Fluidigm Corporation (FLDM) saw its loss widen to $19.79 million, or $0.68 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $9.27 million, or $0.32 a share. On the other hand, adjusted net loss for the quarter widened to $10.92 million, or $0.38 a share from a loss of $4.44 million or $0.15 a share, a year ago. Revenue during the quarter dropped 22.53 percent to $22.19 million from $28.64 million in the previous year period. Gross margin for the quarter contracted 651 basis points over the previous year period to 53.59 percent. Operating margin for the quarter stood at negative 83.29 percent as compared to a negative 27.24 percent for the previous year period.
Operating loss for the quarter was $18.48 million, compared with an operating loss of $7.80 million in the previous year period.
However, the adjusted operating loss for the quarter stood at $10.49 million compared to operating loss of $3.71 million in prior year period.
"We are very disappointed with our performance in the third quarter. We had expected the decline in genomics instruments on a year-over-year basis to be offset by strong Helios™ sales. However, both Helios sales as well as genomics analytical consumables were lower than we expected," said Chris Linthwaite, president and chief executive officer.
Operating cash flow remains negative
Fluidigm Corporation has spent $28.38 million cash to meet operating activities during the nine month period as against cash outgo of $30.33 million in the last year period. Cash flow from investing activities was $31.32 million for the nine month period, up 49.84 percent or $10.42 million, when compared with the last year period.
Cash flow from financing activities was $0.10 million for the nine month period, down 98.18 percent or $5.18 million, when compared with the last year period.
Cash and cash equivalents stood at $32.31 million as on Sep. 30, 2016, up 12.11 percent or $3.49 million from $28.82 million on Sep. 30, 2015.
Working capital drops significantly
Fluidigm Corporation has witnessed a decline in the working capital over the last year. It stood at $80.17 million as at Sep. 30, 2016, down 32.04 percent or $37.80 million from $117.97 million on Sep. 30, 2015. Current ratio was at 3.87 as on Sep. 30, 2016, down from 5.29 on Sep. 30, 2015.
Cash conversion cycle (CCC) has decreased to 116 days for the quarter from 181 days for the last year period. Days sales outstanding went down to 72 days for the quarter compared with 77 days for the same period last year.
Days inventory outstanding has decreased to 93 days for the quarter compared with 153 days for the previous year period. At the same time, days payable outstanding was almost stable at 48 days for the quarter, when compared with the previous year period.
Debt remains almost stable
Total debt of Fluidigm Corporation remained almost stable for the quarter at $194.88 million, when compared with the last year period. Long-term debt of Fluidigm Corp remained almost stable for the quarter at $194.88 million, when compared with the last year period. Total debt was 60.82 percent of total assets as on Sep. 30, 2016, compared with 51.69 percent on Sep. 30, 2015. Debt to equity ratio was at 2.87 as on Sep. 30, 2016, up from 1.58 as on Sep. 30, 2015. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
