This article has been updated from a previous version to include comments made by Fluidigm's CEO in an earnings call.
NEW YORK – Fluidigm reported after the close of the market on Thursday that its second quarter revenues decreased 8 percent year over year.
For the three months ended June 30, 2020, Fluidigm tallied $26.1 million in revenues compared to $28.2 million a year ago, but ahead of analysts' consensus estimate of $19.1 million.
Product revenue fell 25 percent to $17.4 million in Q2 from $23.2 million a year ago, while service revenue crept up to $5.1 million from $5.0 million. Fluidigm logged $3.5 million in other revenue compared to none a year ago.
By product type, mass cytometry product and service revenue decreased 28 percent year over year to $12.5 million from $17.5 million due to lower sales of instruments and consumables, while microfluidics product and services revenue fell 8 percent to $10.0 million from $10.7 million due to lower consumables sales partially offset by higher instrument sales.
During the first half of the year, Fluidigm has shifted its business focus to quickly develop products and services related to diagnostic testing and research related to the COVID-19 pandemic.
"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," Fluidigm President and CEO Chris Linthwaite said in a statement.
He further noted that during the quarter Fluidigm shipped microfluidics consumables that enabled its customers to produce more than 100,000 COVID-19 assays.
In Q2 it filed for US Food and Drug Administration Emergency Use Authorization for its saliva-based Advanta Sx SARS-CoV-2 RT-PCR assay.
"Our collaboration with Washington University accelerated development of a novel extraction-free saliva test, combining their access to clinical samples with our technology, producing a full EUA submission package in a matter of weeks," Linthwaite said during an earnings call on Thursday. "We remain in close communication with the FDA and, given our pioneering technology and extraction-free saliva test, we are pleased with the level of engagement we've received from the FDA as they complete their review."
Linthwaite added that Fluidigm is "prepared for immediate commercialization and ramp-up upon authorization. In addition, we are positioned to service the emerging population screening market."
The company was also recently selected for a project worth up to $37 million under the National Institutes of Health Rapid Acceleration of Diagnostics (RADx) initiative. This project is expected to expand Fluidigm's production capacity and throughput capabilities for microfluidics technology in COVID-19 testing. Fluidigm said that 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 a definitive contract.
Furthermore, Linthwaite noted, researchers are harnessing the company's mass cytometry technology and Maxpar Direct Immune Profiling Assay in large National Institutes of Health-supported COVID-19 patient studies to better understand COVID-19 immune response.
"At its core, this virus is a pathogen that induces a complex immune response," Linthwaite said during the call. "The technology toolkit we've built in the last few years coupled with our infrastructure investments and commercial operations, manufacturing, regulatory affairs, and quality systems provided us a perfect launching pad to support clinical diagnostics and population-scale infectious disease research."
Fluidigm shaved its Q2 net loss to $13.0 million, or $.18 per share, from $13.8 million, or $.20 per share, a year ago. On a non-GAAP basis, its loss per share for Q2 2020 was $.07, beating Wall Street's average estimate of $.23.
The firm's Q2 R&D expenses rose 6 percent to $8.4 million from $7.9 million a year ago, while its SG&A spending decreased 7 percent to $20.6 million from $22.1 million.
Fluidigm finished the quarter with $43.0 million in cash and cash equivalents, $2.4 million in short-term investments, and $1.1 million in restricted cash.
In Friday morning trade on the Nasdaq, shares of Fluidigm were up 7 percent at $7.27.