FLDM - Earnings call transcript Q2 2018

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Operator

Good day, ladies and gentlemen, and welcome to the Fluidigm Second Quarter 2018 Financial Results Conference Call. At this time, all participants are in a listen-only mode. Later we will conduct a question-and-answer session and instructions will follow at that time. [Operator Instructions] As a reminder, this conference is being recorded. I would like to turn the conference over Vice President of Investor Relations, Agnes Lee.

begin. may You

Agnes Lee

first afternoon, XXXX Good the to Fluidigm for the today, XX, Thank conference everyone. call. quarter the results financial earnings released of ended At second June Fluidigm XXXX. you. the Welcome quarter the market close

call, from our results our we President be Linthwaite, Fluidigm recent today commentary and strategic our and review trends Officer. Officer; Financial our Jog, market will Chief activity, and will and Chief business this provide on During commercial initiatives. Vikram Executive Presenting Chris

and statements SEC. be filings obligation based the any us, other as these the Fluidigm risks on to and adoption for may ended information the our results products, expectations. include These make financial trends plans may available and market future quarter required of results During The results. from and regarding or target uncertainties statements our yet Information risks that and in statements update well currently year pipeline, XXXX, session, forward-looking and for actual our and flow contained business, customer statements cash the in affecting subject subsequent statements trends expense, is are to Form and statements including uncertainties to as increasing call law. Q&A as markets, materially our have and for on sales we December and on in the differ opportunities. call of about cause that revenues and occurred, our circumstances in XX-K forward-looking revenue our results year will XXXX, projections events Examples third information for with events business of operating these and to and other financial current sales forward-looking substantial by our this forward-looking and are XX-Qs projected report except not disclaims growth other operating these annual XX,

as accounting present website. some supplemental our the between earnings CEO. and results to used our which non-GAAP supplement presentations. financial results is consider call over GAAP only under non-GAAP also our Non-GAAP information we you be well Investors accompanying GAAP We as carefully prepared results call, the and operating not between table I are GAAP. in basis. can under the under of U.S. as to reported turn now these a be information will and company's non-GAAP During in rules President reconciliation on the should the set encourage will information of comprehensive of understanding to found and our a our Reconciliations section in presented operating Chris, release, a

Chris Linthwaite

for call. joining second quarter for our you XXXX Thank earnings

this technology detailed centers. and the our pharma translational future growth. is and mass research in placements our instrument becoming momentum consumables we increasingly had by our strong this empower quarter insights total press As powered cytometry results targeted And to we seeing is to exceptional are in release this top-line cancer quarter of promise The healthcare double-digit morning, evident. of

expanding, customer market new partnerships disciplined management. are Our and adoption, financial with strategic product on firing initiatives innovative cylinders all introductions,

update I'll quarter taking you strategy. the will the quarter detailed from and XX% review for an then increase with markets was the questions. financial closing Vikram million, Total more We before ago financial our Jog, period. $XX.X a offering second like to revenue to results today. for CFO, and and our an overview over for year remarks progress Then of begin the of on discuss our call I turn

of placements adoption Human growth was around was were research at institutions Immune consumables into Panel the Our consumables. cytometry launched our both early Furthermore, Monitoring second world. the and opportunities across translational considerable quarter. orders by results and quarter centers mass in cancer mass in conversion remarkable instrument strength partially in instruments second by included mass Maxpar cytometry highlighted our cytometry leading of driven Robust that strong, pharma,

More leverage the on our the disciplined also later. overview, out management. Our a financial high results throughout double-digit quarter on consumables genomics results growth and this Closing year-over-year reflected details delivered basis. operating cash

We are look operating and our ramping updates future excellence forward I on program our progress. up to

Let’s regions. meeting quarter, expectations. to our regions a revenue performance geographic our our well turn now discussion exceeding this in our of or All did

up Similar second to XX%. again Shifting to were partners answer strong to are immunotherapy, both seeing quarter region, a previous XX% academic be Japan, and region. APAC by with strong Asia year-over-year on are and the as in researchers is Pacific, impart specific performer, European revenue up top immune powered second disease due We quarter a to mass were Pacific revenues quarter in in of function result Korea. performance as Europe, quarter. in both new have up sales changes strong organization performance organization, our hit important countries sales channel exceptionally made focus well milestones performance Europe. in perspective, in as in revenues our works a direct pharma we continue From placement and this the is cytometry channel in we that our seeing the service first we year-over-year this including Asia to customer were some strengthen Korea. the questions. changes direct The partners our with in reinvigorate consumables time a adoption a together to

also that funded theme, improvement year-over-year strong initiate Specifically which monitoring sequential using cancer. X% to saw and European of the including growth consortium disease with possibilities growth cytometry. this many dendritic explore this mass past from panel the a to cells, modulate we for these relevant our activate is U.S. and growth, response. quarter, maybe The delivering inside was organic immune body, is Pan cells Continuing

targeted This cancer surpassed quarter, penetration a XX% the through comprehensive of have milestone commercial at U.S. the we team key centers. of efforts

cancer of a opportunities the seeing for the and translational year, back targeted pipeline centers. U.S., We execute in continue as robust momentum good to across are the for half research, CROs we on

progress Most require questions market explosive a and about an There communities and an the intersection development. to of pharma investment these of immune questions and research of proteomic genomic is answer clinical, environment that Now is as discussion to in across of function. need, provider to require workflows cells this a circulating tools biomarkers. broad leading solutions Fluidigm researches meet and and to leading tissues, array is multi-omic. a increasingly analysis, of

relevance. this For is from examples occurred starting trend this us two to clinical discovery to translate to that I highlight like quarter. And

medicine medical and the as CAR-T cytometry one hospital out the by Reinforcing placement has for technology It known is is This by A-med. also project. and are precision across projects discovery. been biomarker the cancer the potential continue to our mass leader and a settings, funded development of our a medical A investing Japan, project many had mass Japanese see adopted biomarker value seeing we of example cytometry First, with driven that in Japanese interest government space. in research medical agency for we a exciting worldwide, research broad cell academic, commercial as very therapy pharma. we for

uncover and mass pharma companies investigate in methods utilize cytometry to function Biotech cellular fight T-cells phenotype, important As placement, to showed further can of a this tool of only long-term and growth signaling development but part cancer our an instrument own insights the cancer status, is instruments through we new new the patient’s and quarter are Certainly strategy. market expansion that to treatments.

markets our expanding portfolio. in exciting partnerships area. our about have made team immune good through The for product The project panel. innovative this is our has We content most human story across and progress talked QX monitoring

customers, first April. its The of panel button analysis, workflow one design, to early other It in for remarkably pre-titrated in allows tube panel, which with the answer. XX seen reproduceability. data for raises Bringing monitoring in workflow including strong simplified a antibodies uptake the part an and launched push was was X have researchers We technologies. solutions is better comprehensive put of for antibodies the and to a minutes bar that panel This powerful our easier kind.

we microfluidics cell. For innovations genomics, the biomarkers for new in and had single

we through to volumes journey to biobanks each to Particularly Biomark This provide use launched the needs portfolio stage sample analysis. customer important ID samples an collection savings. and Sample track. It with addition large detect enables for a cost at Advanta the for to Panel our Advanta meet of with of from This products is labs significant of accurately Genotyping the system. panel quarter,

new the We second was also with the cell that application England CX sequencing discoveries. advance lower launched multimodal was attack Biolabs. a length Open was mRNA first And applications, developed the customers that single the application One sequencing. expanded our by to cost using app CX our the for T capability New application CX created full system of was

will genotyping for disease be joint translational of panels into partnership Finally, agreement research. time disease and an this entered to offering, PCR With next-generation with researchers side, Biomark. design sequencing, on the with panel accelerate the real clinical the specific and service design Genomenon to able offer for use we

Moving to an publications. scientific update around

For mass a now over cytometry increase seen have over XXX we in XX% XXXX. XXXX publications,

continue genomic instruments thousands On the side microfluidic publications. to be with of well Fluidigm’s represented

is website. can use a insights diseases. fight deeper breast leukemia, analysis of You like our threat in is of publications Gaining areas our function. publications can immune of questions answer on to The common list find deeper technologies a the recent leading complex about be multi-omics from recent how to CAR-T represented and variety used Cancer that through cancer, cells well range broad of with a across tumors. studies

updates age. as studies is our continue analysis. that health, our turn to over reproductive multi-omics of well to predicting sell that of the future of positioned This call believe labor, We researchers the for believe financial further beginning. multi-omics such we a However, CFO gestational I forward only questions look that looking and very we intersection will market. also for we in genomics at Vikram, drive We as results. the review and link areas and are answer to to be expansion I now this proteomics preterm

Vikram Jog

growth. year-over-year, contributed driven increased and X increased of everyone. million service Favorable to points instruments, year-over-year Chris exchange and $XX.X sequentially comprising percentage revenue QX XX% in afternoon, year-over-year. higher by foreign consumables, Revenue rates XX% Total Mass Thanks, cytometry XX% instrument and the about good XXXX revenue.

and last mass through you were As recall, orders quarter. this few orders delayed quarter those may saw come a we cytometry

We comprising instruments, driven decrease basis, XX% down both genomics decreased sales. by high-end offset by $XX,XXX XXXX and sales, Consumables to utilization a and continue revenue reflecting pull product revenue delivered through instruments base. The the quarter. to service of to and On growth. continues instrument due consumables sequentially partially consumables, install of was double-digits Consumables second growth lower genomics Microfluidic of quarter, guidance to year-over-year second have in sequential our strong above orders. pipeline consumable service year-over-year our the a and of $XX,XXX. revenue year-over-year track robust in was X% the solid microfluidic

QX, and customer Biomark and sales orders. growth quarter. by with As below consumables offset consecutive through through regional remained purchasing From genomics. line primarily cytometry China variations of guidance revenue up through third XX%. perspective pull in pull are pull driven instruments our growth China slightly mass XX% partially Europe in for driven access high recorded pull reminder, of a customers. Pacific Asia through in range in increased and timing in in projected year-to-date quarter Juno EPX year-over-year, by we in genomics. are projected States, Rounding of of performance and CX quarterly decreased higher out sales, high-end the a range revenue On genomic United was range. significantly we the our XX%, returned subject a quarter, to throughput the patterns second our from above microfluidic to primarily track below basis XX% due consumable the by to the our and Notably revenue array track

Turning now to expenses.

compensation basis XXX in fixed was XXX of second GAAP XX% sales initiatives revenue were operating product decrease sequentially. the and amortization to expenses million sequentially product in stock-based In $X.X by the depreciation average excludes basis $XX.X over million selling the lower to decline second financial in basis, was $X.X continue in improve the the product margins strategic efficiency, year-over-year sequential expenses growth operating in quarter, expense. expenses to product XXX XXXX. while up decreased the quarter. year-over-year technology, product on SG&A million a Both compared or basis. our basis was margins in non-GAAP X% GAAP initiatives. GAAP variances XXXX. of primarily margin We quarter X% expanded mix favorable On mix Non-GAAP our greater partially year-over-year by impacted product reflecting our mix Non-GAAP a of they operational was the second points initiatives a were quarter to investing and to on offset and expenses while product up margin amortization to and amortization or higher mix points to expectations and declined year-over-year, and control expenses also coming with production points ongoing expenses, a discipline Operating primarily in instrument in in prices, XX.X% developed higher execute current decreased volumes. million in quarter second our year-over-year down with QX. implemented of operating down and our for increase second of of on benefit XXX in down product versus basis below basis points early costs cost consumables the range. sequentially. margins QX higher line and We the due to Operating instruments effects in was that believe the due year-over-year from lower The in The $XX.X are business. margins due sequential year-over-year guidance of

first and second the of to we tables million quarter expect ago and non-GAAP a release period Going GAAP million same was today. million year in in and to in at for the provided earlier million forward, earnings last first million quarter. loss million for quarter. The we measures for second year between would were that end the the $XX.X our net $XX.X compared $X.X the operating GAAP non-GAAP pace to $X.X at the slower issued our the reconciliation to quarter revenue. $XX.X for compared grow expenses note net press compared are period loss Please $X growth the

higher the $XX.X driven second million cash increased the of quarter, on at Moving timing the balance million receivable the end quarter by flow at now and to Accounts $XX.X first sheet. of end to million from the the at days was and Cash, second XX the revenue quarter days compared end equivalents in of $XX.X investments in second collections DSO QX. and short-term quarter. cash the of in with XX quarter announced of capital with revolving we quarter, upto compared general flexibility. outflow Earlier exchange working the facility of the second million an have million notes. convertible we This cash with fee our at of Total to $X.X today, provides including and obtained associated end million, additional us credit $XX was $XX.X second first the million corporate asset-based needs sheet facility the that purposes. for balance quarter. $X.X the a one-time in was

terms that guidance was be the to please XXXX. rates. refer at projected X-K on finally And on exchange the today. details million Form the For million to Total facility, filed between revenue moving of and of for our $XX to is $XX third current quarter

$X.X $X.X Total million payment $X expense half-yearly million We to are be is to amortization $XX.X approximately approximately revenue. million. cash $X million million, depreciation are to projected of to million. stock-based $XX.X interest impact are million compensation excluding to operating of $XX.X exchange GAAP foreign to a projected including and and million. expenses of projected be million $X.X outflow to operating minimal be expenses expecting $XX.X Non-GAAP

the Chris cash XXXX the fourth outflow outflow that, back lower for projected in for quarter be will than quarter. with I of expect to And third turn closing our We the total remarks. to

Chris Linthwaite

Vikram. Thanks,

us with of the there to and Improved February Directors children with I fully an on turn Steve well call, special North Board Before decision XXXX. care be improving have Care today. to provide for announcement our primary of in at early as of Carolina priorities on to affected He notice that will long -- we earlier we his quality since non-profit By an and plan Visitors the us Board to Children's in close Officer some XX his will award serves focuses giving Commercial retiring released disease involvement that family in the the winning Crohn's XXXX Hospital. his Chief shift the additional as his a opportunity Steve the the I IBD. period, provides ample announcement transition. Steve focus for and McPhail, called Now terrific mission on color support eventual

leaders made Europe commercial Asia, North two strengthen adding our the throughout talented America. organization. have and years incredible Notably We strides past in to

We are the The momentum navigate well compromising news forward positioned generated. services way customer without sales fresh. we have our to or is

for planning process the begun replacement. search just we've his So

We've points we we we researchers We will of and the a for have Immune Fluidigm. the big our our strengthened talent, employee rapidly is genomics research. going have say passion the desire biotech collaboration for you. updates essential capabilities, of when internal confidence the share cytometry, and Furthermore, the to turnover, who is forward. comes the confident be great pharma, customer candidates the and mass pool initial passion to launched with have that terrific in emerging new a good are reduced being. part unlocking revolution microfluidic motivates year Monitoring share attracting plans future. human way an multi-omic with will candidates partners for evaluating Meanwhile, we of our immune and growth of us that can't organizational bye, new are The all be I'm I we external Across as XXXX a Human networks. products power and system. Panel leader exceptional translational and innovative and Steve His consider. attracted success overemphasize to advocate we will Maxpar organizational an time

terms Our traveled applied unlock closing, one will perspective, operating proposition. and a are a In our around revenue the and of strong quarter new value. of value and growth, on focus shareholders I've innovation, am tools depth are that is company. I’ve being enthusiasm past the From confident funnel in the partnership business excellence Fluidigm in witnessed I hundreds world the diseases, product across our breadth. longer we no both firsthand

employees and the our strategic effect progress networking for winning work in the and of I our proud XXX more advancements critical look focus customers. of that long a line I'm like We've the instrument recurring and by we strategic six will opportunities about to just sharing With questions. a quarters the impact are forward getting centers. I'm increasing create of at in the months I’d to open come our revenue streams placement being made We humbled translational by cancer the the ahead. way and that, our started. are

Operator

Company. Instructions] from And Thank you. from Cowen [Operator first comes Schenkel question Doug our &

open. Your line now is

Adam Wieschhaus

thanks Adam Doug is This for my for on guys. Hi, Wieschhaus questions. taking

you I last quarter cytometry. instrument customers quarter installed As cytometry your mentioned that no of capacity And think solid becoming it for you was was mass noted base mass constraint.

So placements as and the constraint we do instrument. get utilization a the how being in trying QX, sites. is made backlog customers placed that quarter that just think you Helios for capacity in largely largely or about go outlook they customer to sense at new trending those the the Thanks. to for I'm the for

Chris Linthwaite

Thanks, Thanks the question. Adam. for

it characterize the a kind see a would couple constraints. is ways. trend of of that I So we to capacity continue One

And instruments us of from the mass best so came I'd my characterize cytometry the quarters is you which in might for in company this quarters at perspective into the one cytometry. have six last the as quarter least for noticed mass since I

customers. seen new we're of a mix So

passing You highlights still we characterized as centers instrument of been placements. new comprehensive the heard in our it's of largely cancer And the XX% certainly penetration we also penetration. adding U.S. that expanded some in the key capacity, but target that in

of with pleased we're the year. the really half So second

on placements locations. previous continues that multi quarter mix and a the at think capacity our place was I we system to call constraint long-term just in industry it there that feeding as ago a institutions described good it was for of funnels set emerging up

they customers. as who I for of seeing utilization well capital CROs, in potential sets as equipment the think the are new expansion also and attracting investments it the made better for well up

good So I it’s why just and blend of think that’s a we’re that, started. getting

Adam Wieschhaus

by And coming your new range guidance received pull for you. instrument by above evidenced instrument the customers the through in Biomark launches thank for three Okay, panel the being are as for the quarters. last the well

placements the that have that roughly Biomark we been over time. believe same flat However,

start if the do near I assumption the that for to was make you so, So in compelling And pretty you have applications just believe that trend Biomark upward future, to correct. placements want the some could sure instrument. now

Chris Linthwaite

our I’d have we expectations that on Yes, instruments. tempered genomic say

we a consumables focus had addition primarily certainly in lumpiness Biomarks. we strong the in particular But is really putting are The quarter. of consumables our is bit of little continued prior of So period a business. are pull But pleased second through new the making place. this capacity with in this phenomenal or

we a And systems getting so for we been of will that place, those kind lot really is look of those in have fully it we’re up underutilization load what -- expansion. take base of realizing really capacity and

it’s if new revenue look streams of are revenue in placing of instruments, are think the all in generate the certainly you roadmap, recurring that’s amount and on the is of period part putting we we increasing that which revenue at strategic our platforms. we have focus why of across but and our primarily this Although our I streams recurring you business the mix seen the

Adam Wieschhaus

Thanks. Chris. makes sense, that Okay,

Chris Linthwaite

bet. You Adam. Thanks,

Operator

Thank Jaffray. you. Piper question Quirk And Bill comes next from from our

Your line now open. is

William Quirk

thanks. Great,

So two just you Chris, you question addressed kind could I guess hoping elaborate. was and one the it to of parts part first I

cancer So, first that with cytometry noted U.S. respect comprehensive on the off a you centers. to trend mass

more centers in And then think beyond in are is Thanks. the little question, details mass using secondly cyto could a they a academic space? a longer perhaps little you this range medical us and help us can about of you how particular terms those If interest translational but centers? this give in bit

Chris Linthwaite

Sure, thanks again Bill.

future, start this will and guess, one the we’ll into in always kind follow-up meetings. I can it -- on get So, we and probably on of first the

that’s from clinical I of exploration biomarker of which seeing centers points is is data those the board, new of one number support cytometry now sponsored discovery the think trials So mass correlate across in increasing an clinical everything trials. we’re cancer on work, states, a the disease collected utilization the across comprehensive being it’s in

than of our the the and drugs small very about in stage potential, in think pipeline X,XXX now more I at beginning to fraction we’re think a scratch a if those you a correlate. we’re surface measurement as right some immuno-oncology on just

drivers So in institution. load seeing up that’s another that like are we’re of helping the place that

In we’re you know a a immune addition right big of now in cores, cores are is base monitoring well cannibalization creating we flow we’re as story the as monitoring research we’re at and of seeing trends as cytometry immune thing, major some the doing is middle feeding it’s what lower And both applied, one some the also is of perhaps it. of the multi-omic parameters. beginning

are that cytometry, run is and experiments that to panel we’re in experiments that killer with single flows take experiments being So a two serious great or monitoring what solution showcase able three it. or allows titrated instrument offer have are antibodies assays immune been case this cytometry now that it, four example flow one you informatics put all a another of or pre to them against and against tube, might a human

those take and in that’s as seen have or great more evolution so that what And we’re to industrialize pickup an we up really institution. seeing

so many and there that’s being just a that’s research so about we it’s are still forth. now perspective shift mass the discovery definitely on to from those, core projects, on across but those portion like to of story we’re more of are seeing trial research biomarker and applied more moving imaging and the Helios seeing support suspension regards is side still clinical but based out, the a right used So, suspension, cytometry, from variety is on I imaging earlier talking now they so an with said playing basic stage a imaging

about Now the think industrial second of talked part was I kind you application.

great CAR of that’s placements. think think reasons win one the I I wanted T company to I the highlights at one industrial this of

many institutions. seeing T this have a they the some they supporting was the commit and And academic And make envision of same in within have that in many centers And advantage we not trials. the would get major these that strategic. been are them people, they're particular that's contracting large the been And their just academic looking been where the think, filings. -- seed exactly was referenced with of in-house to some from that the cores. cores. built of that’s we have they as for those clinical part And competitive think themselves. -- we would is, helped of exposed comprehensive perspective we work in have I it to start but technology We at We've institutions now support of they cores CAR bring ourselves those partners in-house the it they how particular is a to access want we'd needed, those research as through before and centers. the contributed case also to say capacity available of bringing we proof question, program. who points then industrial or in company what was actually major it their patent And at capabilities I need researchers,

William Quirk

that of that I guess tend NGS in is recently coming hospital of we vein. a don't with the lot And of another Thanks follow-up it. question, some may seen see are along but interest obviously technologies. then community same rapid at longer to kind starting a We've adoption lot, Got you these of associated such? that setting, much cytometry community which interest coming Chris. out to out all, mass Again, term a any specifically around new the looking disease in of of this be monitoring multi-omics at as

Chris Linthwaite

our level as they're more of that in settings world that we're community we wins that point anything hospital more modest. around but this have or where in side that some we’re other maybe value truly they're -- and of hospitals course, more can't in running our samples point. space of kind what can't additional the and to exposure I be also within making they're I say, to having their to seeing right IRBs trials of is the doing evaluations But in and now translational parallel and seen decision the their at processing. inform generated technology Yes, internally, seeing NGS what looking can helping constructs at

answer. such us the huge simplifying an To I unique of answers can things is you're to we which it They've want for, really the this to proof design connect roadmap, where where is quickly Human us lead capability, to automating and they've institutions about by those algorithmic forward. and take that a to create So you we for the think but I can in data industrialize quickly package that the that up a penetrate published our biomarkers clean interpretable academic About, go. lot the future. instrument, and of because on looking And to is all we're to space very the research way goal is gating help solutions these answer -- on together, can't analog we those you our report. targets, see being able that's' help community and in enable in a -- hospitals then Panel, those the know the kidding lead Immune directly By in happening the a NGS when we in you they're or companies like showing space. ask, just exactly ahead questions a years ours want which going this had as this think point trend Monitoring that the area I particular of to specific major

said sure far. NGS. to we one of cancer we ambitions talking in this centers But around about path right to get We've placements. make so as the world. influencers so critical And we'd But networking think have follow the effect our certainly, is U.S. those critical mass, is, this now been goal the and just I in before, target

William Quirk

thank it, very much. you Got

Chris Linthwaite

Thanks again. bet. You

Operator

question Instructions]. Paul Janney comes Thank Montgomery. [Operator And next from Knight you. our from

open Your line is now

Paul Knight

the what from about then was single economics Chris, congratulations group? positives to the decline the within million, talk on growth. Can cell? sequential And $XX.X Hey, QX was you it genomic

Chris Linthwaite

Thanks, for Paul. questions. the Thanks

performance business in been cell genomics So say we I'd the context breaking single performance. all historically out of have of not the of

So with of I'd in cycles. caveat, that placement kind just it's lumpiness it instrument relates the to primarily as say,

think first where So a I look would half setting of pure from the basis you we exactly if be if QX a this year. quarter you the just we're instead for we kind half think, of thought first than at of up

to what I and the Cowen asked placements genomics spoken question And so kind for when similar earlier. to us they really it's in the instrument first of timing

progress in the we're on primary consumption extremely quarter. driving that's with again that and in primary, us thrilled focus specifically for is demand genomic in making and and of consumables terms double-digit in context that second growth Our we're that the consumable

Paul Knight

PCR market, you taking on within you're are digital you doing that where think share marketplace? And the

Chris Linthwaite

didn't PCR time. of kind Fluidigm is we were fully in A the say the on phase. was Biomark really probably And digital generally first the PCR a almost space, story. mover when a market it It introduced capability was first we super digital historically. ahead of its conversation. created where first much or exploit in really its I'd that interesting But longer our platform. But We that -- capability nascent is was

scene Now fast And on and larger the little fact is market. companies more couple the a come that our forward world a proposition digital PCR remains. moved on bit value a and in more becoming

is we’ve one can area digital market definitely way It's a platform figure we And way market. historically growing to there the been PCR growth, PCR so not is of the on on. if keen are in focused in are we PCR applications. we segments seeing which participate interest a an out digital faster quite increasing the larger But for of our that probably overall

Paul Knight

can I you but then trends, know the put backlog cyto talk talk is on et a the can out, Okay. there side to mass order you And about of business, you cetera? customer --

Chris Linthwaite

the in best that the of days us. the instrument of our quarter was in I are had share. I a at placements, the in QX in I’d guess We quarter ahead best still echo quarters, I end it great think just shared call to the extent last six kind I can of what wrap.

have on up we're publications them and the XX publications terms with keeping from I consumables good new keeping instruments. looking the the doing that we're -- imaging facing think the terms job mass second place, of forming it a starts of added instruments. And really quarter. build publications loading is come in to the an in and acceleration customers in way out. the in happy We're we're XX% that's field We we're the pleased terms and we're And installs. those, from contracts panels getting, the of the uptime on first of in mean, base seeing really We're reasons with what I cytometry. signals use giving alone service the that in

end regards see the we're as So of the you with base. expand consumables can systems our can see guidance we on high the on end utilization, and we annualized consumables, that high coming those relatively to the pull through

out of about at give you point, the to the that's -- I And penetration that I proof where so critical look out organization passing And the those as heading. beginning positive related point those target. think And can proof we XX% that just give signs is penetration. really are

a And we more see a a expand We're how small we're the that we some we billion have presentations we market multi-system of our but this of of player. market we you flow investor cytometry cases presented relatively which market do possibly have into. $X.X as measure huge might fraction placements, better is could than market in those

terms placements tremendous So instrument of the I think over is here long-term there of for that not is think in of long-term. in amount and I future. growth in upside new And a consumables us the terms

I think see this in acceleration we're to to business. continue going

Paul Knight

were thank is Okay, that convert that range? normalized quarterly? the on burn do without side, Is fee, in What burn the think change $X cash rate you. cash million. your it kind of of to X you X And

Vikram Jog

somewhat QX on other and in around some interest. Yes, quarter you Yes, is cash $X.X lower say QX. about the number hi number QX ballpark. would tends Vikram. normalized than that to million have be is be tends and this seasonality right we yes, QX to There every are higher. Paul, And I that between so

Paul Knight

Okay, thanks very much.

Operator

I would back further Agnes turn you. closing questions. I'm for now the no like Lee to remarks. call Thank to showing

Agnes Lee

for third further you, we if are us reach the close on We'd section This next attending will there Please of website. investor to out to the now the our our following like look may Shellie, thank everyone the the call. available A this of call you of close XXXX. concludes call quarter to Thank of forward update the and Shellie. call today. questions. Good everyone. afternoon be replay

Operator

conference. program. in conclude Ladies and you today's does participating today's This gentlemen for thank

all You day. disconnect, great everyone may have a

Standard BioTools (LAB) 2 Aug 182018 Q2 Earnings call transcript