- Fluidigm Corp FLDM posted Q3 revenues of $28.5 million, down 29% Y/Y, missing the consensus of $30.00 million, citing supply chain issues affecting product fulfillment.
- Fluidigm is undertaking a review of various options to maximize shareholder value, including strategic alternatives, cost & capital structure, and operations and supply chain.
- Fluidigm's Q3 product revenues fell 25% to $21.9 million, while its service revenues dropped about 2% to $6.0 million.
- Base product and service revenue, excluding COVID-19 testing, was up about 2% to $25.6 million from $25.1 million last year.
- The company noted that demand in the APAC region was impacted by tax permit issues in China and COVID-related shutdowns in Japan.
- Fluidigm's Q3 net loss ballooned to $(13.8) million, compared to a net loss of $(6.0) million last year.
- The adjusted net loss per share was $(0.07), beating the consensus of $(0.22) and a turnaround from EPS of $0.03 a year ago.
- The company finished the quarter with $30.3 million in cash and cash equivalents.
- Guidance: Fluidigm revised its 2021 guidance downward, noting that it now expects FY21 revenues of $123 million - $127 million (consensus $137 million) compared to a previous range of $134 million - $140 million.
- The company also expects to incur a net loss of $(63) million - $(66) million for the year.
- For Q4, Fluidigm expects total revenue of $31 million - $34 million, below the consensus of $43.2 million.
- Price Action: FLDM shares closed 1.23% lower at $4.82 on Monday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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