HOPKINTON, Mass., Nov. 4 /PRNewswire-FirstCall/ -- Caliper Life Sciences, Inc. today announced its third quarter financial results for 2004. For the quarter ended September 30, 2004, total revenues were $20.2 million. Net loss for the quarter was $5.1 million, or $0.17 per share.
Cash, cash equivalents and short-term marketable securities as of September 30, 2004 totaled $49.1 million versus $52.9 million as of June 30, 2004 and $66.7 million as of December 31, 2003.
"Once again we met our quarterly financial targets, including our revenue projection, which keeps us on track to meet our full-year revenue and year-end cash goals," commented Kevin Hrusovsky, President and CEO at Caliper. "This progress gives us confidence that we are well-positioned to meet our goal of being cash-flow breakeven from operations in the fourth quarter of 2005."
The company also reported that over the last three months, Merck & Co., Inc., Johnson & Johnson, and the Japanese company Taisho Pharmaceutical Co., Ltd each purchased LabChip(R) 3000 drug discovery systems for the first time. These companies join a growing list of major pharmaceutical and biotechnology customers who have adopted microfluidics-based drug discovery, with 12 of the top 20 pharmaceutical companies now using Caliper screening systems at one or more sites.
Aventis and Pfizer also made recent purchases of LabChip 3000 systems, adding to their existing investment in microfluidic screening. Caliper cites these and the new placements announced today as signs of continuing progress in its key business initiative to drive adoption of its proprietary microfluidics technology by the life sciences industry.
According to Mr. Hrusovsky, the recent purchases of LabChip 3000 systems are consistent with the company's expectations for the year. "Our installed base of LabChip microfluidic screening systems has continued to expand in two different ways -- purchases of systems by new customers and purchases of additional systems by existing customers," said Hrusovsky. "It is exciting when new customers such as Merck and Johnson & Johnson adopt our microfluidic screening systems in their drug discovery programs because this tells us that word is spreading about the ability of our microfluidics platforms to impact drug discovery. Even more encouraging is when existing users such as Pfizer and Aventis acquire additional systems, because it validates the compelling value of our LabChip 3000 systems."
Caliper will webcast its third quarter results conference call starting at 5:00 pm ET today. Participants should visit http://www.fulldisclosure.com/ several minutes prior to the call and follow the instructions provided.
An audio replay of the conference call will be available for approximately 7 days after the completion of the call. To access the replay, visit the events calendar page in the investor relations section of Caliper's website at http://www.caliperls.com/.
About Caliper Life Sciences
Caliper Life Sciences uses its advanced liquid handling and LabChip technologies to create leading edge tools that accelerate drug discovery and enable diagnosis of disease. Caliper headquarters are located in Hopkinton, MA, with R&D, operations and manufacturing facilities for LabChip devices in Mountain View, CA, and direct sales, service and applications support throughout the world. Caliper customers and partners include many of the largest pharmaceutical, biotechnology, and life sciences companies. For more information, please visit Caliper's web site at http://www.caliperls.com/.
Cautionary and Forward-Looking Statements
During the third quarter of 2003, Caliper acquired Zymark in a transaction accounted for as a purchase. As a result, Caliper does not believe that a comparison of the financial results of the third quarter of 2004 with those of the third quarter of 2003, without a thorough understanding of the purchase accounting adjustments recorded in connection with the transaction, provides a meaningful comparison.
The statements in this press release regarding Caliper's expectations that it will meet its full-year revenue and year-end cash goals for 2004 and that it will be cash flow breakeven from operations by the end of 2005 are forward-looking statements. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements, including the risks that unexpected difficulties may be encountered in the development of new or improved products with collaboration partners and Caliper's expectations regarding market acceptance and demand for its products and services may not materialize if capital spending by Caliper's customers declines, or if competitors introduce new competitive products. Further information on risks faced by Caliper are included in risks detailed under the caption "Factors Affecting Operating Results" in Caliper's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on August 9, 2004. This SEC filing is available on a web site maintained by the SEC at http://www.sec.gov/ . Caliper does not undertake any obligation to update forward-looking or other statements in this release or the conference call to reflect any change in Caliper's expectations with regard to these statements or any change in events, conditions, or circumstances on which any such statements are based.
NOTE: LabChip is a registered trademark of Caliper Life Sciences, Inc.
CALIPER LIFE SCIENCES, INC.
SELECTED FINANCIAL INFORMATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
Three Months Ended Nine Months Ended
September 30, September 30,
2004 2003 2004 2003
Product revenue $14,759 $11,410 $39,753 $18,339
Service revenue 3,438 2,566 10,079 2,635
License fees and
contract revenue 1,984 2,547 6,203 7,039
Total revenue 20,181 16,523 56,035 28,013
Costs and expenses:
Cost of product
revenue 9,209 7,635 26,321 12,395
Cost of service revenue 1,792 1,020 5,076 1,020
Research and development 5,287 8,765 17,022 26,068
Acquired research and
development -- -- 1,010 --
Selling, general and
administrative 7,641 7,777 24,004 18,016
net (1) 475 117 2,405 457
intangible assets 936 1,396 2,879 1,396
Restructuring charges -- 774 2,218 1,096
Total costs and
expenses 25,340 27,484 80,935 60,448
Operating loss (5,159) (10,961) (24,900) (32,435)
Interest income, net 129 655 465 2,653
Other income (expense),
net (21) 189 (64) 155
Loss before income
taxes (5,051) (10,117) (24,499) (29,627)
Provision for income
taxes (78) (31) (140) (31)
Net loss $(5,129) $(10,148) $(24,639) $(29,658)
Net loss per share,
basic and diluted $(0.17) $(0.37) $(0.85) $(1.15)
Shares used in computing
net loss per common
share, basic and diluted 29,508 27,721 29,071 25,769
(1) Stock-based compensation, net, pertains to employees employed in the
Cost of Product Revenue $37 $-- $150 $--
Research and Development 91 31 388 119
Selling, General and
Administrative 347 86 1,868 338
Total $475 $117 $2,406 $457
CALIPER LIFE SCIENCES, INC.
SELECTED FINANCIAL INFORMATION
CONSOLIDATED BALANCE SHEETS
September 30, December 31,
Cash and cash equivalents $6,069 $8,889
Marketable securities 43,050 57,828
Accounts receivable, net 11,715 9,506
Inventories 12,006 11,580
Prepaid expenses and other current assets 2,366 3,451
Total current assets 75,206 91,254
Property and equipment, net 6,571 9,106
Notes receivable from employee director 144 178
Developed technology, net 10,855 13,002
Intangible assets, net 2,836 3,407
Goodwill 47,215 47,262
Security deposits and other assets, net 3,431 3,827
Total assets $146,258 $168,036
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable $3,048 $3,212
Accrued compensation 5,993 4,148
Other accrued liabilities 7,475 8,689
Deferred revenue and customer deposits 6,928 7,063
Current portion of long-term obligations 370 377
Current portion of sale-leaseback
arrangements 587 1,521
Total current liabilities 24,401 25,010
Other non-current liabilities 6,932 8,229
Preferred stock -- --
Common stock 30 28
Additional paid-in capital 277,571 271,232
Deferred stock compensation (3,025) (1,808)
Accumulated deficit (159,733) (135,093)
Accumulated other comprehensive income 82 438
Total stockholders' equity 114,925 134,797
Total liabilities and stockholders'
equity $146,258 $168,036
Caliper Life Sciences, Inc.