The biotech firm has made a notable development for its COVID-19 test. While the stock soars as FLDM nears the anticipated results for the full year 2020.
Fluidigm Corp. (FLDM) stock is on a roll in pre-session today following a bullish end to the trading on Thursday. As we write this, FLDM stock had soared up to 26%. The company’s full-year 2020 results are near disclosure and are anticipated to score well overall. The bulls are eyeing the stock as we near the yearly report.
Moreover, the biotech company just announced that it has obtained the CE-IVD mark for its Advanta™ Dx SARS-CoV-2 RT-PCR Assay. This is a great achievement for Fluidigm as its Advanta testing for COVID-19 comes up with a unique technology—that gives convenient results for SARS-Cov-2 virus testing.
Fluidigm Corp. (FLDM)is a hands-on biotech tool provider that focuses on improving patient’s life through comprehensive health insight. Fluidigm stock is making progress along with the developments happening around, which is good. But how’s the stock getting backed by its business operations?
On Jan. 22, the company announced that it received the CE-IVD mark for its Advanta™ for the coronavirus testing. This new testing method is an extraction-free saliva-based test that helps in detecting nucleic acid from the SARS-CoV-2 virus. The following testing method complies with the European Union In Vitro Diagnostic Directive.
The latest Advanta Dx Assay and results from paired nasopharyngeal samples are proved with 100% demonstration during the clinical studies. The Advanta DxAssay does not require collection through the invasive nasopharyngeal swab, which makes it more reliable and convenient.
Moreover, the team of peer-reviewed research is scrutinizing the accuracy of the saliva-basedSARS-CoV-2 test. Based on the results published by JAMA Internal Medicine, the saliva-based tests have shown similar specificity and sensitivity compared to the nasopharyngeal-based collection.
The CEO and President of Chris Linthwaite said that the testing market of COVID-19 is expected to reach up to $5 to 7 billion this year. This is a big plus for the company that will drive more revenue in the coming time.
The company has scheduled to release its Q4 and full-year 2020 results on Feb. 10, 2020. In the last quarter, Fluidigm reported solid quarterly results. The revenue during Q3 soared by 50.4% to $39.9 million year-over-year. General Product & service and Microfluidics product &service revenues increased by 34.4% and 88%, respectively. While other revenue accumulated at around $4.5 million.
Moreover, the GAAP net loss also decreased from $12.9 million to $6 million from the same period in 2019. The non-GAAP income came positive with $2.5 million compared to a loss of $6.2 million in Q3 2019. So, the results have improved significantly over the past year with a hike in health services amid the COVID-19 pandemic.
The Q4 and full-year results are also expected to report increased income and revenues. Moreover, the strengthening test capability of the COVID-19 will help the company to continue strong growth in 2021. So, Fluidigm Corp. (FLDM) has the potential to make big moves this year.