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Fluidigm (NASDAQ:FLDM), a developer of microfluidic systems, priced its IPO on February 9, at the low end of its range at $13.5 per share, and gave a first-day return of 3.9%.

Business Overview (from prospectus)

We develop, manufacture and market microfluidic systems for growth markets in the life science and agricultural biotechnology, or Ag-Bio, industries. Our proprietary microfluidic systems consist of instruments and consumables, including chips and reagents. These systems are designed to significantly simplify experimental workflow, increase throughput and reduce costs, while providing the excellent data quality demanded by customers. In addition, our proprietary technology enables genetic analysis that in many instances was previously impractical. We actively market three microfluidic systems including eight different commercial chips to leading pharmaceutical and biotechnology companies, academic institutions, diagnostic laboratories and Ag-Bio companies. We have sold systems to over 200 customers in over 20 countries worldwide.

Offering: 5.6 million shares at $13.5 per share. Net proceeds of approximately $15 million will be used for marketing, approximately $12 million for research & development, and approximately $5 million for debt repayment.

Lead Underwriters: Deutsche Bank Securities (NYSE:DB), Piper Jaffray (NYSE:PJC)

Financial Highlights:

Total revenue increased $5.4 million, or 30%, to $23.2 million for the nine months ended September 30, 2010 as compared to $17.8 million for the nine months ended September 30, 2009...Cost of product revenue decreased $0.4 million, or 5%, to $8.0 million for the nine months ended September 30, 2010 from $8.4 million for the nine months ended September 30, 2009...Research and development expense increased $0.8 million, or 9%, to $10.1 million for the nine months ended September 30, 2010 compared to $9.2 million for the nine months ended September 30, 2009...Selling, general and administrative expense increased $3.3 million, or 23%, to $17.7 million for the nine months ended September 30, 2010, compared to $14.4 million for the nine months ended September 30, 2009...Net loss decreased $1.9 million, or 23%, to $13.8 million for the nine months ended September 30, 2010, compared to $15.7 million for the nine months ended September 30, 2009...

Competitors

We compete with both established and development stage life science companies that design, manufacture and market instruments for gene expression analysis, genotyping, other nucleic acid detection and additional applications. For example, companies such as Affymetrix, Inc. (NASDAQ:AFFX), Agilent Technologies, Inc. (NYSE:A), Caliper Life Sciences, Inc. (NASDAQ:CALP), Illumina, Inc. (NASDAQ:ILMN), Life Technologies Corporation (NASDAQ:LIFE), Luminex Corporation (NASDAQ:LMNX), Roche Applied Science, NanoString Technologies, Inc., RainDance Technologies, Inc., Sequenom, Inc (NASDAQ:SQNM). and Wafergen Bio-Systems, Inc. (OTCQB:WGBS) have products for gene expression, genotyping, and/or sequencing that compete in certain segments of the market in which we sell our products. In addition, a number of other companies and academic groups are in the process of developing novel technologies for life science markets.

Additional Resources:

Source: Fluidigm IPO Debuts at Low End of Its Range