Fluidigm (FLDM) Guides Q4 Revs Below the Street

Fluidigm Corporation (NASDAQ: FLDM) today announced preliminary revenue for the fourth quarter and full year ended December 31, 2016.

Total revenue for the fourth quarter of 2016 is expected to be in the range of approximately $24.7 million to $25.2 million based on preliminary, unaudited financial data (*** cons is $26.25 million) At the midpoint of the range, fourth quarter 2016 revenue represents an increase of approximately 12% compared to $22.2 million for the third quarter of 2016 and a decrease of approximately 19% compared to $30.7 million for the fourth quarter of 2015. Accordingly, total revenue for the full year of 2016 is expected to be in the range of approximately $104.1 million to $104.6 million. At the midpoint of the range, full year 2016 revenue represents a decrease of approximately 9% compared to $114.7 million for the full year 2015.

As of December 31, 2016, Fluidigm had approximately $59.6 million in cash, cash equivalents, and investments compared with $71.2 million as of September 30, 2016.

These financial results are preliminary and subject to completion of Fluidigm’s financial statements for the year ended December 31, 2016, and the audit of those financial statements by its independent registered public accounting firm.

“Despite a challenging 2016, we made solid progress in framing a strategy that will guide our company going forward. 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. I am excited to lead Fluidigm on this journey and have tremendous optimism for the future,” said Chris Linthwaite, President and CEO.

Recent Business Highlights Delivering on our commitments

• In December, Fluidigm commenced commercial delivery of Imaging Mass Cytometry systems to high-value customers. Imaging mass cytometry uniquely expands upon the capabilities of mass cytometry to enable high-dimensional biomarker detection from tissues and cells in spatial context.
• Fluidigm launched a modular set of high-parameter Maxpar® mass cytometry panels for immuno-oncology research in early November. These comprehensive panels allow researchers to simultaneously profile T cell subpopulations from limited or precious samples up to 34 highly informative markers, including checkpoint response. The panels can be easily combined for complete coverage or flexibly customized with access to hundreds of commercially available preconjugated antibodies and custom conjugation options.
• Fluidigm released a new medium-cell high-throughput integrated fluidic circuit (HT IFC) with higher single-cell capture performance on the C1™ system in December. Capturing up to 800 medium-size (10–17 µm) cells, the new medium-cell HT IFC provides industry-leading sensitivity for high-throughput automated single-cell sequencing.

Expanding our network

• Fluidigm and GenomOncology entered into a distribution agreement to co-market the GO Clinical Workbench™ for molecular interpretation of somatic variants identified using Fluidigm systems in November. The combined offering will enable laboratories to achieve greater workflow efficiencies and productivity from next-generation sequencing (NGS) library preparation, variant annotation, and reporting.

Conference CallFluidigm will host a conference call in early February 2017 to discuss its financial results for the fourth quarter and full year ended December 31, 2016.

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