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Caliper Life Sciences, Inc. (CALP) Reports Third Quarter 2004 Financial Results

10/19/2005 5:12:06 PM

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 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

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

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 . 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) (unaudited) Three Months Ended Nine Months Ended September 30, September 30, 2004 2003 2004 2003 Revenues: 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 Stock-based compensation, net (1) 475 117 2,405 457 Amortization of 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 following areas: 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 (in thousands) (unaudited) September 30, December 31, 2004 2003 ASSETS Current assets: 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 Current liabilities: 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 Stockholders' equity: 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.

CONTACT: Michele Boudreau of Caliper Life Sciences, +1-650-279-2088

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