HOPKINTON, Mass., Nov. 9 /PRNewswire-FirstCall/ -- Caliper Life Sciences, Inc. today reported results for its third quarter ended September 30, 2009. GAAP revenues increased by 4% to $32.2 million, from non-GAAP revenues of $31.0 million in the same period of 2008, which represents GAAP revenue of $34.0 million in the third quarter of 2008 reduced by $3.0 million for the impact of divested product lines. The overall increase in revenues was led by strong performance of the Company’s IVIS Imaging and LabChip product families. Foreign currency changes did not have a significant impact on total revenue in the quarter. The Company achieved positive operating net cash flows of $2.8 million in the quarter as a result of effective inventory management coupled with year-to-date improved bottom-line performance.
Third Quarter 2009 Results
See “Use of Non-GAAP Financial Measures” below.
Recent Business Highlights
“With solid momentum with IVIS imaging and LabChip sales, we believe our strong performance will continue into the fourth quarter and 2010,” commented Kevin Hrusovsky, Caliper’s president and CEO. “We have delivered positive operating cash flows year-to-date and are targeting positive cash flows for full year 2009. Meeting this goal would exceed our previously stated expectations by a full year. This has been accomplished despite delays in the next EPA task order. With the initial Phase II task order now in hand, we are anticipating strong double-digit growth for CDAS in 2010. Given the challenging economic environment, we are pleased with our performance this year: strong revenue growth, margin improvements, faster inventory turns and expense reductions have enabled above-expectation cash performance and an improving financial outlook. Most importantly, we have a robust pipeline of high margin new products to fuel future growth. All in all, an exceptionally satisfying year for our company and employees.”
2009 Guidance
The Company projects full year revenue of $127 to $129 million, which represents organic revenue growth of 5 to 7% over 2008 pro forma revenue. In addition, the Company reaffirmed its expectation to achieve positive earnings before interest, taxes, depreciation, amortization and stock-based compensation over the second half of 2009 and for the full year 2010.
Caliper reported that its revenue outlook for the fourth quarter of 2009 is $34.5 to $36.5 million compared to pro forma revenue (net of divestitures) of $34.6 million in the fourth quarter of 2008.
Use of Non-GAAP Financial Measures
Caliper supplements its GAAP financial reporting with certain non-GAAP financial measures. Reconciliations of Caliper’s GAAP to non-GAAP revenue and earnings per share are provided at the end of this release under “Reconciliation of GAAP to Non-GAAP Financial Measures.”
Revenue growth percentages in this press release are derived from non-GAAP revenues which exclude the impact of revenue from product lines which were divested in the fourth quarter of 2008. The term “organic” revenue growth eliminates the impact of foreign currency movements during the quarter to reflect growth percentages on a constant currency basis. 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.
Caliper will discuss its third quarter results in a conference call to be held today, November 9, 2009 at 9:00 a.m. ET. To participate in the call, please dial 888.713.4209 five to ten minutes prior to the call and use the participant passcode 32507029. International callers can access the call by dialing 617.213.4863 and entering the same passcode. You may also pre-register for the call at https://www.theconferencingservice.com/prereg/key.process?key=PKV9RF3HB.
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 2009.
Telephone replays of the conference call will be available approximately two hours after the completion of the call. To access a telephone playback of the proceedings from November 9 through November 16, dial 888.286.8010 and use the participant passcode of 93641840. 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, enabling the translation of those results into cures for human disease. Caliper’s portfolio of offerings includes state-of-the-art microfluidics, lab automation and liquid handling, optical imaging technologies, and discovery and 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 expectations regarding future cash flows and its ability to attain positive operating cash flows for the fourth quarter and on a full year basis in 2009, its ability to achieve positive earnings before interest, taxes, depreciation, amortization and stock-based compensation over the second half of 2009 and for the full year 2010, Caliper’s expected revenue outlook for the 2009 full year and for the fourth quarter ending December 31, 2009, Caliper’s expected organic revenue growth rates for the full year, Caliper’s belief that the strong performance of its imaging and microfluidic technology products will continue into the fourth quarter, Caliper’s belief that its CDAS business unit will achieve double-digit growth in 2010, and Caliper’s belief that each installed LabChip GX unit will yield approximately 30% of the original equipment price in annual consumable sales and services 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 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, and unanticipated delays may be encountered in Caliper’s receipt from the EPA of compounds for testing under the recently received Phase II task order for the EPA’s ToxCast screening program. 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, 2008. 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, IVIS, LabChip, and EZ Reader are registered trademarks of Caliper Life Sciences, Inc. ToxCast is a trademark in the United States Environmental Protection Agency.
We use the term “adjusted earnings per share” or “adjusted EPS” to refer to GAAP earnings per share excluding amortization of intangible assets, and restructuring and severance costs. Adjusted earnings per share is calculated by subtracting the total per share effect of these adjustments from GAAP EPS.
The adjustments are as follows:
CONTACT: Peter McAree, Caliper Life Sciences, +1-508-497-2215; Media,
Melissa Bruno or Kristin Villiotte, both of Schwartz Communications,
+1-781-684-0770
Web site: http://www.caliperls.com/
