HOPKINTON, Mass., Nov. 7 /PRNewswire-FirstCall/ -- Caliper Life Sciences, Inc. , a leading provider of tools and services for drug discovery and life sciences research, today announced its third quarter financial results for 2007. Third quarter revenues were $36.7 million, an increase of 38% from $26.5 million in the same period in 2006. Net loss for the quarter was $2.4 million ($0.05 per share) compared to a net loss of $13.5 million ($0.33 per share) in the same quarter of 2006. Caliper attributed its revenue growth to its August 2006 Xenogen acquisition, growth in its drug discovery services, and increased microfluidics license fees. The third quarter 2007 reduction in net loss was due to strong revenue growth as well as an improved post-acquisition cost structure, including ongoing cost reduction initiatives.
"We posted strong overall financial results in the third quarter," said Kevin Hrusovsky, president and CEO of Caliper. "The EPA Toxcast screening project is having a positive financial effect and we believe it will be a major contributor to our services revenue in 2008. Our new products continue to gain traction in the market, particularly our kinase profiling tools - the LabChip EZ Reader and ProfilerPro reagents."
Mr. Hrusovsky continued, "Revenue from microfluidics technology licenses contributed to us exceeding our third-quarter targets. We were pleased to secure these transactions but reiterate that such transactions are likely not a source of recurring revenue going forward. For this reason, as well as the strong potential of our new microfluidics products, we are focusing our investments on further building our direct channel business." Hrusovsky added, "We were disappointed in the performance of our IVIS products for the third quarter; however, we fully expect a healthy rebound in the fourth quarter. Most importantly, our bottom line has improved $11.1 million, or $0.28 per share, versus the third quarter of 2006. We believe we are well positioned to continue growing our top line and improving margins for the upcoming quarter and for 2008."
GAAP Guidance
Revenue guidance for the fourth quarter of 2007 is $37 to $40 million (growth of 7% to 15%) and for the full year is $137 to $140 million (growth of 27% to 30%).
Supplemental Non-GAAP Financial 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 third quarter of 2007, Caliper reported adjusted revenue of $36.8 million, an increase of 34% over the third quarter of 2006, and adjusted net income of $1.4 million or $0.03 per share in comparison with an adjusted net loss of $6.4 million or ($0.16 per share) in the third quarter of 2006.
Caliper will discuss its third quarter results in a conference call to be held today, November 7, at 9:00 a.m. EST. To participate in the call, please dial 888-680-0869 five to ten minutes prior to the call and use the participant passcode 24722133. International callers can access the call by dialing 617-213-4854 and entering the same passcode. You may also pre- register for the call at https://www.theconferencingservice.com/prereg/key.process?key=PRDRQ7FGB.
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 fourth quarter of 2007.
Telephone replays of the conference call will be available approximately two hours after the completion of the call on November 7, 2007 until November 14, 2007. To access a telephone playback of the proceedings, dial 888-286-8010 and use the participant passcode 21426002. 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 fourth quarter ending December 31, 2007 and for fiscal year 2007, Caliper's beliefs regarding the future growth rate performance of its IVIS imaging products, the strong 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 contracts 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.
CONTACT: Thomas Higgins, Chief Financial Officer of Caliper Life Sciences,
Inc., +1-508-497-2809, Thomas.Higgins@caliperls.com; or Media: Stacey
Holifield or Melissa Bruno, both of Schwartz Communications,
+1-781-684-0770, for Caliper Life Sciences, Inc.
Web site: http://www.caliperls.com//
