Fluidigm Corporation (FLDM) saw its loss narrow to $17.20 million, or $0.59 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $19.88 million, or $0.69 a share. On the other hand, adjusted net loss for the quarter narrowed to $9.63 million, or $0.33 a share from a loss of $11.46 million or $0.40 a share, a year ago. Revenue during the quarter dropped 11.96 percent to $25.53 million from $29 million in the previous year period. Gross margin for the quarter contracted 555 basis points over the previous year period to 53.12 percent. Operating margin for the quarter stood at negative 68.68 percent as compared to a negative 65.06 percent for the previous year period.
Operating loss for the quarter was $17.54 million, compared with an operating loss of $18.87 million in the previous year period.
However, the adjusted operating loss for the quarter stood at $10.42 million compared to operating loss of $10.88 million in prior year period.
"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.
Operating cash flow remains negative
Fluidigm Corporation has spent $8.49 million cash to meet operating activities during the quarter as against cash outgo of $7.79 million in the last year period. Cash flow from investing activities was $17.50 million for the quarter, down 17.47 percent or $3.70 million, when compared with the last year period.
Cash and cash equivalents stood at $44.10 million as on Mar. 31, 2017, up 2.90 percent or $1.24 million from $42.85 million on Mar. 31, 2016.
Working capital drops significantly
Fluidigm Corporation has witnessed a decline in the working capital over the last year. It stood at $54.82 million as at Mar. 31, 2017, down 48.90 percent or $52.46 million from $107.28 million on Mar. 31, 2016. Current ratio was at 2.75 as on Mar. 31, 2017, down from 4.52 on Mar. 31, 2016.
Cash conversion cycle (CCC) has decreased to 107 days for the quarter from 173 days for the last year period. Days sales outstanding were almost stable at 70 days for the quarter, when compared with the last year period.
Days inventory outstanding has decreased to 74 days for the quarter compared with 142 days for the previous year period. At the same time, days payable outstanding went down to 37 days for the quarter from 40 for the same period last year.
Debt remains almost stable
Total debt of Fluidigm Corporation remained almost stable for the quarter at $195.02 million, when compared with the last year period. Long-term debt of Fluidigm Corp remained almost stable for the quarter at $195.02 million, when compared with the last year period. Total debt was 66.68 percent of total assets as on Mar. 31, 2017, compared with 54.94 percent on Mar. 31, 2016. Debt to equity ratio was at 5.07 as on Mar. 31, 2017, up from 1.97 as on Mar. 31, 2016.
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