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Fluidigm Expects 8 Percent Drop in Q1 Revenues, Withdraws 2020 Guidance

NEW YORK – Fluidigm said after the close of the market on Tuesday that it expects Q1 revenues of approximately $27.6 million.

Expected revenues would represent an 8 percent year-over-year decline from $30.1 million a year ago and fall short of analysts' average expectation of $29.3 million.

Fluidigm said that preliminary Q1 revenues include about $3 million in license revenue. The South San Francisco, California-based omics research tools firm said that it saw "significant slowdown" in customer activity beginning in China and spreading to all regions as Q1 and the COVID-19 pandemic progressed.

Widespread adoption of work-from-home or shelter-in-place policies caused many of the company's customers to reduce or suspend their activities, which adversely affected Q1 revenue, Fluidigm said, noting that results were not impacted by supply or manufacturing constraints.

Fluidigm also said that it is withdrawing its previously stated 2020 guidance due to the unknown duration and extent of the COVID-19 pandemic and how it will affect global operations.

As of March 31, 2020, Fluidigm had cash, cash equivalents, short-term investments, and restricted cash totaling about $49.6 million, compared to $60.7 million at the end of 2019. Cash flow in the quarter included a $5.2 million cash expenditure for the acquisition of InstruNor, announced in February, and $3.5 million of incoming cash from a licensing and legal settlement.

Fluidigm expects to release its full financial and operating results for Q1 and provide additional information on the impact of the COVID-19 pandemic in early May.

In mid-morning Wednesday trading on the Nasdaq, shares of Fluidigm were down about 8 percent at $1.93.