During Friday’s current trade, Fluidigm Corporation (NASDAQ:FLDM)’s shares dwindled -27.12%, to $27.30.
Fluidigm Corporation (FLDM), declared its financial results for the first quarter ended March 31, 2015.
Total revenue for the first quarter of 2015 was $26.7 million, an enhance of 4% from $25.7 million in the first quarter of 2014, and an enhance of 10% on a constant-currency basis. The first quarter of 2014 revenue excludes $3.8 million of revenue from the DVS acquisition prior to acquisition close.
Net loss for the first quarter of 2015 was $15.9 million, contrast to a net loss of $15.4 million in the first quarter of 2014. Non-GAAP net loss for the first quarter of 2015 was $7.3 million, contrast with non-GAAP net income of $0.08 million for the first quarter of 2014.
“Our first quarter revenue did not meet our internal expectations due to several factors, counting timing of CyTOF™ orders and shipments, a shortfall in Biomark™ system revenues, and weak genomics analytical consumables sales. In addition, currency had a more negative impact than we assumed at the starting of the year,” said Gajus Worthington, Fluidigm President and Chief Executive Officer.
“Although disappointed with our performance in the first quarter, we believe our overall market opportunities have never been stronger. We are happy with early customer reaction to our new products, counting initial sales of Juno™ and strong interest in our forthcoming Polaris™ system. The single-cell biology market continues to blossom and grow. The CyTOF product line results in the first quarter were largely due to timing. We remain positive about our CyTOF outlook and expect strong year-over-year growth in 2015. However, due to greater uncertainty in our previous outlook given first quarter results, we are reducing our revenue guidance for the year,” continued Worthington.
Business Highlights Since Fluidigm’s Last Earnings Release
- Introduced the Polaris system at the annual Advances in Genome Biology and Technology meeting in February 2015. Polaris is a single-cell research system that integrates cell selection, isolation, dose, culture and molecular preparation into a single workflow enabling researchers to correlate gene expression with environmental conditions and phenotypic information. We expect to launch Polaris mid-year 2015.
- Declared the new Access Array library workflow prep using the Juno instrument. The Access Array library workflow prep is a scalable, economical, and flexible workflow designed to enable users to validate up to 5,000 known and novel mutations per sample. We expect to launch the Access Array library prep in the second half of 2015.
Fluidigm Corporation creates, manufactures, and markets technologies and life science tools focused on the exploration and analysis of single cells, in addition to the industrial application of genomics. It provides various preparatory instruments, counting C1 single-cell auto prep system, a sample preparation system that isolates, processes, and profiles individual cells for genomic analysis; and access array systems that enables automated polymerase chain reaction (PCR)-based target enrichment, barcoding, and tagging of resequencing libraries and facilitates parallel amplification.
Planar Systems, Inc (NASDAQ:PLNR)’s shares dipped -22.29% to $4.71, during the current trading session Friday’s.
Planar Systems, Inc (PLNR), stated financial results for the fiscal second quarter ended March 27, 2015.
Fiscal Q2 2015 Financial Highlights (contrast to the same-year-ago quarter)
- Digital Signage (DS) product sales up 32% to $24.9 million.
- Commercial and Industrial (C&I) product sales up 10% to $24.2 million.
- Non-GAAP net income up $1.3 million to $1.9 million or $0.08 per diluted share (see reconciliation to GAAP, below).
- GAAP net income up 607% to $1.6 million or $0.07 per diluted share.
- Non-GAAP EBITDA (earnings before interest, taxes, depreciation, amortization, and non-cash stock-based compensation) raised 90% to $2.1 million.
Fiscal Q2 2015 Financial Results
Total revenue raised 20% to $49.1 million from $41.1 million in the second quarter of fiscal 2014. The improvement was driven by a 32% enhance in sales of the company’s DS products, which totaled $24.9 million (or 51% of total revenue) contrast to $19.0 million (or 46% of total revenue) in the same year-ago period. Sales of C&I products raised 10% to $24.2 million (or 49% of total revenue) contrast to $22.1 million (or 54% of total revenue) in the same year-ago quarter.
Merged gross profit margin as a percentage of sales was 25.0%, an improvement from 23.6% in the second quarter of fiscal 2014. The enhance was due to lower labor and overhead expenses related to improved capacity utilization, in addition to a change in the mix of products sold towards higher margin DS products.
Non-GAAP operating expenses totaled $10.8 million contrast to $9.4 million in the same quarter last year. The enhance was primarily due to higher sales and marketing expenses.
GAAP net income totaled $1.6 million or $0.07 per diluted share, an enhance of 607% or $0.06 per diluted share from $228,000 or $0.01 per diluted share in the second quarter of fiscal 2014.
Non-GAAP net income totaled $1.9 million or $0.08 per diluted share, an enhance of 204% or $0.05 per diluted share from $612,000 or $0.03 per diluted share in the same year-ago quarter.
Non-GAAP EBITDA raised 90% to $2.1 million from $1.1 million in the second quarter of fiscal 2014.
At quarter end, the company’s cash balance totaled $16.2 million, up 9% from $14.9 million at December 26, 2014.
Planar Systems, Inc., together with its auxiliaries, develops, manufactures, and markets electronic display products and systems. The company offers products for display signage market, such as tiled LCD systems that allow customers to create flat, large video walls for various applications, counting ambience, advertising, architectural, and brand promotion; and signage monitors comprising other stand-alone signage monitors, outdoor signage displays, transparent displays, and customized LCD signage solutions.
In an afternoon trade, Qumu Corp (NASDAQ:QUMU)’s shares dropped -18.87%, to $10.06, hitting its lowest level.
Qumu Corp (QUMU), declared that it will take part in the B. Riley & Company 16th Annual Investor Conference in Santa Monica, CA. Sherman Black, Chief Executive Officer, and Jim Stewart, Chief Financial Officer, will present the Company’s business strategy and current corporate developments on Wednesday, May 13, 2015 at 3:30 pm PT.
Qumu Corporation engages in enterprise video content administration software business. The company’s tools enable businesses to create, manage, secure, distribute, and measure the success of their videos. It offers enterprise video content administration software products through the sale of software licenses, software on a server appliance, software-enabled devices, and a cloud-based software-as-a-service platform. The company also provides software maintenance contracts, professional services, and managed services.
CymaBay Therapeutics Inc (NASDAQ:CBAY), during its Friday’s current trading session declined -26.15% to $2.88, hitting its lowest level.
CymaBay Therapeutics Inc (CBAY), declared financial results for the quarter ended March 31, 2015.
“We are encouraged by the noteworthy progress we’ve made so far in 2015, counting the completion of our Phase 2 studies of arhalofenate in gout, obtaining Orphan Drug Designation for MBX-8025 in both severe hypertriglyceridemia and homozygous familial hypercholesterolemia (HoFH), and initiating a Phase 2 trial of MBX-8025 in HoFH,” said Harold Van Wart, Chief Executive Officer of CymaBay. “We are now looking ahead to our end-of-Phase 2 meeting with the FDA for arhalofenate in addition to concluding our Phase 2 trial of MBX-8025 in HoFH patients, both before year end. We have initiated dialogue with potential partners to take arhalofenate forward into Phase 3 development as we shift our own resources towards continued development of MBX-8025. With the addition of Kirk Rosemark to the administration team and Robert J. Wills, Ph.D. to our board, we are even better positioned for success in the coming year.”
First Quarter and Recent Business Highlights
Arhalofenate for Gout
Arhalofenate is an oral, once-daily dual-acting drug candidate for gout. It lowers serum uric acid through a uricosuric effect and also has an anti-inflammatory activity that suppresses flares. It is the first compound in a new class of gout therapy that we refer to as Urate Lowering Anti-Flare Therapy (ULAFT).
- In January 2015, CymaBay declared positive results from its Phase 2 open label study of arhalofenate administered in combination with febuxostat in patients with gout. The combination of arhalofenate 800 mg and febuxostat 40 mg resulted in a statistically noteworthy improvements in responder rate (% of patients with serum uric acid below the targets of both 6 and 5 mg/dL) as compared to febuxostat 40 mg.
- In February 2015, CymaBay declared positive results from its Phase 2b flare study for arhalofenate in patients with gout. Patients receiving arhalofenate 800 mg demonstrated a 46% reduction in gout flare rate (p = .0056) as compared to those receiving allopurinol 300 mg.
- CymaBay has now accomplished five Phase 2 studies of arhalofenate. The results support CymaBay’s positioning of arhalofenate for the treatment of the inadequate serum uric acid responder population of over 2 million gout patients, with the unique additional benefit of simultaneously lowering gout flares. CymaBay has developed a path forward for Phase 3 development of arhalofenate that it is planning to talk about with the FDA at an end-of-Phase 2 meeting in the third quarter of 2015 and has initiated talk aboutions with potential partners to advance arhalofenate into Phase 3 development.
CymaBay Therapeutics Inc. is a United States-based clinical-stage biopharmaceutical company. The Company is focused on the development and commercialization of new medicines for important human diseases. Its pipeline comprises Arhalofenate, MBX-2982 and MBX-8025. Arhalofenate is an oral small molecule being developed to treat the about 1 million gout patients that flare three or more times per year. MBX-2982 is a treatment for type 2 diabetes that targets G protein-coupled receptor 119 (GPR 119), a receptor that interacts with bioactive lipids and results in glucose-dependent insulin secretion. MBX-8025 is an investigational product for treating mixed dyslipidemia, a group of disorders that comprises elevated LDL cholesterol and/or triglycerides, and low levels of HDL cholesterol.
BioScrip Inc (NASDAQ:BIOS), during its Friday’s current trading session down -15.87% to $3.71.
BioScrip Inc (BIOS), declared 2015 first quarter financial results. First quarter revenue from ongoing operations was $261.7 million and the net loss from ongoing operations was $15.9 million, or $0.26 per diluted share.
First Quarter Highlights
- Total revenue raised by $22.4 million, or 9.4%, contrast to the preceding year period. Revenue from the Infusion Services segment raised to $244.4 million, reflecting 10.6% growth year-over-year, driven by continued strong organic growth;
- Gross profit from ongoing operations was $66.5 million, or 25.4% of revenue, contrast to $65.1 million, or 27.2% of revenue, in the preceding year period;
- Adjusted EBITDA from ongoing operations was $6.3 million, a $2.8 million decrease contrast to Adjusted EBITDA of $9.2 million in the preceding year period. The decrease was primarily due to the preceding year benefit of a $2.2 million contingent consideration gain, and current year incremental bad debt expense; and
- Raised gross proceeds of $62.5 million through a private placement of convertible preferred stock to Coliseum Capital Administration, LLC.
“First quarter results reflect double-digit organic growth and increasing patient census, tempered by seasonality and the impact of severe weather affecting many of our markets. Our business gained additional momentum in March, and we expect to see continued growth in our infusion platform,” said Rick Smith, President and Chief Executive Officer of BioScrip.
“With the addition of Jeff Kreger as our new Chief Financial Officer, we are working steadily to achieve our formerly-stated cost savings aims, enhance operating cash flow and strengthen our balance sheet,” concluded Mr. Smith.
Results of Operations
First Quarter 2015 as compared to First Quarter 2014
Revenue from ongoing operations for the first quarter of 2015 totaled $261.7 million, contrast to $239.3 million for the same period a year ago, an enhance of $22.4 million or 9.4%. Infusion Services segment revenue was $244.4 million in the first quarter of 2015 contrast to $221.1 million for the same period in 2014. The 10.6% enhance was driven primarily by continued strong organic growth.
Merged gross profit for the first quarter of 2015 was $66.5 million, or 25.4% of revenue, contrast to $65.1 million, or 27.2% of revenue, for the first quarter of 2014. The enhance in gross profit dollars was due to revenue growth in the Infusion Services segment partially offset by lower PBM Services gross profit. The decrease in gross margin percentage was influenced by a shift in our Infusion Services segment towards lower margin chronic therapies.
During the first quarter of 2015, merged Adjusted EBITDA from ongoing operations declined by $2.8 million down to $6.3 million. Infusion Services segment Adjusted EBITDA was $12.7 million in the first quarter of 2015, contrast to $14.9 million in the preceding year quarter.
PBM Services segment revenue was $17.2 million for the first quarter of 2015, contrast to $18.2 million for the preceding year period. PBM Services segment Adjusted EBITDA was $1.4 million for the first quarter of 2015, contrast to $1.7 million in the preceding year quarter.
Interest expense in the first quarter of 2015 was $9.2 million contrast to $10.5 million in the preceding year period.
Income tax expense for ongoing operations in the first quarter of 2015 was $1.9 million contrast to income tax expense of $3.5 million in the preceding year period.
Net loss from ongoing operations for the first quarter of 2015 was $15.9 million, or a loss of $0.26 per diluted share, contrast to a net loss of $25.3 million, or $0.37 per diluted share in the preceding year period.
BioScrip, Inc. provides home infusion and other home care services, and pharmacy benefit administration (PBM) services in the United States. It operates in two segments, Infusion Services and PBM Services. The Infusion Services segment offers home infusion therapy and respiratory therapy services; and durable medical equipment, products, and services. Its services comprise home infusion services, counting intravenous administration of medications to treat a range of acute and chronic conditions, such as infections, nutritional deficiencies, immunologic and neurologic disorders, cancer, pain, and palliative care; dispensing and administering of infusion-based drugs, which require nursing support and clinical administration services; equipment to administer the dosage; and patient training.
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