Delaware | 001-34180 | 77-0513190 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 | Results of Operations and Financial Condition |
Item 9.01 | Financial Statements and Exhibits |
Exhibit No. | Description | |
99.1 | Fluidigm Corporation Press Release dated June 30, 2015 |
FLUIDIGM CORPORATION | ||||||
Date: August 6, 2015 | By: | /s/ Vikram Jog | ||||
Vikram Jog Chief Financial Officer |
Exhibit No. | Description | |
99.1 | Fluidigm Corporation Press Release dated August 6, 2015 |
• | Instrument revenue grew 13% year-on-year in the quarter, driven by increased sales from CyTOF™ systems (including Helios™ systems) and contribution from new products, partly offset by Biomark™ HD systems and C1™ systems. |
◦ | Approximately 90% of the Biomark HD system sales during the quarter were motivated by single-cell biology research. |
◦ | Approximately 20% of C1 system sales were combined with a Biomark HD system in the quarter. |
• | Consumables revenue declined 8% year-on-year in the quarter, negatively impacted by decreased sales from production genomics applications, partly offset by single-cell biology applications. |
◦ | IFC (integrated fluidic circuit) pull-through in the quarter was below its historical range of $40,000 - $50,000 per instrument/year for genomics analytical systems and within its historical range of $15,000 - $25,000 per instrument/year for genomics preparatory systems. |
◦ | Consumables pull-through for proteomics analytical systems in the quarter was within its historical range of $50,000 - $70,000 per instrument/year. |
• | Geographic revenue as a percent of total product revenue in the second quarter of 2015 was as follows: United States - 50%; Europe - 31%; Japan - 3%; Asia-Pacific - 10%; and Other - 6%. |
• | Fluidigm’s total instrument installed base was approximately 1,485 units at the end of the quarter. |
◦ | Fifty-three percent of the total installed base was analytical, compared to 54% in Q1, with the remainder being preparatory systems. |
◦ | Single-cell biology systems (includes C1, Polaris™, Helios, CyTOF, CyTOF 2, Biomark and Biomark HD systems motivated by single-cell research) represented approximately 710 units. |
• | GAAP product margin was 58.1% in the second quarter of 2015, versus 63.8% in the year ago period. Non-GAAP product margin was 70.7% in the second quarter of 2015, versus 77.0% in the year ago period. Non-GAAP product margin excludes the effects of amortization of developed technology, depreciation and amortization, and stock-based compensation expense (see accompanying table for reconciliation of GAAP and non-GAAP product margins). |
• | Fluidigm ended June 30, 2015 with approximately $127.0 million in cash, cash equivalents, and investments. |
• | Expanded our strategic collaboration with OpGen to develop multi-drug resistance organism tests (MRDO) utilizing Fluidigm’s Juno™ instrument for automating SNP genotyping assays and Fluidigm’s Biomark HD systems for endpoint and real-time PCR detection. |
• | Introduced the Helios, a platform that delivers enhancements to our CyTOF technology. Key improvements include improved cell transmission efficiency, higher throughput, and enhanced workflow and software interface. We also announced a new barcoding kit for Helios and CyTOF customers that accommodates up to 20 unique samples to be processed in one multiplexed run. |
• | Announced the availability of Single-Cell ATAC-seq, an epigenetics application for the C1 system allowing researchers to explore the regulatory systems that drive cellular function. This application is available to researchers on Script Hub™, a new web portal within Fluidigm’s C1 Open App™ program. |
• | The total number of single-cell biology publications referencing Fluidigm increased to 322, which includes 96 publications citing mass cytometry technology. |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Revenue: | ||||||||||||||||
Instruments | $ | 17,437 | $ | 15,370 | $ | 33,257 | $ | 30,477 | ||||||||
Consumables | 11,121 | 12,109 | $ | 21,947 | $ | 22,451 | ||||||||||
Product revenue | 28,558 | 27,479 | $ | 55,204 | $ | 52,928 | ||||||||||
License and grant revenue | 60 | 128 | 143 | 403 | ||||||||||||
Total revenue | 28,618 | 27,607 | 55,347 | 53,331 | ||||||||||||
Costs and expenses: | ||||||||||||||||
Cost of product revenue | 11,965 | 9,955 | 22,611 | 18,659 | ||||||||||||
Research and development | 10,090 | 11,374 | 20,080 | 19,020 | ||||||||||||
Selling, general and administrative | 21,222 | 18,655 | 41,316 | 33,912 | ||||||||||||
Acquisition-related expenses | — | — | — | 10,696 | ||||||||||||
Total costs and expenses | 43,277 | 39,984 | 84,007 | 82,287 | ||||||||||||
Loss from operations | (14,659 | ) | (12,377 | ) | (28,660 | ) | (28,956 | ) | ||||||||
Interest expense | (1,451 | ) | (1,415 | ) | (2,904 | ) | (2,441 | ) | ||||||||
Other income (expense), net | 608 | (18 | ) | (512 | ) | 30 | ||||||||||
Loss before income taxes | (15,502 | ) | (13,810 | ) | (32,076 | ) | (31,367 | ) | ||||||||
Benefit from income taxes | 266 | 1,128 | 909 | 3,271 | ||||||||||||
Net loss | $ | (15,236 | ) | $ | (12,682 | ) | $ | (31,167 | ) | $ | (28,096 | ) | ||||
Net loss per share, basic and diluted | $ | (0.53 | ) | $ | (0.45 | ) | $ | (1.09 | ) | $ | (1.03 | ) | ||||
Shares used in computing net loss per share, basic and diluted | 28,803 | 27,960 | 28,636 | 27,389 |
June 30, 2015 | December 31, 2014 (1) | |||||||
(Unaudited) | ||||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 23,745 | $ | 33,713 | ||||
Short-term investments | 76,181 | 81,588 | ||||||
Accounts receivable, net | 21,786 | 22,384 | ||||||
Inventories | 18,817 | 15,991 | ||||||
Prepaid expenses and other current assets | 2,851 | 2,221 | ||||||
Total current assets | 143,380 | 155,897 | ||||||
Long-term investments | 27,119 | 27,499 | ||||||
Property and equipment, net | 14,102 | 13,889 | ||||||
Other non-current assets | 3,820 | 3,966 | ||||||
Developed technology, net | 96,600 | 102,200 | ||||||
Goodwill | 104,108 | 104,108 | ||||||
Total assets | $ | 389,129 | $ | 407,559 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 5,964 | $ | 5,919 | ||||
Accrued compensation and related benefits | 5,047 | 6,874 | ||||||
Other accrued liabilities | 10,372 | 9,664 | ||||||
Deferred revenue, current portion | 7,547 | 6,928 | ||||||
Total current liabilities | 28,930 | 29,385 | ||||||
Convertible notes, net | 195,569 | 195,455 | ||||||
Deferred tax liability | 24,381 | 26,152 | ||||||
Other non-current liabilities | 7,032 | 6,148 | ||||||
Total liabilities | 255,912 | 257,140 | ||||||
Total stockholders’ equity | 133,217 | 150,419 | ||||||
Total liabilities and stockholders’ equity | $ | 389,129 | $ | 407,559 |
Six Months Ended June 30, | ||||||||
2015 | 2014 | |||||||
Operating activities | ||||||||
Net loss | $ | (31,167 | ) | $ | (28,096 | ) | ||
Depreciation and amortization | 2,779 | 1,842 | ||||||
Stock-based compensation expense | 8,706 | 9,256 | ||||||
Amortization of developed technology | 5,600 | 4,200 | ||||||
Non-cash charges related to acquisition | — | 3,330 | ||||||
Other non-cash item | 230 | 67 | ||||||
Changes in assets and liabilities, net | (3,777 | ) | (834 | ) | ||||
Net cash used in operating activities | (17,629 | ) | (10,235 | ) | ||||
Investing activities | ||||||||
Acquisition, net of cash acquired | — | (113,190 | ) | |||||
Purchases of investments | (33,731 | ) | (86,793 | ) | ||||
Proceeds from sales and maturities of investments | 39,376 | 24,461 | ||||||
Purchase of intangible assets | (120 | ) | — | |||||
Purchases of property and equipment | (2,310 | ) | (4,563 | ) | ||||
Net cash provided by (used in) investing activities | 3,215 | (180,085 | ) | |||||
Financing activities | ||||||||
Proceeds from issuance of convertible notes, net | — | 195,212 | ||||||
Proceeds from exercise of stock options | 5,128 | 3,457 | ||||||
Net cash provided by financing activities | 5,128 | 198,669 | ||||||
Effect of foreign exchange rate fluctuations on cash and cash equivalents | (682 | ) | 71 | |||||
Net increase in cash and cash equivalents | (9,968 | ) | 8,420 | |||||
Cash and cash equivalents at beginning of period | 33,713 | 35,261 | ||||||
Cash and cash equivalents at end of period | $ | 23,745 | $ | 43,681 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Net loss (GAAP) | $ | (15,236 | ) | $ | (12,682 | ) | $ | (31,167 | ) | $ | (28,096 | ) | ||||
Acquisition-related expenses | — | — | — | 10,696 | ||||||||||||
Stock-based compensation expense | 4,638 | 5,877 | 8,706 | 9,256 | ||||||||||||
Amortization of developed technology | 2,800 | 2,800 | 5,600 | 4,200 | ||||||||||||
Interest expense | 1,451 | 1,415 | 2,904 | 2,441 | ||||||||||||
Depreciation and amortization | 1,255 | 959 | 2,427 | 1,842 | ||||||||||||
Non-cash charge for sale of inventory revalued at the date of acquisition | — | 165 | — | 682 | ||||||||||||
Benefit from acquisition related income taxes | (794 | ) | (327 | ) | (1,614 | ) | (2,739 | ) | ||||||||
Loss on disposal of property and equipment | $ | 93 | $ | 67 | $ | 93 | $ | 67 | ||||||||
Net loss (Non-GAAP) | $ | (5,793 | ) | $ | (1,726 | ) | $ | (13,051 | ) | $ | (1,651 | ) | ||||
Shares used in net loss per share calculation - basic and diluted (GAAP and Non-GAAP) | 28,803 | 27,960 | 28,636 | 27,839 | ||||||||||||
Net loss per share - basic and diluted (GAAP) | $ | (0.53 | ) | $ | (0.45 | ) | $ | (1.09 | ) | $ | (1.03 | ) | ||||
Net loss per share - basic and diluted (Non-GAAP) | $ | (0.20 | ) | $ | (0.06 | ) | $ | (0.46 | ) | $ | (0.06 | ) |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Product margin (GAAP) | $ | 16,593 | $ | 17,524 | $ | 32,593 | $ | 34,269 | ||||||||
Amortization of developed technology | 2,800 | 2,800 | 5,600 | 4,200 | ||||||||||||
Depreciation and amortization | 260 | 219 | 515 | 438 | ||||||||||||
Non-cash charge for sale of inventory revalued at the date of acquisition | — | 165 | — | 682 | ||||||||||||
Stock-based compensation expense | $ | 524 | $ | 443 | $ | 1,008 | $ | 706 | ||||||||
Product margin (Non-GAAP) | $ | 20,177 | $ | 21,151 | $ | 39,716 | $ | 40,295 | ||||||||
Product margin percentage (GAAP) | 58.1 | % | 63.8 | % | 59.0 | % | 64.7 | % | ||||||||
Product margin percentage (Non-GAAP) | 70.7 | % | 77.0 | % | 71.9 | % | 76.1 | % |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Operating expenses (GAAP) | $ | 31,312 | $ | 30,029 | $ | 61,396 | $ | 63,628 | ||||||||
Acquisition-related expenses | — | — | — | (10,696 | ) | |||||||||||
Stock-based compensation expense | (4,114 | ) | (5,434 | ) | (7,698 | ) | (8,550 | ) | ||||||||
Depreciation and amortization | (995 | ) | (740 | ) | (1,912 | ) | (1,404 | ) | ||||||||
Loss on disposal of property and equipment | $ | 93 | $ | 93 | $ | — | ||||||||||
Operating expenses (Non-GAAP) | $ | 26,296 | $ | 23,855 | $ | 51,879 | $ | 42,978 |
Revenue growth, reported | 4 | % | |
Impact of foreign exchange | (7 | )% | |
Non-GAAP revenue growth, constant currency | 11 | % |