Fluidigm Announces Fourth Quarter and Full Year 2020 Financial Results

Fourth Quarter Total Revenue Increased 38 Percent to $44.6 million

Fourth Quarter Product and Service Revenue Increased 26 Percent to $40.5 million

Full Year Total Revenue Increased 18 Percent to $138.1 million

Collaboration with PLT Tech to Market CyTOF Technology to Clinical Labs in China

SOUTH SAN FRANCISCO, Calif., Feb. 10, 2021 (GLOBE NEWSWIRE) -- Fluidigm Corporation (Nasdaq:FLDM), an innovative biotechnology tools provider with a vision to improve life through comprehensive health insight, today announced financial results for the fourth quarter and full year ended December 31, 2020.

Financial Highlights

Fourth Quarter 2020

• Fourth quarter revenue increased 38 percent to $44.6 million from $32.4 million in the fourth quarter of 2019. Product and service revenue increased 26 percent to $40.5 million. Total revenue included $4.1 million of other revenue.
• GAAP net loss for the quarter was $18.0 million, compared with a GAAP net loss of $12.7 million for the fourth quarter of 2019.
• Non-GAAP net loss was $9.8 million for the quarter, compared with a $2.3 million non-GAAP net loss for the fourth quarter of 2019.
  

Full Year 2020

• Revenue increased 18 percent to $138.1 million from $117.2 million in full year 2019. Total revenue included $15.6 million of other revenue.
• GAAP net loss was $53.0 million, compared with a GAAP net loss of $64.8 million for the full year of 2019.
• Non-GAAP net loss was $21.8 million for the full year, compared with a non-GAAP net loss of $23.7 million for the full year of 2019.
  

“Revenue in the fourth quarter was the highest in the company’s history, driven by exceptional performance in microfluidics as well as sequential improvement in mass cytometry,” said Chris Linthwaite, President and CEO. “Demand for our saliva-based COVID-19 tests was notable, and we saw broad-based improvement in our core business lines compared to earlier periods in the pandemic. For the full year, we delivered record-breaking revenue while navigating an incredibly volatile operating environment that impacted all facets of our business. We made excellent progress in our molecular diagnostics and immune research strategies, expanding our customer base and driving growth in our recurring revenue sources. In addition, we strengthened our balance sheet and secured new partnerships to build new capabilities, access new markets and develop new products.”

Linthwaite added, “Although COVID-19 caused significant disruption to our business, our agility and responsiveness paved the way for accelerating growth and increased opportunities in 2021 and beyond. We anticipate further progress in transforming our microfluidics franchise into a durable diagnostics platform with new product releases and partnerships. Additionally, our mass cytometry franchise is moving closer to healthcare decision making with a strong increase in publications, clinical studies, and an exciting new collaboration to enter regulated markets in China. We anticipate that new product innovation, new collaborations and partnerships, and a growing body of research and clinical trial insights will drive growth as we pioneer new fields of scientific exploration in human biology.”

A reconciliation of GAAP to non-GAAP financial measures can be found in the tables of this news release.

Fourth Quarter 2020 Results
Revenue by market and category:

*Microfluidics by category excludes Other Revenue of $4.1 million.

Revenue by geographic area:

*Americas geographic area includes Other Revenue of $4.1 million.

Loss from operations:
GAAP loss from operations for the fourth quarter was $16.9 million, compared with a GAAP loss from operations of $9.2 million for the fourth quarter of 2019. Non-GAAP loss from operations was $8.8 million for the fourth quarter, compared with a $1.7 million non-GAAP loss from operations for the fourth quarter of 2019.

GAAP loss from operations for the full year 2020 was $51.0 million, compared with a GAAP loss from operations of $51.8 million for the full year 2019. Non-GAAP loss from operations was $20.4 million for the full year 2020, compared with a $24.1 million non-GAAP loss from operations for the full year 2019.

Cash and cash equivalents and restricted cash as of December 31, 2020:
Cash and cash equivalents and restricted cash as of December 31, 2020, totaled $69.5 million, compared to $73.4 million as of September 30, 2020. Cash and cash equivalents, available-for-sale securities and restricted cash as of December 31, 2019, totaled $60.7 million.

Operational and Business Progress

Microfluidics

• Thirty instruments are now generating patient testing results.
• The company received a CE-IVD mark for its Advanta™ Dx SARS-CoV-2 RT-PCR Assay for COVID-19.
• Two private labs based in Missouri, Helix Specialty Diagnostics and Genomic LTC DX, are partnering to provide COVID-19 testing using the Advanta Dx Assay. Both are certified under the Clinical Laboratory Improvement Amendments (CLIA).
• University adoption progressed with George Mason University providing COVID-19 testing with the Advanta Dx SARS-CoV-2 RT-PCR Assay.
• A growing body of peer-reviewed research is confirming the accuracy of saliva-based testing
  

Mass Cytometry:

• The company announced a collaboration with Zhejiang PuLuoTing Health Technology Co. Ltd to market CyTOF^® technology to clinical labs in China. As part of the agreement, the companies are collaborating to seek approval for a CyTOF instrument authorized for diagnostic use in China.
• The National Institutes of Health is sponsoring a study at Stanford University School of Medicine utilizing mass cytometry and the company’s Maxpar^® Direct™ Immune Profiling Assay™ to evaluate immune responses in pediatric patients with COVID-19.
• A new study published by Georgetown Lombardi Comprehensive Cancer Center validates the potential for Imaging Mass Cytometry™ to provide new insights into the interactions between pancreatic tumor cells and the immune system and to identify novel and actionable targets for pancreatic cancer therapy.
• The mass cytometry active installed instrument base increased to 328 at the end of 2020. This included 102 imaging-enabled instruments.
• Through January 2021, CyTOF technology was used in 129 clinical trials, including 8 for Imaging Mass Cytometry.
• As of the end of 2020, total publications and reviews involving CyTOF technology exceeded 1,380 total, including 88 publications and reviews for Imaging Mass Cytometry. Publications are up 100% percent compared to the end of 2019.
  

Industry recognition:

• Fluidigm was named to Greater Toronto’s Top Employers for 2021, the second time in as many years the company was chosen for the annual listing of organizations with exceptionally positive and engaging environments that inspire and motivate employees.
  

Full Year 2020 Results

Revenue by category:

*Microfluidics by category excludes Other Revenue of $15.6 million.

Revenue by geographic area:

*Americas geographic area includes Other Revenue of $15.6 million.

Active installed base :

*Subset of Mass Cytometry and Biomark instrument totals

Annual 2021 Guidance

• Product and service revenue of approximately $140 million to $150 million, or approximately 14 to 22 percent year-over-year growth.
• Other revenue of $4 million to $5 million.
• GAAP net loss of $50 million to $54 million.
• Non-GAAP net loss of $17 million to $21 million.
  

Q1 2021 Guidance

• Product and service revenue of approximately $29 million to $31 million, or approximately 20 percent to 29 percent year-over-year growth.
• Other revenue of $1 million to $2 million.
• Total revenue of approximately $30 million to $33 million.
  

Conference Call Information
Fluidigm will host a conference call today, February 10, 2021, at 2:00 p.m. PT, 5:00 p.m. ET, to discuss fourth quarter and full year 2020 financial results and operational progress. Individuals interested in listening to the conference call may do so by dialing the following:

US domestic callers: (877) 556-5248
Outside US callers: (720) 545-0029
Please reference Conference ID: 4664638

A live webcast of the conference call will be available online from the Investor Relations page of the Company’s website at Events & Presentations. The link will not be active until 1:45 p.m. PT, 4:45 p.m. ET on February 10, 2021.

After the live webcast, the call will be archived on Fluidigm’s Investor Relations page at investors.fluidigm.com. In addition, a telephone replay of the teleconference will be available approximately 90 minutes after the end of the call.

The replay dial-in numbers are:

US domestic callers: (855) 859-2056
Outside US: (404) 537-3406
Please reference Conference ID: 4664638

The telephone replay will be available until February 17.

Statement Regarding Use of Non-GAAP Financial Information
Fluidigm has presented certain financial information in accordance with U.S. GAAP and also on a non-GAAP basis for the three-and twelve-month periods ended December 31, 2020, and December 31, 2019. Management believes that non-GAAP financial measures, taken in conjunction with GAAP financial measures, provide useful information for both management and investors by excluding certain non-cash and other expenses that are not indicative of the company’s core operating results. Management uses non-GAAP measures to compare the company’s performance relative to forecasts and strategic plans and to benchmark the company’s performance externally against competitors. Our estimates of forward-looking non-GAAP operating loss exclude estimates for stock-based compensation expense and depreciation and amortization; loss on disposal of property and equipment; future changes relating to developed and acquired technologies; other intangible assets; and income taxes, among other items, certain of which are presented in the tables accompanying our earnings release. A reconciliation of adjusted guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty regarding certain expenses that may be incurred in the future. The time and amount of certain material items needed to estimate non-GAAP financial measures are inherently unpredictable or outside of our control. Material changes to any of these items could have a significant effect on guidance and future GAAP results. Non-GAAP information is not prepared under a comprehensive set of accounting rules and should only be used to supplement an understanding of the company’s operating results as reported under U.S. GAAP. Fluidigm encourages investors to carefully consider its results under GAAP, as well as its supplemental non-GAAP information and the reconciliation between these presentations, to more fully understand its business. Reconciliations between GAAP and non-GAAP operating results are presented in the accompanying tables of this release.

Use of Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, among others, statements regarding revenue growth and opportunities, development and expansion of Fluidigm’s diagnostic business, new product releases, additional collaborations and partnerships, benefits and increasing adoption and utilization of Fluidigm mass cytometry products and technologies, benefits and plans for contractual relationships, regulatory filings and authorizations, adoption of and demand for the Advanta Dx SARS-CoV-2 RT-PCR assay and related Fluidigm microfluidics products, and revenue and net loss guidance for future periods. Forward-looking statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from currently anticipated results, including but not limited to risks relating to the potential adverse effects of the coronavirus pandemic on our business and operating results; the possible loss of key employees, customers, or suppliers; uncertainties in contractual relationships; customers and prospective customers continuing to curtail or suspend activities utilizing our products; our ability and/or the ability of the research institutions utilizing our products and technology to obtain and maintain Emergency Use Authorization from the FDA and any other requisite authorizations or approvals to use our products and technology for diagnostic testing purposes; potential changes in priorities or requirements for Emergency Use Authorizations or other regulatory authorizations or approvals; potential limitations of any Emergency Use Authorization or other regulatory authorizations or approvals; potential changes in the priorities of government agencies; challenges inherent in developing, manufacturing, launching, marketing, and selling new products; reliance on sales of capital equipment for a significant proportion of revenues in each quarter; seasonal variations in customer operations; unanticipated increases in costs or expenses; uncertainties in contractual relationships; reductions in research and development spending or changes in budget priorities by customers; Fluidigm research and development and distribution plans and capabilities; interruptions or delays in the supply of components or materials for, or manufacturing of, Fluidigm products; potential product performance and quality issues; risks associated with international operations; intellectual property risks; and competition. Information on these and additional risks and uncertainties and other information affecting Fluidigm's business and operating results is contained in its Annual Report on Form 10-K for the year ended December 31, 2019, and in its other filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date hereof. Fluidigm disclaims any obligation to update these forward-looking statements except as may be required by law.

About Fluidigm
Fluidigm (Nasdaq:FLDM) focuses 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, plant and animal research, and clinical laboratories worldwide. Together with them, we strive to increase the quality of life for all. For more information, visit fluidigm.com.

Fluidigm, the Fluidigm logo, Advanta, Biomark, CyTOF, Direct, EP1, Imaging Mass Cytometry, Immune Profiling Assay, and Maxpar are trademarks and/or registered trademarks of Fluidigm Corporation in the United States and/or other countries. All other trademarks are the sole property of their respective owners. The Advanta Dx SARS-CoV-2 RT-PCR Assay is for In Vitro Diagnostic Use. It is for Use under Emergency Use Authorization Only. Rx Only. Other Fluidigm products are provided for Research Use Only. Not for use in diagnostic procedures.

Available Information
We use our website (fluidigm.com), investor site (investors.fluidigm.com), corporate Twitter account (@fluidigm), Facebook page (facebook.com/Fluidigm), and LinkedIn page (linkedin.com/company/fluidigm-corporation) as channels of distribution of information about our products, our planned financial and other announcements, our attendance at upcoming investor and industry conferences, and other matters. Such information may be deemed material information, and we may use these channels to comply with our disclosure obligations under Regulation FD. Therefore, investors should monitor our website and our social media accounts in addition to following our press releases, SEC filings, public conference calls, and webcasts.

Contact:

Investors:
Agnes Lee
Vice President, Investor Relations
650 416 7423
agnes.lee@fluidigm.com

Media:
Mark Spearman
Senior Director, Corporate Communications
650 243 6621
mark.spearman@fluidigm.com