UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________

Form 8-K
_____________________

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event Reported): May 4, 2017  

FLUIDIGM CORPORATION
(Exact Name of Registrant as Specified in Charter)

Delaware001-3418077-0513190
(State or Other Jurisdiction of Incorporation)(Commission File Number)(I.R.S. Employer Identification Number)

 

7000 Shoreline Court, Suite 100, South San Francisco, California 94080
(Address of Principal Executive Offices) (Zip Code)

(650) 266-6000
(Registrant's telephone number, including area code)


(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 [   ]  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))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company [   ]

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [   ]

 
 

Item 2.02. Results of Operations and Financial Condition.

On May 4, 2017, Fluidigm Corporation issued a press release reporting its financial results for the first quarter ended March 31, 2017. A copy of the press release is furnished herewith as Exhibit 99.1. 

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.

 

Description

99.1

 

Fluidigm Corporation Press Release dated May 4, 2017

The information furnished in this Current Report under Item 2.02 and the exhibit attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 FLUIDIGM CORPORATION
   
  
Date: May 4, 2017By: /s/ Vikram Jog        
  Vikram Jog
  Chief Financial Officer
  


EXHIBIT INDEX

 

Exhibit No. Description
  
99.1 Fluidigm Corporation Press Release dated May 4, 2017 

EdgarFiling

Exhibit 99.1

Fluidigm Announces First Quarter Financial Results

SOUTH SAN FRANCISCO, Calif., May 04, 2017 (GLOBE NEWSWIRE) -- Fluidigm Corporation (NASDAQ:FLDM) today announced its financial results for the first quarter ended March 31, 2017. 

Total revenue for the quarter was $25.5 million, a decrease of 12% from $29.0 million in the first quarter of 2016 and an increase of 2% from $25.1 million in the fourth quarter of 2016. GAAP net loss for the first quarter of 2017 was $17.2 million, compared with a GAAP net loss of $19.9 million for the first quarter of 2016. Non-GAAP net loss for the first quarter of 2017 was $9.6 million, compared with an $11.5 million non-GAAP net loss for the first quarter of 2016 (see accompanying table for reconciliation of GAAP and non-GAAP measures).

“Our first quarter revenue was in line with our expectations. Importantly, we are making meaningful progress on our initiatives and working diligently to reshape our business. We are confident that the changes we are making position Fluidigm for sustainable long-term growth. In particular, we are excited about the enthusiasm for our broadening mass cytometry portfolio as evidenced by our new system placements and growth in consumables,” said Chris Linthwaite, President and CEO.

“Also, we welcomed two new members, Nicolas Barthelemy and Carlos Paya, to our Board of Directors. Their deep industry knowledge and expertise will be instrumental in helping us accelerate key elements of our strategy. As we previously announced, John Young is retiring from the Board before the next annual meeting of stockholders. On behalf of the Board and the entire company, we thank John for his immeasurable contribution to Fluidigm,” continued Linthwaite.

First Quarter 2017 Performance
Total revenue of $25.5 million by category:

Product revenue of $21.3 million by market:

Total revenue by geographic area:

Geographic AreaRevenue by GeographyYear-over-year Change% of Total Revenue
United States$11.8 million(10%)46%
Europe$7.6 million(18%)30%
Asia-Pacific$5.0 million(17%)20%
Other$1.1 million118%4%

Product margin:

Cash, cash equivalents, and investments as of March 31, 2017:

Strategic Priorities
Foster Innovation and Partnerships

Increase Operational Efficiency and Reduce Costs

Improve Financial Discipline and Realign Talent Capital

Second Quarter 2017 Guidance

Conference Call Information
Fluidigm will host a conference call today, May 4, 2017, at 2:00 p.m. PT (5:00 p.m. ET). Individuals interested in listening to the conference call may do so by dialing (877) 556-5248 for domestic callers, or (720) 545-0029 for international callers. Please reference Conference ID 91968572. Interested parties may access the live teleconference in the Investor Relations section of the company’s website at: http://investors.fluidigm.com/events.cfm. The link will not be active until 1:45 p.m. PT (4:45 p.m. ET) on May 4, 2017. 

A telephone replay of the teleconference will be available 90 minutes after the end of the call at (855) 859-2056 (domestic toll-free), or (404) 537-3406 (international toll), Conference ID 91968572. The conference call will also be archived on the Fluidigm Investors page at: http://investors.fluidigm.com/.

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 first quarters of 2017 and 2016. 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 expenses exclude estimates for stock-based compensation expense, 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 table accompanying our earnings release. The time and amount of certain material items needed to estimate non-GAAP financial measures are inherently unpredictable or outside of our controls to predict. Accordingly, we cannot provide a quantitative reconciliation of our non-GAAP margins without unreasonable effort. 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 planned strategic initiatives and expected timing and benefits of such initiatives, the planned uses and expected benefits to customers of recently-introduced products, plans to increase operational efficiency and improve financial discipline, and projected revenues, expenses and cash flows for the second quarter of 2017. 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 introductions of new capital equipment products driving volatility in revenue from period to period, the future financial performance of Fluidigm product lines, particularly with respect to legacy instruments that may have contributed significant revenue in prior periods; challenges inherent in developing, manufacturing, launching, marketing, and selling new products; potential product performance and quality issues; the possible loss of key employees, customers, or suppliers; intellectual property risks; competition; Fluidigm research and development, sales, marketing, and distribution plans and capabilities; reduction in research and development spending or changes in budget priorities by customers; interruptions or delays in the supply of components or materials for, or manufacturing of, its products; seasonal variations in customer operations; unanticipated increases in costs or expenses; and risks associated with international operations. Information on these and additional risks and uncertainties and other information affecting Fluidigm’s business and operating results is contained in Fluidigm’s Annual Report on Form 10-K for the year ended December 31, 2016. 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) develops, manufactures, and markets life science analytical and preparatory systems for markets such as mass cytometry, high-throughput genomics, and single-cell genomics. We sell to leading academic institutions, clinical research laboratories, and pharmaceutical, biotechnology, and agricultural biotechnology companies worldwide. Our systems are based on proprietary microfluidics and multiparameter mass cytometry technology and are designed to significantly simplify experimental workflow, increase throughput, and reduce costs while providing excellent data quality. Fluidigm products are provided for Research Use Only. Not for use in diagnostic procedures.

We use our website (www.fluidigm.com), corporate Twitter account (@fluidigm), Facebook page (https://www.facebook.com/fluidigm), and LinkedIn page (https://www.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.

Fluidigm, the Fluidigm logo, Advanta, Biomark, and Helios are trademarks or registered trademarks of Fluidigm Corporation.

 
FLUIDIGM CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
 
  Three Months Ended March 31,
   2017   2016 
Revenue:   
Instruments $  10,737  $  13,814 
Consumables    10,570     11,556 
Product revenue    21,307     25,370 
Service revenue    4,167     3,544 
License revenue    59     89 
Total revenue   25,533     29,003 
Costs and expenses:   
Cost of product revenue    10,851     10,787 
Cost of service revenue    1,118     1,198 
Research and development    8,524     10,412 
Selling, general and administrative    22,576     25,475 
Total costs and expenses   43,069     47,872 
Loss from operations   (17,536)    (18,869)
Interest expense   (1,455)    (1,453)
Other income (expense), net    9     (324)
Loss before income taxes    (18,982)    (20,646)
Benefit from income taxes    1,780     762 
Net loss$  (17,202) $  (19,884)
     
Net loss per share, basic and diluted$  (0.59) $  (0.69)
     
Shares used in computing net loss per share, basic and diluted  29,239   28,863 
 


 
FLUIDIGM CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
 
   March 31, 2017 December 31, 2016 (1)
   (Unaudited)  
ASSETS    
Current assets:    
Cash and cash equivalents $  44,097 $  35,045
Short-term investments    6,183    24,385
Accounts receivable, net    14,391    14,610
Inventories    19,715    20,114
Prepaid expenses and other current assets    1,726    2,517
Total current assets    86,112    96,671
Property and equipment, net     15,258    16,525
Other non-current assets    9,990    9,291
Developed technology, net    77,000    79,800
Goodwill    104,108    104,108
Total assets $  292,468 $  306,395
     
LIABILITIES AND STOCKHOLDERS' EQUITY    
Current liabilities:    
Accounts payable $  3,731 $  3,967
Accrued compensation and related benefits    7,735    3,996
Other accrued liabilities    9,923    12,374
Deferred revenue, current portion    9,900    9,163
Total current liabilities    31,289    29,500
Convertible notes, net    195,022    194,951
Deferred tax liability, net    20,137    21,140
Other non-current liabilities    7,517    7,571
Total liabilities    253,965    253,162
Total stockholders' equity    38,503    53,233
Total liabilities and stockholders' equity $  292,468 $  306,395
   
(1) Derived from audited consolidated financial statements 
   


 
FLUIDIGM CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
 
 Three Months Ended March 31,
  2017   2016 
Operating activities   
Net loss $  (17,202) $  (19,884)
Depreciation and amortization   1,951     1,565 
Stock-based compensation expense   2,446     3,717 
Amortization of developed technology   2,800     2,800 
Other non-cash items   (126)    227 
Changes in assets and liabilities, net   1,643     3,783 
Net cash used in operating activities   (8,488)    (7,792)
 
Investing activities   
Purchases of investments   (1,183)    (8,514)
Proceeds from sales and maturities of investments   19,375     28,532 
Proceeds from sale of investment in Verinata   -     2,330 
Purchases of property and equipment   (692)    (1,144)
Net cash provided by investing activities   17,500     21,204 
 
Financing activities   
Proceeds from issuance of common stock through stock plans, net of tax   3     5 
Net cash provided by financing activities   3     5 
Effect of foreign exchange rate fluctuations on cash and cash equivalents   37     320 
Net increase in cash and cash equivalents   9,052     13,737 
Cash and cash equivalents at beginning of period   35,045     29,117 
Cash and cash equivalents at end of period$  44,097  $  42,854 
 


 
FLUIDIGM CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION 
(In thousands, except per share amounts)
(Unaudited)
 
  Three Months Ended March 31, 
   2017   2016 
     
Net loss (GAAP) $  (17,202) $  (19,884)
Stock-based compensation expense    2,446     3,717 
Amortization of developed technology  (a)    2,800     2,800 
Interest expense (b)    1,455     1,453 
Depreciation and amortization    1,871     1,464 
Benefit from acquisition related income taxes (c)     (1,003)    (1,018)
Loss on disposal of property and equipment    -     7 
Net loss (Non-GAAP) $  (9,633) $  (11,461)
Shares used in net loss per share calculation -     
basic and diluted (GAAP and Non-GAAP)    29,239     28,863 
     
Net loss per share - basic and diluted (GAAP) $  (0.59) $  (0.69)
Net loss per share - basic and diluted (Non-GAAP) $  (0.33) $  (0.40)
 
 
ITEMIZED RECONCILIATION BETWEEN GAAP AND NON-GAAP PRODUCT MARGIN
     
  Three Months Ended March 31, 
   2017   2016 
Product margin (GAAP) $  10,456  $  14,583 
Amortization of developed technology  (a)    2,800     2,800 
Depreciation and amortization (d)     551     539 
Stock-based compensation expense (d)    340     378 
Product margin (Non-GAAP) $  14,147  $  18,300 
     
Product margin percentage (GAAP)  49.1%  57.5%
Product margin percentage (Non-GAAP)  66.4%  72.1%
     
     
ITEMIZED RECONCILIATION BETWEEN GAAP AND NON-GAAP OPERATING EXPENSES
     
  Three Months Ended March 31, 
   2017   2016 
Operating expenses (GAAP) $  31,100  $  35,887 
Stock-based compensation expense (e)  (2,106)  (3,339)
Depreciation and amortization (e)    (1,320)    (925)
Loss on disposal of property and equipment (e)    -     (7)
Operating expenses (Non-GAAP) $  27,674  $  31,616 
     
     
ITEMIZED RECONCILIATION BETWEEN GAAP AND NON-GAAP LOSS FROM OPERATIONS
     
  Three Months Ended March 31, 
   2017   2016 
Loss from operations (GAAP) $  (17,536) $  (18,869)
Stock-based compensation expense     2,446     3,717 
Amortization of developed technology  (a)    2,800     2,800 
Depreciation and amortization (e)    1,871     1,464 
Loss on disposal of property and equipment (e)    -     7 
Loss from operations (Non-GAAP) $  (10,419) $  (10,881)
     
     
(a) represents amortization of developed technology in connection with the DVS acquisition 
(b) represents interest expense on Senior Convertible Notes 
(c) represents the tax impact on the purchase of intangible assets in connection with the DVS acquisition 
(d) represents expense associated with cost of product revenue 
(e) represents expense associated with research and development, selling, general and administrative activities 
 

Contact:
Fluidigm Corporation

Ana Petrovic
Director, Corporate Development and Investor Relations
650 243 6628 (office)
ana.petrovic@fluidigm.com