Fluidigm (NASDAQ:FLDM) makes microfluidic systems which are used in the life sciences and agricultural biotechnology industries. The company's microfluidic systems are instruments such as chips and reagents used in laboratories. These systems decrease costs, increase output, and allow the laboratory to run processes that would normally be infeasible. Fluidigm has increased the number of fluid components on a single chip which allows the laboratory to run complex experiments on a smaller surface area. Fluidigm has sold its products to 200 different customers across 20 different countries.
In addition to cutting cost for its clients, Fluidigm also allows them to run experiments normally not possible. Laboratories can conduct 24 times more gene expression experiments and 36,960 simultaneous reactions on a single fluidic chip. Fluidigm's chips also improve data quality as each individual fluid compartment are highly homogeneous. This allows for different conditions to be tested across a single chip without conditions ranging from compartment to compartment.
The company's initial public offering of stock on the NASDAQ occurred on February 9, 2011. The company offered 5.6M shares each for $13.50. The inital price range was $13.50-$15.50. This brought the deal size to $75M. The company had originally planned to sell 5.2M shares, but increased its offer to 5.6M. The lead underwriter of the deal were Deutsche Bank AG (DB) and Piper Jaffray Companies (PJC).
For the first 9 months of 2010, the company's total revenue was $36M. The company reported a net loss for the same time period of $13.8M. This was largely due to a high Research & Development expense. For the first 9 months of 2010, the company spent $10M on research and development.