NEW YORK – Fluidigm reported after the close of the market on Thursday that its fourth quarter revenues fell 14 percent year over year, with a decline in COVID-19 testing offsetting a recovery in the company's base business.
For the three months ended Dec. 31, 2021, Fluidigm tallied revenues of $38.3 million compared to $44.6 million a year ago.
Product revenue fell to $31.1 million, down 10 percent from $34.3 million in Q4 2020. Service revenue was up 14 percent to $7.0 million, compared to $6.1 million in the year-ago period. Other revenue was $193,000, down 95 percent from $4.1 million in Q4 2020.
Excluding COVID-19 testing, revenues were $35.3 million, up 14 percent from $31.1 million the year before. COVID-19 revenues were $2.8 million, down 70 percent from $9.4 million in Q4 2020.
Microfluidics-related revenues increased 22 percent in Q4 to $14.1 million from $11.6 million a year ago, while mass cytometry-related revenues rose 8 percent year over year to $21.2 million.
Fluidigm's Q4 net loss was $9.4 million, or $.12 per share, down from a loss of $18.0 million, or $.24 per share, in the year-ago period. Adjusted net loss per share was $.01 during the quarter.
Fluidigm's Q4 R&D spending fell 24 percent to $8.5 million from $11.2 million a year ago, while its SG&A expenses were down 28 percent to $23.0 million from $31.9 million.
For full-year 2021, Fluidigm's revenues declined 5 percent to $130.6 million from $138.1 million in 2020.
Product revenue increased less than 1 percent to $100.4 million from $99.9 million in 2020. Service revenue increased 15 percent to $25.9 million from $22.6 million the year before. Other revenue was $4.3 million, down 73 percent from $15.6 million in 2020.
Full-year 2021 microfluidics-related revenues excluding COVID-19 testing increased 18 percent to $44.7 million, compared to $38.0 million in 2020. Mass cytometry-related revenues were up 9 percent to $67.7 million, driven largely by sales of the company's CyTOF Xt and Hyperion platforms along with service and consumables sales.
COVID-19 testing revenue was $13.9 million in 2021, down 38 percent from $22.4 million in 2020.
Fluidigm's net loss for 2021 was $59.2 million, or $.78 per share, up from $53.0 million, or $.74 per share, in 2020. On an adjusted basis, its 2021 net loss per share was $.35.
The company finished 2021 with $29.5 million in cash, cash equivalents, and restricted cash.
Fluidigm did not provide financial guidance, citing pending investment from Casdin Capital and Viking Global Investors and proposed leadership changes.
In Friday morning trading on the Nasdaq, Fluidigm shares were up 1 percent to $3.39.