- 11% Organic Revenue Growth Driven by Microfluidics and Imaging -
- Net Loss Narrowed by $0.07 per Share -
HOPKINTON, Mass., April 30 /PRNewswire-FirstCall/ -- Caliper Life Sciences, Inc. (Nasdaq: CALP) today reported its first quarter financial results for 2009. First quarter revenues were $28.5 million compared to $29.3 million in the first quarter of 2008. Caliper's revenue for the first quarter of 2008 included $2.9 million of revenue related to product lines which were divested by the Company in the fourth quarter of 2008. The Company achieved 11% organic revenue growth compared to the first quarter of 2008 after excluding the impact that the divested product lines had upon the Company's revenue and after taking into account unfavorable currency translation movements. Changes in currency rates had a 4% negative impact on the Company's reported revenue for the first quarter of 2009, compared to the same period in 2008. The Company narrowed its net loss to $6.6 million ($0.14 per share) in the first quarter of 2009, from a net loss of $9.9 million ($0.21 per share) in the same quarter of 2008.
First Quarter Highlights:
"Our strategic reconfiguration over the past two years is beginning to pay off as evidenced by our strengthened balance sheet and our strong top and bottom line momentum achieved in the first quarter of 2009," commented Kevin Hrusovsky, Caliper's president and CEO. "Despite ongoing market uncertainties, we expect to continue delivering solid financial performance throughout the remainder of this year and deliver positive full year EBITDA in 2010," added Hrusovsky.
2009 GAAP Guidance
Caliper reported that its revenue outlook for the second quarter of 2009 is $28 to $31 million. On an organic basis, the midpoint of this range would result in revenues being approximately flat compared to pro forma revenue of $30.7 million in the second quarter 2008, after taking into account the divested products lines as well as anticipated unfavorable currency translation of 3%. Overall organic growth for the first half of 2009 is expected to be approximately 4% which is consistent with the Company's full year organic growth estimate of 4-7%. As previously communicated, growth is expected to be greater in the second half of 2009 than in the first half, and is expected to result primarily from Caliper's proprietary imaging and microfluidic technologies for molecular applications.
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 acquisition-related revenue adjustments and non-cash expenses, such as amortization of intangibles and impairment and restructuring charges. 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 first quarter results in a conference call to be held today, April 30, 2009 at 9:00 a.m. EDT. To participate in the call, please dial 888.713.4199 five to ten minutes prior to the call and use the participant passcode 57691643. International callers can access the call by dialing 617.213.4861 and entering the same passcode. You may also pre-register for the call at https://www.theconferencingservice.com/prereg/key.process?key=PHYECL6BR.
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 second quarter of 2009.
Telephone replays of the conference call will be available approximately two hours after the completion of the call on April 30, 2009 through May 7, 2009. To access a telephone playback of the proceedings, dial 888.286.8010 and use the participant passcode 26367972. 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 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 CDAS growth of revenue over the second half based upon the expectation that Caliper will receive a task order under the EPA ToxCast project, Caliper's expectation to deliver positive full year EBITDA in 2010, Caliper's expected revenue outlook for the second quarter ending June 30, 2009, and Caliper's expected organic growth rates for the second quarter, first half and full year results 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 difficulties may be encountered in Caliper's planned implementation of certain changes designed to reduce operating expenses, enhance gross margins and improve efficiencies within Caliper. 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, EZ Reader, IVIS, LabChip, and Profiler Pro are registered trademarks of Caliper Life Sciences, Inc.
CALIPER LIFE SCIENCES, INC. SELECTED FINANCIAL INFORMATION (unaudited) CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) Three Months Ended March 31, 2009 2008 Revenue: Product revenue $18,309 $17,665 Service revenue 7,657 9,008 License fees and contract revenue 2,506 2,614 Total revenue 28,472 29,287 Costs and expenses: Cost of product revenue 11,253 11,105 Cost of service revenue 5,707 6,098 Cost of license revenue 392 284 Research and development 4,551 5,532 Selling, general and administrative 11,185 13,932 Amortization of intangible assets 1,557 2,490 Restructuring charges, net 23 6 Total costs and expenses 34,668 39,447 Operating loss (6,196) (10,160) Interest expense, net (212) (155) Other income (expense), net (183) 407 Provision for income taxes (54) (28) Net loss $(6,645) $(9,936) Net loss per share, basic and diluted $(0.14) $(0.21) Shares used in computing net loss per common share, basic and diluted 48,626 47,683
Reconciliation of GAAP to Non-GAAP Financial Measures Adjusted Basic Earnings per Share (see explanation of adjustments below) Three Months Ended March 31, 2009 2008 GAAP EPS - Basic $(0.14) $(0.21) Adjustments: Acquisition related intangible amortization (1) 1,557 2,490 Restructuring and severance costs (2) 51 608 Total Adjustments $1,608 $3,098 Per share effect of total adjustments 0.03 0.06 Adjusted earnings per share - Basic $(0.11) $(0.15)
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:
1) We exclude amortization of intangible assets from this measure because we believe intangible asset amortization charges do not represent what our management and our investors believe are the costs of developing, producing, supporting and selling our products and the costs to support our internal operating structure.
2) We exclude restructuring and severance costs from this measure because they tend to occur as a result of specific events such as acquisitions, divestitures, repositioning our business or other unusual events that could make comparisons of long-range trends difficult for management or investors and could distort performance measures involving our internal investments and the costs to support our operating structure.
Non-GAAP Revenues for the Quarter Ended March 31, 2009 Quarter Ended March 31, Non-GAAP GAAP Adjustments (1) Non-GAAP (in thousands) GAAP Non-GAAP 2009 2008 2009 2008 2009 2008 % Chg % Chg Research $13,521 $14,980 (343) (2,893) $13,178 $12,087 (10%) 9% Imaging 10,741 9,774 - - 10,741 9,774 10% 10% Services (CDAS) 4,210 4,533 - - 4,210 4,533 (7%) (7%) Total revenue $28,472 $29,287 $(343) $(2,893) $28,129 $26,394 (3%) 7%
(1) For purposes of comparing growth rates for each of the three principal areas of our business, the above non-GAAP table reconciliations exclude revenues related to the PDQ and AutoTrace product lines divested in November 2008. The $343 of first quarter 2009 revenue included remaining revenues associated with the AutoTrace product lines in the early part of quarter. The Company anticipates no further revenue from either of the former PDQ or AutoTrace product lines beyond March 31, 2009.
CALIPER LIFE SCIENCES, INC. SELECTED FINANCIAL INFORMATION CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) March 31, December 31, 2009 2008 (unaudited) * Assets Current assets: Cash, cash equivalents and marketable securities $23,849 $26,701 Accounts receivable, net 22,311 27,396 Inventories 17,323 17,579 Other current assets 3,326 2,481 Total current assets 66,809 74,157 Property and equipment, net 10,455 10,735 Intangible assets, net 32,830 34,399 Goodwill 22,905 22,905 Other assets 882 882 Total assets $133,881 $143,078 Liabilities and stockholders' equity Current liabilities $36,475 $39,367 Credit facility 14,900 14,900 Other long-term obligations 11,923 12,073 Stockholders' equity 70,583 76,738 Total liabilities and stockholders' equity 133,881 $143,078 *Note: Derived from audited financial statements for the year ended December 31, 2008.
|SOURCE Caliper Life Sciences, Inc.|
Copyright©2009 PR Newswire.
All rights reserved