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Fluidigm's Q2 Revenues Rise 32 Percent

NEW YORK (GenomeWeb News) – Fluidigm reported after the close of the market Tuesday that its second-quarter revenues increased 32 percent, which the firm attributed to strong sales of its BioMark and Access Array products.

The South San Francisco, Calif.-based firm brought in total revenues of $10.6 million for the three months ended June 30, compared to revenues of $8 million for the second quarter of 2010. Its product revenues were up 30 percent year over year to $9.7 million from $7.5 million.

The firm beat the Wall Street consensus estimate for revenues of $9.6 million.

"Our BioMark HD system had the strongest full quarter of any product we ever launched, signaling the importance of single-cell genomics," Fluidigm President and CEO Gajus Worthington said on a conference call following the release of the results.

He noted that revenues for its Access Array System for next-generation sequencing sample preparation more than doubled from the second quarter of 2010.

Fluidigm posted a net loss of $7.2 million, or $.36 per share, compared to a net loss of $4.8 million, or $2.59 per share, for Q2 2010. The company was privately held during last year's second quarter.

Fluidigm's bottom line was affected by a $3 million litigation charge to settle a dispute with Life Technologies. That settlement included cross-licensing agreements between the firms.

On a non-GAAP basis, Fluidigm's net loss was $2.8 million, or $.14 per share, compared to a non-GAAP net loss of $3.4 million, or $1.85 per share, for Q2 2010. Analysts, on average, had expected a loss of $.22 per share.

Also during the quarter, Fluidigm licensed intellectual property from Caliper Life Sciences covering microfluidic technology. Under that agreement it paid an upfront fee to Caliper and can exercise a payment option to extend the license into other fields. The firm added that royalty payments under the license are not expected to be material.

In addition, Fluidigm recently announced an alliance with BD Biosciences to run seminars for researchers on a combined workflow using the BD FacsAria III Cell Sorter for cell isolation and the Fluidigm BioMark HD System for analysis. Worthington said on the call that the firms have been working together for months.

"Together with BD, we can now enable researchers to collect unprecedented data on what is going on inside and outside individual cells at a molecular level and how these pathways are related," he said.

Worthington said that the spending environment from its end markets is no different than it has been over the previous few years. He said that unlike some other firms in the genomics tools space, Fluidigm did not benefit from the NIH stimulus program because it wasn't as well known a couple of years ago.

"We see steady demand for our products in every end customer segment that we serve including academic research," said Worthington. Our customers that are doing very unique things, particularly single-cell genomics with our system, are applying for grants and they're getting grants."

Fluidigm finished the quarter with $10.1 million in cash and cash equivalents and $54.2 million in available-for-sale securities.

The firm said that it is guiding toward the top of its range for full-year revenue growth of 27 percent to 30 percent.

Shares of Fluidigm on Nasdaq were up a fraction of 1 percent to $15.47 in early morning trading on Wednesday.

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