Fluidigm Corporation (Nasdaq: FLDM), an innovative biotechnology
tools provider with a vision to improve life through comprehensive
health insight, today announced financial results for the third
quarter ended September 30, 2021.
“We saw a very active third quarter and made progress with our
ambitious plan to commercially scale two new instrument systems,”
said Chris Linthwaite, President and CEO. “Core demand for our
products was healthy, but we were unable to fulfill all orders for
our products during the quarter, largely due to supply chain
issues. Our backlog of unfilled orders stands at more than $9
million, which is almost twice as much as our historic average. We
expect to work through these pending orders over the next few
quarters. Demand in the APAC region was impacted by tax permit
issues in China and COVID-related shutdowns in Japan.
“We were pleased to deliver the first production units of the
Olink® Signature Q100 benchtop instrument system and anticipate an
increase in deliveries in Q4 for this product, as well as for our
new CyTOF® XT platform,” continued Linthwaite.
Strategic Review
Fluidigm also announced today that its Board of Directors is
undertaking a review of various options, with the assistance of
outside financial, operating and legal advisors, to maximize
stockholder value, including with regard to strategic alternatives,
cost and capital structure, and operations and supply chain. There
can be no assurance that the evaluation of these options will
result in Fluidigm taking any particular action, and there can be
no assurance as to the outcome or timing of this process. Fluidigm
has not set a timetable for completion of the process and does not
intend to disclose developments related to the Board’s process
unless and until the Board determines that further disclosure is
appropriate or required.
Recent Highlights
Mass Cytometry
Innovation:
- Introduced Maxpar® OnDemand Antibodies (as part of our
IMC™ Summit: Uncovering Spatial Biology), an option that more than
doubles our current catalog offerings for metal-conjugated
antibodies for Imaging Mass Cytometry™ (IMC).
- Sold ten of our new CyTOF XT™ systems since launch, with two
additional instruments in backlog.
Partnerships:
- Announced a new phase of a collaboration agreement with
Visiopharm®. New software developed in collaboration with
Visiopharm enables native reading of data files from the Hyperion™
Imaging System to simplify and accelerate workflow.
- Executed a collaboration agreement with the Karolinska
Institutet to accelerate customer adoption of our new CyTOF XT
instrument.
Beachheads:
- Announced that Imaging Mass Cytometry is being utilized in
studies led by researchers at Weill Cornell Medicine to identify
molecular links between African ancestry and aggressive forms of
breast and prostate cancer and investigate these as a source of
racial disparities in cancer outcomes, further expanding use cases
and highlighting IMC as a valuable tool in oncology drug
development.
- Announced publication of new data further validating the
potential of mass cytometry, the basis of Fluidigm® proprietary
CyTOF technology. A Nature Communications article outlined a study
evaluating key inflammatory pathways in pregnant women infected
with SARS-CoV-2, the virus that causes COVID-19, illustrating the
flexibility of CyTOF technology in gaining health insights.
- At quarter end, over 175 clinical trials were underway using
CyTOF technology.
- Total publications and preprints involving CyTOF technology
exceeded 1,740, including 130 publications and preprints for
Imaging Mass Cytometry, as of the end of Q3 2021.
Microfluidics
Innovation:
- Launching this week, our next-generation Biomark™ microfluidics
platform, delivering significant innovation and industry-leading
advantages in speed, throughput, flexibility and cost while
supporting broader market penetration.
- Our agreement with the National Institutes of Health (the RADx
program) was extended into the fourth quarter of 2021. Our next
milestone includes an FDA Emergency Use Authorization
submission leveraging a new sample-to-answer IFC format as
part of a COVID-19 testing kit. This submission specifies a test
with a sample type that extracts RNA from nasal samples.
Partnerships:
- Saw strong demand for orders of the Olink Signature Q100 system
designed and manufactured by Fluidigm, showcasing how strategic
partnerships can support our Vision 2025 strategic growth
plan.
Beachheads:
- A leading contract research organization (CRO) customer secured
a large contract for a saliva-based COVID-19 testing program for a
large network of public schools using Fluidigm microfluidics
technology.
Third Quarter 2021 Financial Results
Total revenue was $28.5 million for the quarter ended September
30, 2021, compared with $39.9 million for the third quarter of
2020. Base product and service revenue (excluding COVID-19 testing
revenue) was $25.6 million, compared to $25.1 million during the
same period last year. Base revenue included $6.0 million in
service revenue. Total revenue also included $0.6 million of other
revenue.
GAAP net loss for the quarter was $13.8 million, compared with a
GAAP net loss of $6.0 million for the third quarter of 2020.
Non-GAAP net loss was $5.4 million for the quarter, compared
with non-GAAP net income of $2.5 million for the third quarter of
2020.
Cash and cash equivalents and restricted cash as of September
30, 2021, totaled $30.3 million, compared to $31.9 million as of
June 30, 2021, and undrawn capacity on our revolver was $10.3
million at the end of the quarter.
A reconciliation of GAAP to non-GAAP financial measures can be
found in the tables of this news release.
Supplemental Financial Information updated through September 30,
2021, has been posted on our website concurrent with this
release.
Fiscal 2021 Guidance
Fluidigm is revising its previously stated full-year total
revenue guidance as various factors have affected our business and
business outlook in the near term. These factors include current
supply chain constraints, new outbreaks of COVID-19 infections and
the impact on access to labs and research institutions, and ongoing
uncertainty regarding resolution of tax permit issues in China.
($ in millions) |
2020 |
2021 |
|
Actuals |
PreviousGuidance |
Current Guidance |
Product & Service Revenue |
|
|
|
Base
business |
$100.1 |
$120 – $122 |
$107 – $109 |
COVID-19 Testing
Revenue |
$22.4 |
$10– $13 |
$12 – $13 |
Total Product & Service
Revenue |
$122.5 |
$130 – $135 |
$119 – $122 |
Other
Revenue |
$15.6 |
$4 – $5 |
$4 – $5 |
Total Revenue |
$138.1 |
$134 – $140 |
$123 – $127 |
|
|
|
|
Year-over-year growth |
|
|
|
Base
business |
(14)% |
20% – 22% |
7% – 9% |
COVID-19 Testing Revenue |
NM |
(55)% – (42)% |
(46)% – (42)% |
Total
Product & Service Revenue |
5% |
6% – 10% |
(2)% – (0)% |
Total Revenue |
18% |
(3)% – 1% |
(11)% – (8)% |
- GAAP net loss of $63 million to $66 million.
- Non-GAAP net loss of $37 million to $40 million.
Q4 2021 Guidance
- Base product and service revenue (excluding COVID-19 testing
revenue) of approximately $30 million to $32 million, or a
year-over-year growth of approximately (3)% to 3%.
- COVID-19 testing revenue of approximately $1 million to $2
million, a year-over-year decline of $7.4 million to $8.4
million.
- Total product and service revenue of approximately $31 million
to $34 million, or a year-over-year decline of approximately 16
percent to 23 percent. Product and service revenue in Q4 2020
included approximately $9.4 million of COVID-19 testing
revenue.
- Total revenue of approximately $31 million to $34 million.
Conference Call Information Fluidigm will host
a conference call today, November 8, 2021, at 1:30 p.m. PT, 4:30
p.m. ET, to discuss third 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: 5579013
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 1:15 p.m.
PT, 4:15 p.m. ET, on November 8, 2021. The webcast will be archived
on the Fluidigm Investor Relations page at
investors.fluidigm.com.
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 September 30, 2021, and September 30,
2020, as well as guidance for non-GAAP net loss for fiscal 2021.
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 net loss excludes 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 Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, including, among others, statements regarding new product
introductions and launch plans, anticipated benefits under
collaborations and agreements with third parties, access to new
customers and markets, the adoption of Fluidigm technology and
products for translational and clinical research, the impact of the
COVID-19 pandemic, exploration of options to maximize stockholder
value, 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; 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 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;
risks related to our cash management plans and financing
alternatives 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, Biomark, CyTOF, CyTOF XT, Hyperion,
Imaging Mass Cytometry, IMC and Maxpar are trademarks and/or
registered trademarks of Fluidigm Corporation or its
affiliates in the United States and/or other countries.
All other trademarks are the sole property of their respective
owners. 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 September 30, |
|
Nine Months Ended September 30, |
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
Revenue: |
|
|
|
|
|
|
|
|
Product revenue |
|
$ |
21,937 |
|
|
|
$ |
29,210 |
|
|
|
$ |
69,292 |
|
|
|
$ |
65,596 |
|
|
Service revenue |
|
6,016 |
|
|
|
6,131 |
|
|
|
18,929 |
|
|
|
16,457 |
|
|
Product and service revenue |
|
27,953 |
|
|
|
35,341 |
|
|
|
88,221 |
|
|
|
82,053 |
|
|
Other revenue (1) |
|
551 |
|
|
|
4,520 |
|
|
|
4,095 |
|
|
|
11,483 |
|
|
Total revenue |
|
28,504 |
|
|
|
39,861 |
|
|
|
92,316 |
|
|
|
93,536 |
|
|
Costs and expenses: |
|
|
|
|
|
|
|
|
Cost of product revenue |
|
13,327 |
|
|
|
12,773 |
|
|
|
37,720 |
|
|
|
31,896 |
|
|
Cost of service revenue |
|
1,508 |
|
|
|
1,769 |
|
|
|
5,465 |
|
|
|
4,531 |
|
|
Cost of product and service revenue |
|
14,835 |
|
|
|
14,542 |
|
|
|
43,185 |
|
|
|
36,427 |
|
|
Research and development |
|
9,209 |
|
|
|
8,128 |
|
|
|
29,403 |
|
|
|
25,275 |
|
|
Selling, general and administrative |
|
24,072 |
|
|
|
22,655 |
|
|
|
75,928 |
|
|
|
65,966 |
|
|
Total costs and expenses |
|
48,116 |
|
|
|
45,325 |
|
|
|
148,516 |
|
|
|
127,668 |
|
|
Loss from operations |
|
(19,612 |
) |
|
|
(5,464 |
) |
|
|
(56,200 |
) |
|
|
(34,132 |
) |
|
Interest expense |
|
(968 |
) |
|
|
(885 |
) |
|
|
(2,751 |
) |
|
|
(2,682 |
) |
|
Surplus funding from NIH
contract |
|
5,000 |
|
|
|
— |
|
|
|
5,000 |
|
|
|
— |
|
|
Other income (expense),
net |
|
315 |
|
|
|
107 |
|
|
|
534 |
|
|
|
(248 |
) |
|
Loss before income taxes |
|
(15,265 |
) |
|
|
(6,242 |
) |
|
|
(53,417 |
) |
|
|
(37,062 |
) |
|
Income tax benefit |
|
1,422 |
|
|
|
243 |
|
|
|
3,609 |
|
|
|
2,068 |
|
|
Net loss |
|
$ |
(13,843 |
) |
|
|
$ |
(5,999 |
) |
|
|
$ |
(49,808 |
) |
|
|
$ |
(34,994 |
) |
|
|
|
|
|
|
|
|
|
|
Net loss per share, basic and
diluted |
|
$ |
(0.18 |
) |
|
|
$ |
(0.08 |
) |
|
|
$ |
(0.66 |
) |
|
|
$ |
(0.49 |
) |
|
Shares used to compute net
loss per share, basic and diluted |
|
76,301 |
|
|
|
72,486 |
|
|
|
75,494 |
|
|
|
71,294 |
|
|
|
|
|
|
|
|
|
|
|
Notes: (1) Other
revenue includes product development, license, royalty and grant
revenue. |
|
FLUIDIGM CORPORATION |
CONDENSED CONSOLIDATED BALANCE SHEETS |
(In thousands) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
September 30,2021 |
|
December 31, 2020 (1) |
ASSETS |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash and cash equivalents (2) |
|
$ |
29,309 |
|
|
$ |
68,520 |
|
Accounts receivable, net |
|
13,732 |
|
|
25,423 |
|
Inventories, net |
|
24,498 |
|
|
19,689 |
|
Prepaid expenses and other current assets (2) |
|
5,926 |
|
|
4,031 |
|
Total current assets |
|
73,465 |
|
|
117,663 |
|
Property and equipment,
net |
|
28,913 |
|
|
17,531 |
|
Operating lease right-of-use
assets, net |
|
37,698 |
|
|
38,114 |
|
Other non-current assets
(2) |
|
4,692 |
|
|
4,680 |
|
Developed technology, net |
|
30,992 |
|
|
40,206 |
|
Goodwill |
|
106,428 |
|
|
106,563 |
|
Total assets |
|
$ |
282,188 |
|
|
$ |
324,757 |
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts payable |
|
$ |
10,786 |
|
|
$ |
9,220 |
|
Accrued compensation and related benefits |
|
8,286 |
|
|
13,787 |
|
Operating lease liabilities, current |
|
2,873 |
|
|
2,973 |
|
Other accrued liabilities |
|
8,188 |
|
|
11,882 |
|
Deferred grant income, current |
|
4,299 |
|
|
2,912 |
|
Deferred revenue, current |
|
12,858 |
|
|
13,475 |
|
Total current liabilities |
|
47,290 |
|
|
54,249 |
|
Term loan, net |
|
9,993 |
|
|
— |
|
Convertible notes, net |
|
54,051 |
|
|
54,224 |
|
Deferred tax liability,
net |
|
7,229 |
|
|
8,697 |
|
Operating lease liabilities,
non-current |
|
38,170 |
|
|
38,178 |
|
Deferred revenue,
non-current |
|
6,034 |
|
|
7,990 |
|
Deferred grant income,
non-current |
|
19,130 |
|
|
21,036 |
|
Other non-current
liabilities |
|
954 |
|
|
1,333 |
|
Total liabilities |
|
182,851 |
|
|
185,707 |
|
Total stockholders'
equity |
|
99,337 |
|
|
139,050 |
|
Total liabilities and
stockholders' equity |
|
$ |
282,188 |
|
|
$ |
324,757 |
|
|
|
|
|
|
Notes: |
|
|
|
|
(1) Derived from audited
consolidated financial statements |
|
|
|
|
(2) Cash, cash equivalents and
restricted cash consist of: |
|
|
|
|
Cash and cash equivalents |
|
$ |
29,309 |
|
|
$ |
68,520 |
|
Restricted cash (included in
other current assets and other non-current assets) |
|
1,016 |
|
|
1,016 |
|
Total cash, cash equivalents
and restricted cash |
|
$ |
30,325 |
|
|
$ |
69,536 |
|
|
|
|
|
|
FLUIDIGM CORPORATION |
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS |
(In thousands) |
(Unaudited) |
|
|
|
|
|
|
|
Nine Months Ended September 30, |
|
|
2021 |
|
2020 |
OPERATING
ACTIVITIES |
|
|
|
|
Net loss |
|
$ |
(49,808 |
) |
|
|
$ |
(34,994 |
) |
|
Stock-based compensation
expense |
|
11,738 |
|
|
|
10,358 |
|
|
Amortization of developed
technology |
|
8,944 |
|
|
|
8,929 |
|
|
Loss on disposal of property
and equipment |
|
6 |
|
|
|
191 |
|
|
Depreciation and
amortization |
|
2,744 |
|
|
|
2,988 |
|
|
Other non-cash items |
|
2,357 |
|
|
|
2,971 |
|
|
Changes in assets and
liabilities, net |
|
(13,040 |
) |
|
|
(2,127 |
) |
|
Net cash used in operating
activities |
|
(37,059 |
) |
|
|
(11,684 |
) |
|
|
|
|
|
|
INVESTING
ACTIVITIES |
|
|
|
|
Acquisition, net of cash
acquired |
|
— |
|
|
|
(5,154 |
) |
|
Proceeds from NIH
Contract |
|
2,000 |
|
|
|
11,151 |
|
|
Proceeds from sales and
maturities of investments |
|
— |
|
|
|
36,810 |
|
|
Purchases of property and
equipment |
|
(12,801 |
) |
|
|
(2,010 |
) |
|
Net cash provided by (used in)
investing activities |
|
(10,801 |
) |
|
|
40,797 |
|
|
|
|
|
|
|
FINANCING
ACTIVITIES |
|
|
|
|
Proceeds from term loan |
|
10,000 |
|
|
|
— |
|
|
Proceeds from issuance of
common stock from at-the-market offering, net of commissions |
|
— |
|
|
|
20,226 |
|
|
Repayment of long-term
debt |
|
(501 |
) |
|
|
— |
|
|
Proceeds from (payments for)
employee equity programs, net |
|
(802 |
) |
|
|
708 |
|
|
Payment of debt and equity
issuance costs |
|
(35 |
) |
|
|
(509 |
) |
|
Net cash provided by financing
activities |
|
8,662 |
|
|
|
20,425 |
|
|
|
|
|
|
|
Effect of foreign exchange
rate fluctuations on cash and cash equivalents |
|
(13 |
) |
|
|
86 |
|
|
Net increase (decrease) in
cash, cash equivalents and restricted cash |
|
(39,211 |
) |
|
|
49,624 |
|
|
Cash, cash equivalents and
restricted cash at beginning of period |
|
69,536 |
|
|
|
23,736 |
|
|
Cash, cash equivalents and
restricted cash at end of period |
|
$ |
30,325 |
|
|
|
$ |
73,360 |
|
|
|
|
|
|
|
Cash, cash equivalents and
restricted cash consist of: |
|
|
|
|
Cash and cash equivalents |
|
$ |
29,309 |
|
|
|
$ |
72,345 |
|
|
Restricted cash (included in
prepaid and other current assets, and other non-current
assets) |
|
1,016 |
|
|
|
1,015 |
|
|
Total cash, cash equivalents
and restricted cash |
|
$ |
30,325 |
|
|
|
$ |
73,360 |
|
|
|
|
|
|
|
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 September 30, |
|
Nine Months Ended September 30, |
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|
|
|
|
|
|
|
|
Net loss (GAAP) |
|
$ |
(13,843 |
) |
|
|
$ |
(5,999 |
) |
|
|
$ |
(49,808 |
) |
|
|
$ |
(34,994 |
) |
|
Stock-based compensation
expense |
|
4,320 |
|
|
|
4,358 |
|
|
|
11,738 |
|
|
|
10,358 |
|
|
Amortization of developed
technology (a) |
|
2,979 |
|
|
|
2,993 |
|
|
|
8,944 |
|
|
|
8,929 |
|
|
Depreciation and
amortization |
|
893 |
|
|
|
972 |
|
|
|
2,744 |
|
|
|
2,988 |
|
|
Interest expense (b) |
|
968 |
|
|
|
885 |
|
|
|
2,751 |
|
|
|
2,682 |
|
|
Loss on disposal of property
and equipment |
|
5 |
|
|
|
43 |
|
|
|
6 |
|
|
|
191 |
|
|
Loss on extinguishment of
debt |
|
— |
|
|
|
— |
|
|
|
9 |
|
|
|
— |
|
|
Benefit from acquisition
related income taxes (c) |
|
(742 |
) |
|
|
(742 |
) |
|
|
(2,226 |
) |
|
|
(2,226 |
) |
|
Net income (loss)
(Non-GAAP) |
|
$ |
(5,420 |
) |
|
|
$ |
2,510 |
|
|
|
$ |
(25,842 |
) |
|
|
$ |
(12,072 |
) |
|
Shares used in net loss per
share calculation - |
|
|
|
|
|
|
|
|
basic and diluted (GAAP and Non-GAAP) |
|
76,301 |
|
|
|
72,486 |
|
|
|
75,494 |
|
|
|
71,294 |
|
|
|
|
|
|
|
|
|
|
|
Net loss per share - basic and
diluted (GAAP) |
|
$ |
(0.18 |
) |
|
|
$ |
(0.08 |
) |
|
|
$ |
(0.66 |
) |
|
|
$ |
(0.49 |
) |
|
Net income (loss) per share -
basic and diluted (Non-GAAP) |
|
$ |
(0.07 |
) |
|
|
$ |
0.03 |
|
|
|
$ |
(0.34 |
) |
|
|
$ |
(0.17 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ITEMIZED RECONCILIATION BETWEEN GAAP AND NON-GAAP PRODUCT
AND SERVICE MARGIN |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
Product and service gross
profit (GAAP) |
|
$ |
13,118 |
|
|
|
$ |
20,799 |
|
|
|
$ |
45,036 |
|
|
|
$ |
45,626 |
|
|
Amortization of developed
technology (a) |
|
2,800 |
|
|
|
2,800 |
|
|
|
8,400 |
|
|
|
8,400 |
|
|
Depreciation and amortization
(d) |
|
348 |
|
|
|
419 |
|
|
|
1,161 |
|
|
|
1,215 |
|
|
Stock-based compensation
expense (d) |
|
188 |
|
|
|
133 |
|
|
|
414 |
|
|
|
312 |
|
|
Product and service gross
profit (Non-GAAP) |
|
$ |
16,454 |
|
|
|
$ |
24,151 |
|
|
|
$ |
55,011 |
|
|
|
$ |
55,553 |
|
|
|
|
|
|
|
|
|
|
|
Product and service margin
percentage (GAAP) |
|
46.9 |
|
% |
|
58.9 |
|
% |
|
51.0 |
|
% |
|
55.6 |
|
% |
Product and service margin
percentage (Non-GAAP) |
|
58.9 |
|
% |
|
68.3 |
|
% |
|
62.4 |
|
% |
|
67.7 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ITEMIZED RECONCILIATION BETWEEN GAAP AND NON-GAAP OPERATING
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
Operating expenses (GAAP) |
|
$ |
33,281 |
|
|
|
$ |
30,783 |
|
|
|
$ |
105,331 |
|
|
|
$ |
91,241 |
|
|
Stock-based compensation
expense (e) |
|
(4,132 |
) |
|
|
(4,225 |
) |
|
|
(11,324 |
) |
|
|
(10,046 |
) |
|
Depreciation and amortization
(e) |
|
(723 |
) |
|
|
(746 |
) |
|
|
(2,127 |
) |
|
|
(2,302 |
) |
|
Loss on disposal of property
and equipment (e) |
|
(5 |
) |
|
|
(43 |
) |
|
|
(6 |
) |
|
|
(191 |
) |
|
Operating expenses
(Non-GAAP) |
|
$ |
28,421 |
|
|
|
$ |
25,769 |
|
|
|
$ |
91,874 |
|
|
|
$ |
78,702 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ITEMIZED RECONCILIATION BETWEEN GAAP AND NON-GAAP LOSS FROM
OPERATIONS |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
Loss from operations
(GAAP) |
|
$ |
(19,612 |
) |
|
|
$ |
(5,464 |
) |
|
|
$ |
(56,200 |
) |
|
|
$ |
(34,132 |
) |
|
Stock-based compensation
expense |
|
4,320 |
|
|
|
4,358 |
|
|
|
11,738 |
|
|
|
10,358 |
|
|
Amortization of developed
technology (a) |
|
2,979 |
|
|
|
2,993 |
|
|
|
8,944 |
|
|
|
8,929 |
|
|
Depreciation and amortization
(e) |
|
893 |
|
|
|
972 |
|
|
|
2,744 |
|
|
|
2,988 |
|
|
Loss on disposal of property
and equipment (e) |
|
5 |
|
|
|
43 |
|
|
|
6 |
|
|
|
191 |
|
|
Income (loss) from operations
(Non-GAAP) |
|
$ |
(11,415 |
) |
|
|
$ |
2,902 |
|
|
|
$ |
(32,768 |
) |
|
|
$ |
(11,666 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Represents
amortization of developed technology in connection with the DVS and
InstruNor acquisitions |
(b) Represents
interest expense, primarily on convertible debt and the term
loan |
(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 and selling,
general and administrative activities |
|
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