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Fluidigm Preliminary Q3 Results Show 23 Percent Drop in Revenue

NEW YORK (GenomeWeb) – Fluidigm announced after the close of the markets on Wednesday that it will suspend its full-year 2016 revenue guidance based on its assessment of third quarter revenues.

According to management's preliminary analysis, the firm said, revenues for the three months ended Sept. 30 fell approximately 23 percent year over year, to $22.2 million from $28.6 million. Wall Street analysts had expected revenues of $29.3 million for the quarter.

Instrument revenues fell to approximately $9.2 million, a decrease of 39 percent compared to the prior year period. The firm noted that lower-than-expected sales of its Helios mass cytometry system contributed to the drop.

In morning trading on the Nasdaq, shares of Fluidigm were down 27 percent at $5.18.

"We are exceedingly disappointed that our third quarter financial results did not meet our expectations. Although lower-than-expected sales of Helios systems contributed a significant portion of the overall shortfall, we have already seen a number of those anticipated sales close or progress in the fourth quarter," Fluidigm CEO Gajus Worthington said in a statement.

Fluidigm added that its financial results are subject to completion of its financial statements for the quarter and review by an independent registered public accounting firm. It will present a detailed review of third quarter results on Nov. 3.