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Fluidigm's Q4 Revenues Climb 36 Percent

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Reporting as a public company for the first time, Fluidigm today said that its fourth-quarter revenues increased 36 percent while it trimmed its net loss year over year.

The South San Francisco-based microfluidics and sample preparation technologies firm brought in total revenues of $10.4 million for the three months ended Dec. 31, 2010, compared to $7.6 million for the fourth quarter of 2009.

Its instruments sales rose 40 percent to $6.7 million from $4.8 million, and its consumables sales climbed 21 percent to $2.9 million from $2.4 million. Its grant revenue was $776,000 versus $393,000 for Q4 2009.

Fluidigm's net loss for the quarter dropped to $3.1 million, or $1.59 per share, from $3.4 million, or $1.86 per share, year over year. On a non-GAAP basis, its net loss was $1.2 million, or $.63 per share, compared to $2.2 million, or $1.22 per share, for Q4 2009.

The firm's R&D spending declined 6 percent to $2.9 million from $3.1 million, while its SG&A expenses climbed 11 percent to $5.3 million from $5.9 million.

For full-year 2010, Fluidigm had revenues of $33.6 million, up from $25.4 million. Its instrument sales increased to $20.7 million from $17.3 million, and its consumables sales rose to $9.8 million from $6.3 million.

The firm's net loss for the year was $16.9 million, or $8.94 per share, compared to $19.1 million, or $11.02 per share. On a non-GAAP basis, the yearly loss was 11.2 million, or $5.93 per share, versus $13.9 million, or $7.99 per share.

Fluidigm's R&D spending for the year was $13 million, up from $12.3 million in 2009, and its SG&A spending increased to $23.5 million from $19.6 million.

"Our top line revenue growth and continued margin improvement in the quarter capped off a great year," Fluidigm President and CEO Gajus Worthington said in a statement. "This gives us a solid financial footing as we move into our new life as a public company."

The firm finished the year with $5.7 million in cash and cash equivalents. That amount does not take into account the roughly $80 million Fluidigm raised in net proceeds from its initial public offering last month.

For full-year 2011, Fluidigm expects product revenues to grow between 25 percent and 27 percent over FY 2010.