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Fluidigm's Q4 Revenues Jump 26 Percent

NEW YORK (GenomeWeb News) – Fluidigm reported after the close of the market Tuesday that its fourth-quarter revenues increased 26 percent, driven by a 28 percent increase in product revenue.

The South San Francisco, Calif.-based firm reported total revenues of $13 million for the three-month period ended Dec. 31, compared to $10.4 million for the fourth quarter of 2010. Analysts had anticipated revenues of $12.4 million.

Fluidigm's product revenue was $12.3 million, with $7.4 million derived from instruments and $4.9 million coming from consumables. The Q4 2010 product revenue was $9.6 million, with $6.7 million coming from instrument sales and the remaining $2.9 million coming from consumables. Its license, collaboration, and grant revenue was $706,000, down from $776,000.

"Growth in terms of dollars was evenly spread between our three main application areas, that is gene expression, which is primarily single cell, production genotyping, and targeted resequencing sample preparation," Fluidigm President and CEO Gajus Worthington said on a conference call after the release of the financial results. He added that these areas are "three of the stronger growth areas in the life science business today."

Fluidigm posted a net loss of $3.5 million, or $.17 per share, compared to $3.1 million, or $1.59 per share, for the fourth quarter of 2010. On a non-GAAP basis, its loss per share was $.10 versus $.63 in Q4 2010.

It beat analysts' consensus estimate for a loss of $.21 per share.

The firm's R&D spending increased 38 percent to $4 million from $2.9 million, and its SG&A expenses increased 36 percent to $8 million from $5.9 million.

For full-year 2011, Fluidigm reported total revenues of $42.9 million, up 28 percent from $33.6 million. The firm beat Wall Street's estimate of $42.2 million.

Its product revenue jumped 33 percent to $40.6 million from $30.5 million, with instrument revenue rising to $25.2 million from $20.7 million year over year and consumables sales increasing to $15.4 million from $9.8 million. Its licensing, collaboration, and grant revenue was $2.3 million for the year compared to $3.1 million for 2010.

Revenue for the firm's Access Array system, which prepares amplicons for resequencing, grew more than 100 percent year over year, the firm noted in a statement.

Worthington said the firm expects researchers working in the sequencing space to continue the transition to targeted resequencing and added that unit growth will be driven by personal genome sequencers, such as Life Technologies' Ion Torrent PGM and Illumina's MiSeq instruments.

"To date, the Access Array system has been our fastest ramping product ever … but we have only captured placements in approximately 10 percent of the installed base of instruments that we believe are conducting targeted sequencing," he said, adding that the firm expects to capture more of the market this year.

"In 2012, you'll see us continue to broaden our Access Array protocols and we'll begin some directed marketing efforts to ensure we seize opportunities created by these new sequencers being introduced into the marketplace," he said.

For example, Fluidigm earlier on Tuesday introduced Access Array Target-Specific Primers, which the firm said provides "fast, simple, and inexpensive preparation of up to 480 amplicons per sample at a time."

Fluidigm posted a net loss of $22.5 million, or $1.81 per share, for FY 2011, versus a loss of $16.9 million, or $8.94 per share, for 2010. On a non-GAAP basis, its net loss for the year was $.65 per share, compared to $5.93 for 2010. Analysts had expected a net loss of $.97.

Its R&D spending was $13.9 million, up 7 percent from $13 million, and its SG&A expenses increased 33 percent to $31.3 million from $23.5 million. In addition, 2011 included a $3 million litigation charge related to the firm's settlement with Life Technologies last summer.

Fluidigm finished the year with $55 million in cash, cash equivalents, and available-for-sale securities.

For FY 2012, the company expects product revenues to grow between 25 percent and 30 percent over the $40.6 million reported for 2011.

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