Fluidigm Corp (FLDM) saw its loss widen to $17.70 million, or $0.61 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $12.88 million, or $0.45 a share. On the other hand, adjusted net loss for the quarter widened to $9.31 million, or $0.32 a share from a loss of $6.86 million or $0.24 a share, a year ago. Revenue during the quarter dropped 18.35 percent to $25.08 million from $30.72 million in the previous year period. Gross margin for the quarter contracted 383 basis points over the previous year period to 55.19 percent. Operating margin for the quarter stood at negative 70.55 percent as compared to a negative 44.57 percent for the previous year period.
Operating loss for the quarter was $17.70 million, compared with an operating loss of $13.69 million in the previous year period.
However, the adjusted operating loss for the quarter stood at $10.36 million compared to operating loss of $6.15 million in prior year period.
"While we are encouraged by our fourth quarter progress and sequential revenue growth, we are not satisfied. We have more work ahead of us. We are firmly focused on restoring momentum and delivering on our core strategic priorities of fostering innovation and partnerships; increasing operational efficiency; and improving financial discipline. We are confident that our strategic initiatives will position us for sustainable growth and long-term stockholder value creation. However, we view 2017 as a transition year, since it will take time to execute and realize the benefits of our action plan," said Chris Linthwaite, president and chief executive officer.
Operating cash flow remains negative
Fluidigm Corp has spent $39.10 million cash to meet operating activities during the year as against cash outgo of $34.70 million in the last year. Cash flow from investing activities was $45.10 million for the year, up 75.19 percent or $19.36 million, when compared with the last year.
Cash flow from financing activities was $0.08 million for the year, down 98.57 percent or $5.23 million, when compared with the last year.
Cash and cash equivalents stood at $35.04 million as on Dec. 31, 2016, up 20.36 percent or $5.93 million from $29.12 million on Dec. 31, 2015.
Working capital drops significantly
Fluidigm Corp has witnessed a decline in the working capital over the last year. It stood at $67.17 million as at Dec. 31, 2016, down 41.09 percent or $46.84 million from $114.01 million on Dec. 31, 2015. Current ratio was at 3.28 as on Dec. 31, 2016, down from 4.79 on Dec. 31, 2015.
Debt remains almost stable
Total debt of Fluidigm Corp remained almost stable for the quarter at $194.95 million, when compared with the last year period. Long-term debt of Fluidigm Corp remained almost stable for the quarter at $194.95 million, when compared with the last year period. Total debt was 63.63 percent of total assets as on Dec. 31, 2016, compared with 52.46 percent on Dec. 31, 2015. Debt to equity ratio was at 3.66 as on Dec. 31, 2016, up from 1.69 as on Dec. 31, 2015.
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