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Fluidigm (FLDM) Now a Strong Buy on Key Product Releases

On Nov 18, 2014, Zacks Investment Research upgraded Fluidigm Corp (FLDM) to a Zacks Rank #1 (Strong Buy). Impressive third quarter results and a raised guidance primarily drove the upside.

Why the Upgrade?

Strong organic revenue growth, positive guidance revision, key product launches, and significant growth opportunity across both production genomics and single-cell genomics applications were the primary reasons justifying the upgrade.

In the recently concluded third quarter, both earnings and revenues beat the respective Zacks Consensus Estimate. Most importantly, revenues surged a significant 62% from the year-ago quarter. Notably, this marked the sixth consecutive revenue beat for the company.

Instrument revenues soared 64% year over year, driven by increased sales of the C1 and BioMark HD systems, and higher contribution from the acquired CyTOF 2 system. Organic instrument revenues jumped 29% from the year-ago quarter.

Most importantly, approximately 60% of the BioMark HD system sales were motivated by single-cell research. Approximately 25% of C1 system sales were combined with a BioMark HD system in the quarter.

During the quarter, Fluidigm launched the Single-Cell Whole Exome Sequencing Application for the C1 system. The company also started an early access program for its upcoming Juno genotyping machine.

We are encouraged by Fluidigm’s robust third-quarter performance, which prompted higher revenue guidance for 2014. The company also lowered its full year operating expense guidance. We believe that significant product launches will propel further growth at the company, going forward.

Estimate Revisions

The Zacks Consensus Estimate for fiscal 2014 remained steady at a loss of $2.04 per share over the last 7 days. Similarly, for fiscal 2015, the Zacks Consensus Estimate remained unchanged at a loss of $1.56 per share over the same time frame.

Other Stocks to Consider

One may also consider some other players in the industry that look attractive at current levels. These include AngioDynamics (ANGO), EnteroMedics (ETRM) and Affymetrix (AFFX). All the three stocks carry the same Zacks Rank as Fluidigm.

Read the Full Research Report on FLDM
Read the Full Research Report on ANGO
Read the Full Research Report on AFFX
Read the Full Research Report on ETRM


Zacks Investment Research

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