NEW YORK (GenomeWeb) – Fluidigm today announced an approximately 19 percent decline in total revenue for the fourth quarter of 2016, among other preliminary financial results.
For the three months ended Dec. 31, the South San Francisco instrumentation firm expects between $24.7 million and $25.2 million in revenues, down from $30.7 million a year ago. On average, analysts are expecting total Q4 revenues of $26.3 million.
"Despite a challenging 2016, we made solid progress in framing a strategy that will guide our company going forward," CEO Chris Linthwaite, who replaced co-founder Gajus Worthington in October, said in a statement. "We are rebalancing our investment profile, improving operational efficiency, and increasing financial discipline. These initiatives are laying the foundation for a return to sustainable growth and stockholder return."
The firm noted that it has launched several new products, including the Maxpar mass cytometry panel, a new medium-cell high-throughput integrated fluidic circuit for the C1 system, and began commercial delivery of its Imaging Mass Cytometry systems.
Fluidigm said it expects full-year revenues to fall between $104.1 million to $104.6 million, a decrease of approximately 9 percent, compared to revenue of $114.7 million in 2015.
It ended the year with cash, cash equivalents, and investments of approximately $59.6 million.
In morning trading on the Nasdaq, shares of Fluidigm were down 8 percent at $7.64.