HOPKINTON, Mass., Feb. 26 /PRNewswire-FirstCall/ -- Caliper Life Sciences, Inc. , a leading provider of tools and services for drug discovery and life sciences research, today reported its fourth quarter and full year financial results for 2007. Fourth quarter revenues were $40.3 million, an increase of 16% from $34.7 million in the same period in 2006. Net loss for the quarter was $5.7 million ($0.12 per share), compared to a net loss of $8.9 million ($0.19 per share) in the same quarter of 2006. Full year 2007 revenues were $140.7 million, up 30% from $107.9 million in 2006. Net loss for the full year was $24.1 million ($0.51 per share), compared to a net loss of $28.9 million ($0.75 per share) in 2006. Caliper attributed its fourth quarter revenue growth to strong performance by its IVIS imaging and its microfluidics products, and attributed its $3.2 million fourth quarter reduction in net loss primarily to product and service gross margin improvements.
“In the fourth quarter of 2007, we achieved strong revenue performance in all of our key growth drivers: the IVIS Spectrum imaging instrument, the microfluidics-based EZ Reader instrument and the associated ProfilerPro product line of reagents, the Zephyr desktop liquid handler, and CDAS in vitro and in vivo services. This evidence of market support reinforces our belief that our products and services are well positioned for double digit revenue growth in 2008,” said Kevin Hrusovsky, president and CEO of Caliper. “Our bottom line reflects a continuing trend of improvement, particularly in product gross margins which gained over 500 basis points in 2007 compared with 2006. There is room to do more. We have 2008 initiatives in place to better manage manufacturing materials and inventory, as well as improve the efficiency of our operating expense spending.”
2008 GAAP Guidance
Caliper reported that its revenue outlook for the first quarter of 2008 is $26.5 to $29.5 million and its revenue outlook for the full year 2008 is $142 to $148 million. Caliper’s revenue outlook encompasses combined product and service revenue for the first quarter of 2008 of $24 to $27 million and for the full year 2008 of $132 to $138 million, representing 5.4% and 12% product and service revenue growth at the midpoint of the respective ranges.
Adjusted Results
Caliper supplements its GAAP financial reporting with certain non-GAAP financial measures. A reconciliation of Caliper’s GAAP to non-GAAP Statements of Operations is provided at the end of this release under “Adjusted Consolidated Statements of Operations.” Adjusted results of operations exclude stock-based compensation charges and acquisition-related revenue adjustments and expenses, such as amortization of intangibles and restructuring charges and credits. Caliper believes that providing this additional information enhances investors’ understanding of the financial performance of Caliper’s operations and increases the comparability of its current financial statements to prior periods.
In the fourth quarter of 2007, Caliper reported adjusted revenue of $40.3 million, an increase of 13% over the fourth quarter of 2006, and an adjusted net loss of $2.0 million ($0.04 per share), in comparison with an adjusted net loss of $2.4 million ($0.05 per share) in the fourth quarter of 2006. For the full year 2007, Caliper reported adjusted revenue of $141.7 million, an increase of 29% over 2006, and an adjusted net loss of $7.9 million or ($0.17) per share in comparison with an adjusted net loss of $10.0 million or ($0.26) per share in 2006.
Caliper will discuss its fourth quarter and full year results in a conference call to be held today, February 26 at 9:00 a.m. EST. To participate in the call, please dial 888-713-4215 five to ten minutes prior to the call and use the participant passcode 54563865. International callers can access the call by dialing 617-213-4867 and entering the same passcode. You may also pre-register for the call at https://www.theconferencingservice.com/prereg/key.process?key=PKKMX3XKF.
A live webcast of the call can be accessed at www.fulldisclosure.com or on the Caliper website at www.caliperLS.com in the Events section of the Investor Relations page. A webcast replay of the call will remain available until Caliper’s earnings call for the first quarter of 2008.
Telephone replays of the conference call will be available approximately two hours after the completion of the call on February 26 until March 4, 2008. To access a telephone playback of the proceedings, dial 888-286-8010 and use the participant passcode 19800700. International callers can access the playback by dialing 617-801-6888 and using the same participant passcode.
About Caliper Life Sciences
Caliper Life Sciences is a premier provider of cutting-edge technologies enabling researchers in the life sciences industry to create life-saving and enhancing medicines and diagnostic tests more quickly and efficiently. Caliper is aggressively innovating new technology to bridge the gap between in vitro assays and in vivo results and then translating those results into cures for human disease. Caliper’s portfolio of offerings includes state-of-the-art microfluidics, lab automation & liquid handling, optical imaging technologies, and discovery & development outsourcing solutions. For more information please visit www.caliperLS.com.
The statements in this press release regarding future events, including statements regarding Caliper’s expected financial results for the first quarter ending March 31, 2008 and for fiscal year 2008, Caliper’s beliefs regarding the future growth rate performance of its IVIS imaging products, the strong revenue growth potential of Caliper’s microfluidics products, and the effect of the EPA ToxCast contract on future revenues and margins, are “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. 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 commercial adoption of Caliper’s new products, that the EPA may not expand the screening of compounds under the ToxCast contract as much or as rapidly as expected by Caliper, and that Caliper’s expectations regarding demand for its products and services may not materialize if capital spending by Caliper’s customers declines, if competitors introduce new competitive products, or if Caliper is unable to convince potential customers regarding the superior performance of its drug discovery and imaging systems and other products. Further information on risks faced by Caliper are detailed under the caption “Risks Related To Our Business” in Caliper’s Annual Report on Form 10-K for the year ended December 31, 2006. Our filings are 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: Caliper, Xenogen, IVIS and LabChip are registered trademarks, and Spectrum, Zephyr, EZ Reader and ProfilerPro are trademarks, of Caliper Life Sciences, Inc. or its subsidiaries.
CONTACT: Thomas Higgins, Chief Financial Officer of Caliper Life Sciences,
Inc., +1-508-497-2809, Media, Stacey Holifield or Melissa Bruno of Schwartz
Communications, +1-781-684-0770
Web site: http://www.caliperls.com/
