Benzinga | Aug 6, 2021 06:29AM EDT

Fluidigm Q2 Earnings Ahead Of Street Expectations, But Sees Lower Revenues From COVID-19 Products

* Fluidigm Corp's (NASDAQ:FLDM) second-quarter revenues grew 19% Y/Y to $31 million, edging out analysts' average expectation of $30.57 million.

* Base product and service revenue excluding COVID-19 testing revenue were $26.9 million, up 33% Y/Y, while its service revenue increased 29% to $6.6 million.

* Fluidigm said that three CyTOF XT instruments were ordered by the end of Q2, with seven orders to date.

* Fluidigm's Q2 net loss swelled to $(17.1) million, or $(0.23) per share. Adjusted loss per share of $(0.12) beat analysts' expectation of a $(0.20) loss.

* Fluidigm's R&D spending grew 12% Y/Y to $9.4 million, while its SG&A expenses jumped 17% to $24.2 million.

* It finished the quarter with $30.9 million in cash and cash equivalents and $1.0 million in restricted cash.

* Fluidigm announced co-marketing partnerships with Ultivue and ImaBiotech to increase the reach of its Imaging Mass Cytometry technology in the biomarker discovery and pharmaceutical research markets.

* Outlook: Fluidigm reiterated FY21 revenue guidance of $134 million - $140 million (consensus $135.43 million) but adjusted its COVID-19 testing revenue guidance down to $10 million - $13 million (prior $14 million - $18 million).

* The firm expects a full-year adjusted net loss of $(29) million - $(32) million.

* For Q3, Fluidigm expects total revenue of $29 million - $31 million, versus the consensus of $33.92 million.

* Price Action: FLDM shares closed at $6.83 on Thursday.