This excerpt taken from the CALP 8-K filed Aug 6, 2008.
Caliper Life Sciences Reports Second Quarter 2008 Results
- Revenue in Line with Company Estimates Highlighted by
11% Discovery Products and Services Growth -
HOPKINTON, Mass., August 6, 2008 Caliper Life Sciences, Inc. (NASDAQ: CALP) today reported second quarter financial results for 2008. Revenues were $34.0 million for the quarter, a decrease of 4% from the prior year quarter of $35.3 million. Revenues were impacted by a $3.5 million decline from 2007 in collaboration-related licensing and contract revenue, and contract delays in Calipers Discovery Alliances and Services (CDAS) business which were partially offset by growth in discovery (automation and microfluidics) products and services, and overall imaging product line growth. Net loss for the quarter was $6.7 million ($0.14 per share), compared to a net loss of $6.3 million ($0.13 per share) in the same quarter of 2007.
· Discovery products and services grew 11%, and low double-digit growth for these products and services is expected in the second half of the year.
· Imaging product line revenue grew 5%, slowed in the quarter by a product mix shift resulting in a lower average selling price of IVIS instruments sold. Caliper anticipates particularly strong double-digit growth in this product line during the third quarter.
· CDAS revenues declined 2% due to contract delays, however as project efforts accelerate beginning in the third quarter, results are expected to be strong for the second half of the year.
· Cost reduction actions reduced operating expenses (R&D and SG&A) by $2.2 million, or 11%, from the prior year quarter, and by $1.7 million, or 9%, on a sequential quarter basis.
· The new LabChip GX instrument series, the next generation of Calipers widely-adopted LabChip 90, was launched after quarter end. The LabChip GX instruments are targeted at the expanding genomic and proteomic research applications market.
Overall, we met our revenue expectations for the quarter and remain confident in the second half growth drivers. We believe our discovery product lines will continue their strong performance, and with a healthy pipeline in imaging, expect to see full year growth in our imaging business of over 15%. In addition, CDAS revenues should strengthen considerably in the second half as we are optimistic regarding the next phase of the EPA ToxCast project, said Kevin Hrusovsky, president and CEO of Caliper. Our strategic transformation toward higher-growth, higher-profit product lines is progressing and should enable sustained top-line performance. Additionally, we plan to further focus our resources in the second half to improve gross margins and operating efficiencies.
Adjusted net loss per share on a non-GAAP basis, as explained below under the heading Use of Non-GAAP Financial Measures, was ($0.07) compared to ($0.03) for second quarter of 2007.
This excerpt taken from the CALP 8-K filed May 8, 2008.
Caliper Life Sciences Reports First Quarter 2008 Results
- 10% Product and Service Revenue Growth -
HOPKINTON, Mass., May 8, 2008 Caliper Life Sciences, Inc. (NASDAQ: CALP) today reported its first quarter financial results for 2008. First quarter revenues were $29.3 million, an increase of 3% over revenues of $28.4 million in the same period in 2007. The effect of foreign exchange on revenues was a favorable impact of 3% compared to the prior year. Net loss for the quarter was $9.9 million ($0.21 per share on a GAAP basis), compared to a net loss of $9.6 million ($0.20 per share on a GAAP basis) in the same quarter of 2007.
· Product and service revenues grew 10% and compensated for the anticipated revenue loss from significant microfluidic license payments in 2007
- Strong revenue performance within optical imaging and automation product families, including product revenue growth of 26% and 20%, respectively
- Slow start to the year within Calipers Discovery Alliances and Services due to timing delays under two major contracts, which is expected to be made up over the remainder of 2008
· Consolidation of west coast operations and streamlining in the finance organization
- Plans implemented to improve R&D and G&A effectiveness and productivity
· Significant litigation matters concluded
- Settlement of AntiCancer litigation further enables the imaging growth strategy
- Legal expenses are anticipated to decrease over remainder of 2008, assuming no new litigation
In the first quarter of 2008, we achieved strong product revenue performance offsetting the anticipated loss of one time microfluidic licensing revenue from 2007, said Kevin Hrusovsky, president and CEO of Caliper. We are delivering double digit revenue growth in products and services, particularly imaging, as we broaden our reach beyond our strong presence in oncology into infectious disease and metabolic and central nervous system disorders. With the AntiCancer settlement, we expand and clarify our imaging intellectual property, and strengthen our growth potential for licensing and imaging instrument revenues. In addition, we have some exciting new microfluidic product and development opportunities that we believe will improve the growth potential of our microfluidic product revenue. On the cost side, we have taken steps to improve our R&D and operating expense productivity. We are encouraged with the pace of our transformation to patented next generation products and services, now 60% of our revenue, and expect to improve our financial performance as we grow our top line and reduce and leverage our cost structure.
As previously announced during the quarter, Caliper initiated plans to consolidate its west coast operations between its Mountain View, CA and Alameda, CA locations. The plan is aimed to improve the productivity and effectiveness of research and development spending, and cut non-productive facility costs. The first fiscal quarter included severance charges of $0.6 million related to the consolidation and other actions taken in the quarter. Adjusted net loss per share on a non-GAAP basis, as explained below under the heading Use of Non-GAAP Financial Measures was ($0.12) compared to ($0.11) for the prior year quarter.