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Fluidigm Q3 Revenues Grow 12 Percent on Mass Cytometry Sales

NEW YORK (GenomeWeb) – Fluidigm reported after the close of the market Thursday that its third quarter revenues grew 12 percent year over year on strong sales of its mass cytometry products.

For the three months ended Sept. 30, the South San Francisco, California-based life science research tools firm had $24.7 million in revenues compared to $22.2 million a year ago.

Instrument revenue grew 15 percent to $10.5 million from $9.2 million due to increased revenue from mass cytometry instruments, partially offset by decreased revenue from genomics instruments.

Consumables revenue increased 14 percent to $10.1 million from $8.8 million with growth across both mass cytometry and high-throughput genomics, partially offset by decreased single-cell genomics revenue. Service revenues were relatively flat year over year at $4.1 million.

Fluidigm said that Q3 mass cytometry product revenue more than doubled to $10.3 million from $5.1 million, while genomics product revenue fell 20 percent to $10.3 million from $12.9 million.

Third quarter company highlights included a distribution agreement with the University of Zurich, announced in October, to offer histoCAT software for multiparameter tissue analysis. Under the agreement, Fluidigm obtained the right to globally distribute the software in conjunction with its imaging mass cytometry systems.

Fluidigm also announced Thursday a Mass Cytometry Center of Excellence initiative to develop and share suspension mass cytometry expertise. Under this initiative, researchers will work with Fluidigm to expand and refine training in mass cytometry operation and techniques as well as develop new content that will be shared with the company.

In Q3 Fluidigm shaved its net loss to $15.9 million, or $.46 per share, from a net loss of $19.8 million, or $.68 per share in the year-ago period. On an adjusted basis, Q3 net loss was $8.6 million, or $.25 per share.

The company spent $7.7 million on R&D in Q3, down from $9.3 million in the same quarter a year ago, while its SG&A expenses dipped slightly to $20.1 million from $21.1 million.

Fluidigm finished the quarter with $60.9 million in cash and cash equivalents and $1.4 million in short-term investments.

The company provided fourth quarter guidance of $25.5 million to $28.5 million in revenues.