Fluidigm (FLDM) Prelim. Q3 Revenue Falls Short

October 12, 2016 4:06 PM EDT
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Fluidigm Corporation (NASDAQ: FLDM) today announced preliminary revenue for the third quarter ended September 30, 2016.

Estimated total revenue for the third quarter of 2016, based on management’s preliminary analysis, was approximately $22.2 million, a decrease of 23% from $28.6 million in the third quarter of 2015. In the third quarter, instrument revenue fell short of expectations and was approximately $9.2 million, representing a decline of 39% compared to the year ago period. The shortfall versus expectations in instrument revenue was driven primarily by lower-than-expected sales of Helios™ systems. These financial results are preliminary and subject to completion of our financial statements for the quarter ended September 30, 2016 and the review of those financial statements by our independent registered public accounting firm.

(Streets sees Q3 revenue of $29.25 million)

In light of our assessment of preliminary third quarter results, we are suspending our full year 2016 guidance. We will provide a detailed business review of our financial results when we report our third quarter results after the close of the markets on Thursday, November 3, 2016. We are currently observing a pre-earnings quiet period and will not be in a position to comment further about our third quarter performance until our regular earnings call.

“We are exceedingly disappointed that our third quarter financial results did not meet our expectations. Although lower-than-expected sales of Helios systems contributed a significant portion of the overall shortfall, we have already seen a number of those anticipated sales close or progress in the fourth quarter,” said Gajus Worthington, Fluidigm’s chief executive officer. “We are addressing the underlying issues impacting our performance, and continue to take actions to improve our business and return to growth,” continued Worthington.

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