FLDM stock surged more than 17% in after-hours trading on February 10, 2020, after the company reported earnings and revenue beats.
Fluidigm Corporation (NASDAQ:FLDM) today announced financial results for the fourth quarter and full year ended December 31, 2019. Fluidigm reports Q4 EPS of (3c) versus the consensus estimate of (19c). Revenue also beat coming in at $32.4M versus the consensus estimate of $30.84M.
Revenue of $32.4 million was flat, with instrument revenue growth of 16 percent, compared to the fourth quarter of 2018.
GAAP net loss for the quarter was $12.7 million, compared with a GAAP net loss of $14.8 million for the fourth quarter of 2018.
Non-GAAP net loss was $2.3 million for the quarter, compared with a $2.4 million non-GAAP net loss for the fourth quarter of 2018.
Full Year 2019
Revenue increased 4 percent to $117.2 million from $113.0 million in full year 2018, with mass cytometry revenue growth of 23 percent, compared to full year 2018.
GAAP net loss was $64.8 million, compared with a GAAP net loss of $59.0 million for the full year of 2018.
Non-GAAP net loss was $23.7 million for the full year, compared with a non-GAAP net loss of $20.7 million for the full year of 2018.
“With solid execution on new commercial and marketing strategies, the fourth quarter reflected strong sequential quarterly growth driven by customer adoption of Imaging Mass Cytometry™. For the full year, we drove innovation, launching over 10 new products for our mass cytometry business, as well as new microfluidics content to drive penetration of new key accounts. We also reduced our debt, exiting the year with a stronger balance sheet,” said Chris Linthwaite, President and CEO.
“Adoption across new markets has been an important driver for our mass cytometry business. In the last few months, we achieved further penetration in the pharma/biotech segment with a large CRO adopting CyTOF® for commercializing sophisticated biomarker discovery and clinical support services,” added Linthwaite. “A landmark study published in Nature, a collaboration between the University of Zurich and a Swiss consortium of pathologists and hospital systems, demonstrated the importance of high-parameter protein image analysis of breast cancer tumors for patient stratification. Entering 2020, we expect to advance mass cytometry technology further into the health care ecosystem while reinvigorating our microfluidics franchise. We are well-positioned for accelerating growth, particularly in the latter part of the year.”
Fluidigm (Nasdaq:FLDM) also announced today that Covance, the drug development business of LabCorp® (NYSE: LH), a leading global life sciences company, has selected Fluidigm’s CyTOF® technology and the industry-leading Maxpar® Direct™ Immune Profiling Assay™ to develop highly multiplexed immune profiling services.
Setting an industry first, high-multiplex mass cytometry enables clinical researchers to simultaneously profile more than 50 cell surface and intracellular parameters in a single run. Ideal for use with panels comprising more than 20 parameters, mass cytometry simplifies high-parameter panel design by using non-overlapping metal isotope tags that can be easily distinguished in cells using CyTOF technology. Empowering clinical researchers to deeply profile cell phenotypes and function with robust reproducibility, mass cytometry has been used in more than 70 clinical trials and is trusted by academic medical centers, pharmaceutical companies and research consortia worldwide.
“Providing greater insights from a patient sample has become critical for our pharmaceutical clients to support the development of complex and innovative new drugs,” said Vincent Drouillon, Vice President Global Testing Services, Medical Affairs and Science at Covance Clinical Trial Testing Solutions. “Fluidigm CyTOF technology enables us to seamlessly provide our customers with an exceptional level of multiplexing in cytometry.”
“Partnering with leading contract research organizations (CROs) is a critical component of our growth strategy,” said Chris Linthwaite, President and CEO of Fluidigm. “As utilization of mass cytometry in early-stage clinical studies grows, pharma and biotech customers require global service providers who can scale with them. Covance is the perfect partner for commercializing sophisticated biomarker discovery and clinical support services. We are excited to collaborate with them to advance the frontiers of science and health care.”
Fluidigm (Nasdaq:FLDM) is an industry-leading biotechnology tools provider with a vision to improve life through comprehensive health insight. We focus on the most pressing needs in translational and clinical research, including cancer, immunology, and immunotherapy. Using proprietary CyTOF and microfluidics technologies, we develop, manufacture, and market multi-omic solutions to drive meaningful insights in health and disease, identify biomarkers to inform decisions, and accelerate the development of more effective therapies. Our customers are leading academic, government, pharmaceutical, biotechnology, and plant and animal research laboratories worldwide.