Fluidigm IPO cancellation drags down bottom line
This article was originally published in Clinica
In what it described as an "unusual" move on its part, private integrated microfluidic chips manufacturer Fluidigm released its third-quarter results to the public in a bid to provide clarity on the firm’s financial situation. The South San Francisco, California-based company withdrew an IPO on the Nasdaq in September due to market instability, but has now disclosed its Q3 results as it felt “an obligation to update the financial world" after having promoted the company and its business prospects during its IPO roadshow. The firm recorded Q3 product revenue of $4.2m, an increase of 200% compared to the same period last year, helped by strong growth in sales of its BioMark genetic analysis system. However, Fluidigm’s bottom line suffered from the cancellation of the IPO, which cost the firm $3.6m in expenses. Net loss for the period was $8.9m, compared to the loss of $5.9m in Q3 2007.
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