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Fluidigm Q1 Revenues Fall 1 Percent

NEW YORK (GenomeWeb) – Fluidigm reported after the close of the market Thursday that its first quarter revenues decreased 1 percent year over year due primarily to sagging instrument revenue.

For the three months ended March 31, the South San Francisco, California-based life science research tools firm logged $25.2 million in revenues compared to $25.5 million in the year-ago quarter. This included $20.5 million in product revenue and $4.8 million in service revenue.

Instrument revenue decreased 30 percent to $7.5 million from $10.7 million, tempered by a 23 percent uptick in consumables revenue to $13.0 million from $10.6 million.

The company said that lower revenue from mass cytometry instruments was partially offset by increased genomics instrument sales. The consumables revenue increase was driven by growth in both mass cytometry reagents and high-throughput genomics products, partially offset by decreased single-cell genomics revenues.

"While we posted double-digit mass cytometry consumables growth in the quarter, a very small number of mass cytometry instrument orders were delayed," Fluidigm President and CEO Chris Linthwaite said during a conference call recapping the company's earnings. "We expect to see those orders fulfilled in the coming months."

By end market, genomics revenue increased 18 percent to $16.3 million, while mass cytometry revenue decreased 23 percent to $9.0 million year over year.

Despite this, the company believes that its mass cytometry business is positioned for growth, Linthwaite noted during the call. Mass cytometry pull-through set a record, he said, and exceeded the company's guidance.

Linthwaite added that the company expects its new immune monitoring panel, the Maxpar Human Immune Monitoring Panel kit, to support "further growth in the translational research space." This panel, launched in early Q2, "enables comprehensive immune cell profiling in cancer, and immune-mediated diseases," Linthwaite said. "The Maxpar Kit is designed for use with the Helios system. This proven mass cytometry workflow makes a significant step forward in high-parameter immune profiling."

Fluidigm shaved its Q1 net loss to $13.2 million, or $.34 per share, from $17.2 million, or $.59 per share, in the same quarter a year ago. On an adjusted basis, loss per share was $.16.

The company spent $7.3 million on R&D in Q1, down 14 percent from $8.5 million in Q1 2017. Its SG&A expenses fell 17 percent to $18.8 million from $22.6 million a year ago.

Fluidigm finished the quarter with $42.0 million in cash and cash equivalents and $5.3 million in short-term investments.

During the quarter, Fluidigm exchanged $150 million of its outstanding convertible notes for new convertible notes with a later initial "put" date and new conversion features, a transaction that the company said will improve its capital structure and provide more secure footing for strategic growth.

Fluidigm expects second quarter revenues of $25 million to $28 million.