Shares of Fluidigm Corporation (NASDAQ: FLDM) have been plummeting -14.10% to $6.09 in the pre-market session today. The company which provides innovative biotechnology tools for life sciences research has just announced its Q4 results with more than expected losses and missed revenue forecast.
Taking stock down, how did the quarterly performance go?
Fluidigm reported a loss for the quarter of $0.13 versus an expectation of a loss of $0.04. Based on adjusted figures, this compares to a loss of $0.03 a year ago, this excludes non-recurring items. A GAAP net loss of $18.0 million has been posted by the company for the quarter, which compares to a GAAP net loss of $12.7 million for the fourth quarter of last year. Against the full year 2019 GAAP net loss of $64.8 million, FLDM posted a full-year 2020 GAAP net loss of $53.0 million. For the year 2020, a non-GAAP net loss of the company was $21.8 million which was a non-GAAP operating loss of $23.7 million in the previous year.
Revenues for the fourth quarter of 2020 increased 38 percent, from $32.44 million in the same quarter in 2019 to $44.61 million, missing the analysts estimate for the same by 11%. A 26 percent revenue increase was achieved in generating total revenue of $40.5 million, which included $4.1 million of other revenue. Revenue rose 18 percent to $138.1 million for the full year 2020, from $117.2 million in the previous year. Total sales included other revenues of $15.6 million.
CEO optimistic about revenue:
However, the company’s President and CEO Chris Linthwaite said that in the fourth quarter, revenue was the best in the history of the company, supported by excellent microfluidic efficiency and sequential growth in the volume of cytometry. There was notable demand for our COVID-19 saliva-based samples, and we saw broad-based changes in our main business lines relative to earlier times of the pandemic.