HOPKINTON, Mass., Nov. 1 /PRNewswire-FirstCall/ -- Caliper Life Sciences, Inc. today announced its third quarter financial results for 2005. Total revenue for the quarter was $21.3 million, up 5.7% from $20.2 million in the same period last year and in line with the company's previous projections.
Net loss for the quarter was $3.9 million, or $0.13 per share, a 25% improvement over the net loss of $5.1 million, or $0.17 per share, for the third quarter of 2004. As of September 30, 2005, the company had cash, cash equivalents and marketable securities of $34.8 million.
During the quarter the company announced the planned acquisition of NovaScreen Biosciences, which subsequently closed on October 3, 2005. The acquisition of NovaScreen positions the company to meet increasing demand for outsourced drug discovery solutions, particularly drug safety profiling.
"Q3 was an important quarter in the evolution of Caliper Life Sciences," said Kevin Hrusovsky, President and CEO of Caliper. "We achieved our financial targets in the face of continuing softness in our markets and recorded our best quarter yet for LabChip 90 and LabChip 3000 system sales. We expect the strategic acquisition of NovaScreen will enrich our revenue mix, help accelerate LabChip adoption, and be a key growth driver for 2006."
The company also announced two important business milestones in its "Caliper Driven" program during the third quarter. The first was Affymetrix's launch of its GeneChip(R) Array System (GCAS), an automated target preparation system that is based on the Caliper Sciclone Liquid Handling System. The second milestone was the signing of a new Caliper Driven agreement with Bio-Rad, under which the companies will explore the feasibility of a novel LabChip microfluidics-based system.
"With the new Bio-Rad agreement we have now completed eight Caliper Driven deals in the past two years, and there are more in the pipeline," continued Hrusovsky. "These deals seed the future growth of our company."
"Looking forward, we expect to achieve our longstanding goal of positive cash flow from continuing operations for the fourth quarter of 2005 and for every year thereafter. We project revenue of $26 million to $28 million for the fourth quarter of 2005, which represents a growth rate of 8% to 16% over the fourth quarter of 2004."
Caliper will webcast its third quarter results conference call starting at 9:00 am EST today. To listen to the webcast, visit http://www.fulldisclosure.com or the investor relations section of Caliper's website at www.caliperLS.com. The webcast will be available for replay until Caliper's earnings call for the fourth quarter of 2005.
A telephone replay is also available until November 8 by dialing 888-286-8010 and using the participant passcode of 67484579. International callers can access the playback by dialing 617-801-6888 and using the same participant passcode.
About Caliper Life Sciences
Caliper Life Sciences uses its leading microfluidics patent estate, innovative automation technologies, and broad assay expertise to accelerate drug discovery, enable diagnosis of disease and facilitate scientific research. With the acquisition of NovaScreen Biosciences in October 2005, Caliper provides a unique central resource for drug discovery systems and services.
Caliper headquarters are located in Hopkinton, MA, with R&D, operations and manufacturing facilities for LabChip devices in Mountain View, CA, NovaScreen service operations in Hanover, MD and direct sales, service and applications support throughout the world. The company's customers and Caliper Driven partners include many of the largest pharmaceutical, biotechnology, and life sciences companies. www.caliperLS.com
The statements in this press release regarding Caliper's expectations of growth related to the NovaScreen acquisition, Caliper's goal of achieving positive cash flow from continuing operations for the fourth quarter of 2005 and every year thereafter, and Caliper's revenue projections for the fourth quarter of 2005 are "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements as a result of a number of factors, including the risks that unexpected difficulties may be encountered in gaining wider adoption of Caliper's new products and NovaScreen services and Caliper's expectations regarding demand for its products and services may not materialize if capital spending by Caliper's customers unexpectedly declines, if competitors introduce new products and services, or if Caliper is unable to convince potential customers regarding the superior performance of its drug discovery systems and other products and services. Further information on risks faced by Caliper are detailed under the caption "Factors Affecting Operating Results" in Item 2 of Caliper's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on August 9, 2005. This filing is available on a web site maintained by the Securities and Exchange Commission 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.
NOTE: LabChip is a registered trademark and Caliper Driven is a trademark of Caliper Life Sciences, Inc. GeneChip is a registered trademark of Affymetrix, 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, 2005 2004 2005 2004 Revenues: Product revenue $15,813 $14,759 $41,394 $39,753 Service revenue 3,437 3,438 10,293 10,079 License fees and contract revenue 2,082 1,984 8,380 6,203 Total revenue 21,332 20,181 60,067 56,035 Costs and expenses: Cost of product revenue 10,478 9,209 28,287 26,321 Cost of service revenue 1,662 1,792 5,054 5,076 Research and development 4,203 5,287 12,638 18,032 Selling, general and administrative 7,792 7,641 23,082 24,004 Stock-based compensation, net 339 475 1,170 2,405 Amortization of intangible assets 897 936 2,693 2,879 Restructuring charges -- -- -- 2,218 Total costs and expenses 25,371 25,340 72,924 80,935 Operating loss (4,039) (5,159) (12,857) (24,900) Interest income, net 140 129 427 465 Other expense, net (50) (21) (504) (64) Loss before income taxes (3,949) (5,051) (12,934) (24,499) Provision for income taxes 97 (78) (35) (140) Net loss $(3,852) $(5,129) $(12,969) $(24,639) Net loss per share, basic and diluted $(0.13) $(0.17) $(0.42) $(0.85) Shares used in computing net loss per common share, basic and diluted 30,763 29,508 30,602 29,071 CALIPER LIFE SCIENCES, INC. SELECTED FINANCIAL INFORMATION CONSOLIDATED BALANCE SHEETS (in thousands) September 30, December 31, 2005 2004 (unaudited) (Note 1) ASSETS Current assets: Cash and cash equivalents $9,719 $10,403 Marketable securities 25,043 39,834 Accounts receivable, net 13,657 17,040 Inventories 12,459 9,828 Prepaid expenses and other current assets 2,315 2,138 Total current assets 63,193 79,243 Property and equipment, net 6,995 6,186 Intangibles, net 10,024 12,745 Goodwill 47,215 47,215 Other assets 4,338 2,558 Total assets $131,765 $147,947 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities 23,245 27,009 Long-term obligations 7,491 9,359 Stockholders' equity 101,029 111,579 Total liabilities and stockholders' equity $131,765 $147,947
Note 1: Derived from audited financial statements for the year ended December 31, 2004.
Caliper life Sciences, Inc.CONTACT: Thomas Higgins, Chief Financial Officer, +1-508-497-2809, orMichele Boudreau, Corporate Communications, +1-650-279-2088, both ofCaliper life Sciences, Inc.
Web site: http://www.caliperLS.com/
