A conductivity counter and method of determining conductivity of a fluid sample are disclosed. The counter is suitable for high-speed, accurate counting of discrete events or items, such as cancer cells, passing through a fluid sample cell. A variable frequency current source is used to supply an excitation current to a sample cell connected in parallel with an inductance or the electrical equivalence of an inductance. This configuration can be accurately modeled as a parallel RLC circuit when the system is operated at a stable frequency. The current source frequency is tuned to the resonance frequency of the equivalent RLC circuit, which effectively eliminates the capacitive and inductive components of the impedance, leaving only purely resistive components. The output of the equivalent RLC circuit is connected to a high input impedance buffer amplifier and then to a phase sensitive detector, which detects the phase shift resulting from the equivalent RLC circuit. The output is filtered and a differencing amplifier is used to zero out the output signal due to the system components and the sample cell buffer solution prior to taking active readings. The remaining output signal is due to perturbations in the fluid sample, such as passing cancer cells. This output is sent to a high-gain output amplifier and then supplied to a suitable signal processing device or system, such as a computer.