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Fluidigm Q2 Revenues Grow 19 Percent

NEW YORK – Fluidigm said after the close of the market on Thursday that its second quarter revenues grew 19 percent year over year.

For the three months ended June 30, the South San Francisco, California-based firm reported $31.0 million in total revenues compared to $26.1 million a year ago, edging out analysts' average expectation of $30.6 million.

Fluidigm's Q2 product revenue grew 30 percent to $22.6 million from $17.4 million a year ago, while its service revenue increased 29 percent to $6.6 million from $5.1 million a year ago. The company also recorded other revenue of $1.8 million, down 49 percent from $3.5 million a year ago.

The firm noted that its base product and service revenue (excluding COVID-19 testing) increased 33 percent year over year to $26.9 million.

"Second quarter results were driven by a rebound in our base business and early customer orders following the launch of our new fourth-generation CyTOF XT mass cytometry product," Fluidigm CEO Chris Linthwaite said in a statement. "Our services business continues to execute well despite a challenging operating environment."

Fluidigm said that three CyTOF XT instruments were ordered by the end of Q2, and, to date, seven have been ordered by customers in clinical and translational research, including an order from an undisclosed large pharmaceutical company.

"Broadly speaking, we see a steady recovery in our mass cytometry business, and this includes solid demand across suspension and imaging applications," Linthwaite said in an earnings call on Thursday. "Though many labs are still operating below pre-COVID levels, customer anecdotes suggest there are significant project backlogs that foreshadow increased activity. These customers anticipate higher demand for our consumables to support their work. In fact, over the last few months we have seen momentum forming with new purchase orders and new monthly sales records established for our mass cytometry consumables."

Earlier in the day on Thursday, Fluidigm announced comarketing partnerships with Ultivue and ImaBiotech designed to increase the reach of its Imaging Mass Cytometry technology in the biomarker discovery and pharmaceutical research markets.

Fluidigm's Q2 net loss swelled to $17.1 million, or $.23 per share, from a loss of $13.0 million, or $.18 per share, in the year-ago period. Adjusted loss per share of $.12 beat analysts' expectation of a $.20 loss per share.

Fluidigm's R&D spending grew 12 percent to $9.4 million from $8.4 million a year ago, while its SG&A expenses jumped 17 percent to $24.2 million from $20.6 million.

The company finished the quarter with $30.9 million in cash and cash equivalents and $1.0 million in restricted cash.

Fluidigm reiterated previous full-year revenue guidance of $134 million to $140 million, but adjusted its COVID-19 testing revenue guidance down to a range of $10 million to $13 million from a previous range of $14 million to $18 million. The firm expects a full-year net loss in the range of $62 million to $65 million, or $29 million to $32 million on an adjusted basis.

For the third quarter, Fluidigm expects base product and service revenue, excluding COVID-19 testing, of $29 million to $30 million, representing year-over-year growth of 16 to 20 percent. Total Q3 product and service revenue, meanwhile, is expected to be $29 million to $31 million, or a year-over-year decline of approximately 12 percent to 18 percent. Product and service revenue in Q3 2020 included approximately $10.5 million of COVID-19 testing revenue, the company noted.