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Fluidigm's Q3 Revenues, Net Loss Rise

This article has been corrected with the correct total revenue figure for 2007.

NEW YORK (GenomeWeb News) – Fluidigm today reported that its third-quarter revenues increased 124 percent over the comparable period of 2007, while its net loss grew 51 percent year over year.

The South San Francisco, Calif.-based firm said its total revenues were $4.6 million compared to nearly $2.1 million for the third quarter of 2007. Its product revenue, which consists of sales of integrated fluid circuits, instruments, software, reagents, and services, tripled to $4.2 million from $1.4 million.
Fluidigm said that sales volume for its BioMark system, which is used for gene expression analysis, genotyping, and digital PCR applications, doubled compared to the second quarter of this year. The company also launched this past summer its 96.96 Dynamic Array that can perform 9,216 simultaneous experiments.
Fluidigm’s net loss for the quarter was $8.9 million compared to $5.9 million for Q3 2007. The firm did not report its loss per share as it is still privately held.
The company had filed for an initial public offering earlier this year and was expected to float on the Nasdaq in September at price of between $14 and $16 per share. However, the economic crisis that has taken a toll on the stock market led the firm to ditch the IPO in late September.
Fluidigm acknowledged that it is not customary for a privately held firm to publicly report its financials. However, “we felt an obligation to update the financial world after we had promoted our company and its business prospects during our IPO roadshow,” said Fluidigm President and CEO Gajus Worthington. “We do not plan to disclose our financial data regularly.”

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