|
|
8,448 |
|
|
7,865 |
|
|
17,147 |
|
|
16,237 |
|
Selling, general and administrative |
|
|
20,616 |
|
|
22,134 |
|
|
43,311 |
|
|
44,958 |
|
Total costs and expenses |
|
|
39,784 |
|
|
42,832 |
|
|
82,343 |
|
|
87,149 |
|
Loss from operations |
|
|
(13,726 |
) |
|
(14,636 |
) |
|
(28,668 |
) |
|
(28,842 |
) |
Interest expense |
|
|
(897 |
) |
|
(491 |
) |
|
(1,797 |
) |
|
(3,192 |
) |
Loss on extinguishment of debt |
|
|
— |
|
|
— |
|
|
— |
|
|
(9,000 |
) |
Other income (expense), net |
|
|
463 |
|
|
231 |
|
|
(355 |
) |
|
715 |
|
Loss before income taxes |
|
|
(14,160 |
) |
|
(14,896 |
) |
|
(30,820 |
) |
|
(40,319 |
) |
Income tax benefit |
|
|
1,145 |
|
|
1,143 |
|
|
1,825 |
|
|
1,101 |
|
Net loss |
|
|
$ |
(13,015 |
) |
|
$ |
(13,753 |
) |
|
$ |
(28,995 |
) |
|
$ |
(39,218 |
) |
Net loss per share, basic and diluted |
|
|
$ |
(0.18 |
) |
|
$ |
(0.20 |
) |
|
$ |
(0.41 |
) |
|
$ |
(0.61 |
) |
Shares used in computing net
loss per share, basic and diluted |
|
|
70,916 |
|
|
69,158 |
|
|
70,691 |
|
|
63,923 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FLUIDIGM CORPORATION |
CONDENSED CONSOLIDATED BALANCE SHEETS |
(In thousands) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
June 30, 2020 |
|
December 31, 2019 (1) |
ASSETS |
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents (Note 2) |
|
$ |
42,965 |
|
|
$ |
21,661 |
|
Short-term investments (Note 2) |
|
2,431 |
|
|
36,978 |
|
Accounts receivable, net |
|
9,983 |
|
|
18,981 |
|
Inventories |
|
18,900 |
|
|
13,884 |
|
Prepaid expenses and other current assets (Note 2) |
|
4,171 |
|
|
4,592 |
|
Total current assets |
|
78,450 |
|
|
96,096 |
|
Property and equipment,
net |
|
7,865 |
|
|
8,056 |
|
Operating lease right-of-use
assets, net |
|
39,027 |
|
|
4,860 |
|
Other non-current assets (Note
2) |
|
5,034 |
|
|
5,492 |
|
Developed technology, net |
|
45,644 |
|
|
46,200 |
|
Goodwill |
|
106,328 |
|
|
104,108 |
|
Total assets |
|
$ |
282,348 |
|
|
$ |
264,812 |
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts payable |
|
$ |
9,384 |
|
|
$ |
6,510 |
|
Accrued compensation and related benefits |
|
6,757 |
|
|
5,160 |
|
Operating lease liabilities, current |
|
2,170 |
|
|
1,833 |
|
Other accrued liabilities |
|
5,758 |
|
|
7,515 |
|
Deferred revenue, current portion |
|
14,279 |
|
|
11,803 |
|
Total current liabilities |
|
38,348 |
|
|
32,821 |
|
Convertible notes, net |
|
54,013 |
|
|
53,821 |
|
Deferred tax liability,
net |
|
9,655 |
|
|
11,494 |
|
Operating lease liabilities,
non-current |
|
39,139 |
|
|
4,323 |
|
Deferred revenue,
non-current |
|
7,936 |
|
|
8,168 |
|
Other non-current
liabilities |
|
538 |
|
|
573 |
|
Total liabilities |
|
149,629 |
|
|
111,200 |
|
Total stockholders'
equity |
|
132,719 |
|
|
153,612 |
|
Total liabilities and
stockholders' equity |
|
$ |
282,348 |
|
|
$ |
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 |
|
$ |
42,965 |
|
|
$ |
21,661 |
|
Short-term investments |
|
2,431 |
|
|
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 |
|
$ |
46,471 |
|
|
$ |
60,714 |
|
|
|
|
|
|
FLUIDIGM
CORPORATION |
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS |
(In
thousands) |
(Unaudited) |
|
|
|
|
|
|
|
Six Months Ended June 30, |
|
|
2020 |
|
2019 |
Operating activities |
|
|
|
|
Net loss |
|
$ |
(28,995 |
) |
|
$ |
(39,218 |
) |
Depreciation and amortization |
|
2,016 |
|
|
2,351 |
|
Stock-based compensation expense |
|
6,000 |
|
|
5,263 |
|
Amortization of developed technology |
|
5,936 |
|
|
5,600 |
|
Amortization of debt discounts, premium and issuance costs |
|
275 |
|
|
2,037 |
|
Loss on extinguishment of debt |
|
— |
|
|
9,000 |
|
Loss on disposal of property and equipment |
|
148 |
|
|
29 |
|
Other non-cash items |
|
1,773 |
|
|
467 |
|
Changes in assets and liabilities, net |
|
5,762 |
|
|
(10,672 |
) |
Net cash used in operating activities |
|
(7,085 |
) |
|
(25,143 |
) |
|
|
|
|
|
Investing activities |
|
|
|
|
Acquisition, net of cash
acquired |
|
(5,154 |
) |
|
— |
|
Purchases of investments |
|
— |
|
|
(44,614 |
) |
Proceeds from sales and maturities of investments |
|
34,411 |
|
|
— |
|
Purchases of property and equipment |
|
(1,671 |
) |
|
(685 |
) |
Net cash provided by (used in) investing activities |
|
27,586 |
|
|
(45,299 |
) |
|
|
|
|
|
Financing activities |
|
|
|
|
Payment of debt issuance costs |
|
(375 |
) |
|
(15 |
) |
Proceeds from employee equity programs, net |
|
383 |
|
|
1,202 |
|
Net cash provided by financing activities |
|
8 |
|
|
1,187 |
|
|
|
|
|
|
Effect of foreign exchange rate fluctuations on cash and cash
equivalents |
|
(205 |
) |
|
(25 |
) |
Net increase (decrease) in cash, cash equivalents and
restricted cash |
|
20,304 |
|
|
(69,280 |
) |
Cash, cash equivalents and restricted cash at beginning of
period |
|
23,736 |
|
|
95,401 |
|
Cash, cash equivalents and restricted cash at end of
period |
|
$ |
44,040 |
|
|
$ |
26,121 |
|
|
|
|
|
|
Cash and cash equivalents, restricted cash and available for
sale securities consist of: |
|
|
|
|
Cash and cash equivalents |
|
$ |
42,965 |
|
|
$ |
24,046 |
|
Short-term investments |
|
2,431 |
|
|
44,815 |
|
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 |
|
$ |
46,471 |
|
|
$ |
70,936 |
|
|
|
|
|
|
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 June 30, |
|
Six Months Ended June 30, |
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
|
|
|
|
|
|
|
|
Net loss
(GAAP) |
|
$ |
(13,015 |
) |
|
$ |
(13,753 |
) |
|
$ |
(28,995 |
) |
|
$ |
(39,218 |
) |
Stock-based compensation expense |
|
3,634 |
|
|
2,992 |
|
|
6,000 |
|
|
5,263 |
|
Amortization of developed technology (a) |
|
2,968 |
|
|
2,800 |
|
|
5,936 |
|
|
5,600 |
|
Depreciation and amortization |
|
924 |
|
|
1,160 |
|
|
2,016 |
|
|
2,351 |
|
Interest expense (b) |
|
897 |
|
|
491 |
|
|
1,797 |
|
|
3,192 |
|
Loss on disposal of property and equipment |
|
148 |
|
|
(41 |
) |
|
148 |
|
|
29 |
|
Loss on extinguishment of debt |
|
— |
|
|
— |
|
|
— |
|
|
9,000 |
|
Benefit from acquisition related income taxes (c) |
|
(742 |
) |
|
(742 |
) |
|
(1,484 |
) |
|
(1,484 |
) |
Net loss (Non-GAAP) |
|
$ |
(5,186 |
) |
|
$ |
(7,093 |
) |
|
$ |
(14,582 |
) |
|
$ |
(15,267 |
) |
Shares used in net loss per share calculation - |
|
|
|
|
|
|
|
|
basic and diluted (GAAP and Non-GAAP) |
|
70,916 |
|
|
69,158 |
|
|
70,691 |
|
|
63,923 |
|
|
|
|
|
|
|
|
|
|
Net loss per share - basic and diluted (GAAP) |
|
$ |
(0.18 |
) |
|
$ |
(0.20 |
) |
|
$ |
(0.41 |
) |
|
$ |
(0.61 |
) |
Net loss per share - basic and diluted (Non-GAAP) |
|
$ |
(0.07 |
) |
|
$ |
(0.10 |
) |
|
$ |
(0.21 |
) |
|
$ |
(0.24 |
) |
|
|
|
|
|
|
|
|
|
ITEMIZED
RECONCILIATION BETWEEN GAAP AND NON-GAAP PRODUCT AND SERVICE
MARGIN |
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended June 30, |
|
Six Months Ended June 30, |
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Product and service gross profit (GAAP) |
|
$ |
11,825 |
|
|
$ |
15,363 |
|
|
$ |
24,827 |
|
|
$ |
32,353 |
|
Amortization of developed technology (a) |
|
2,800 |
|
|
2,800 |
|
|
5,600 |
|
|
5,600 |
|
Depreciation and amortization (d) |
|
403 |
|
|
444 |
|
|
796 |
|
|
897 |
|
Stock-based compensation expense (d) |
|
108 |
|
|
108 |
|
|
179 |
|
|
235 |
|
Product and service gross profit (Non-GAAP) |
|
$ |
15,136 |
|
|
$ |
18,715 |
|
|
$ |
31,402 |
|
|
$ |
39,085 |
|
|
|
|
|
|
|
|
|
|
Product and service margin percentage (GAAP) |
|
52.5 |
% |
|
54.5 |
% |
|
53.1 |
% |
|
55.5 |
% |
Product and service margin percentage (Non-GAAP) |
|
67.1 |
% |
|
66.4 |
% |
|
67.2 |
% |
|
67.0 |
% |
|
|
|
|
|
|
|
|
|
ITEMIZED
RECONCILIATION BETWEEN GAAP AND NON-GAAP OPERATING
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended June 30, |
|
Six Months Ended June 30, |
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Operating expenses (GAAP) |
|
$ |
29,064 |
|
|
$ |
29,999 |
|
|
$ |
60,458 |
|
|
$ |
61,195 |
|
Stock-based compensation expense (e) |
|
(3,526 |
) |
|
(2,884 |
) |
|
(5,821 |
) |
|
(5,028 |
) |
Depreciation and amortization (e) |
|
(689 |
) |
|
(716 |
) |
|
(1,556 |
) |
|
(1,454 |
) |
Loss on disposal of property and equipment (e) |
|
(148 |
) |
|
41 |
|
|
(148 |
) |
|
(29 |
) |
Operating expenses (Non-GAAP) |
|
$ |
24,701 |
|
|
$ |
26,440 |
|
|
$ |
52,933 |
|
|
$ |
54,684 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ITEMIZED
RECONCILIATION BETWEEN GAAP AND NON-GAAP LOSS FROM
OPERATIONS |
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended June 30, |
|
Six Months Ended June 30, |
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Loss from operations (GAAP) |
|
$ |
(13,726 |
) |
|
$ |
(14,636 |
) |
|
$ |
(28,668 |
) |
|
$ |
(28,842 |
) |
Stock-based compensation expense |
|
3,634 |
|
|
2,992 |
|
|
6,000 |
|
|
5,263 |
|
Amortization of developed technology (a) |
|
2,968 |
|
|
2,800 |
|
|
5,936 |
|
|
5,600 |
|
Depreciation and amortization (e) |
|
924 |
|
|
1,160 |
|
|
2,016 |
|
|
2,351 |
|
Loss on disposal of property and equipment (e) |
|
148 |
|
|
(41 |
) |
|
148 |
|
|
29 |
|
Loss from operations (Non-GAAP) |
|
$ |
(6,052 |
) |
|
$ |
(7,725 |
) |
|
$ |
(14,568 |
) |
|
$ |
(15,599 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) represents amortization of developed
technology in connection with the DVS acquisitions |
(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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