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Caliper Life Sciences Reports Second Quarter 2009 Results

HOPKINTON, Mass., July 30 /PRNewswire-FirstCall/ -- Caliper Life Sciences, Inc. (Nasdaq: CALP) today reported that for the second quarter of 2009 revenues were $32.1 million compared to $34.0 million for the second quarter of 2008. Divestitures and foreign currency translation negatively impacted comparative revenues by $3.3 million, or 10%, and $1.0 million, or 3%, respectively. The Company narrowed its net loss to $4.1 million ($0.08 per share) in the second quarter of 2009, from a net loss of $6.7 million ($0.14 per share) in the same quarter of 2008.

Quarter Highlights

  • Achieved 8% overall organic revenue growth compared to second quarter 2008 pro forma revenue:
    • Optical Imaging: 17% growth (21% before currency impact)
    • Research: 1% growth (5% before currency impact)
    • CDAS: 14% decline (no currency impact)
  • Earnings momentum and working capital improvement led to cash utilization of under $0.4 million for the quarter, resulting in $23.5 million of cash and cash equivalents as of June 30, 2009.
  • Reduced adjusted net loss per share to $0.05 per share compared to $0.09 per share in the second quarter of 2008.
  • Attracted more than 350 customers to recent "Innovation for Experimentation" seminar series and open house events held in California and Massachusetts.

Pro forma revenue and adjusted net loss per share are non-GAAP measures that exclude certain items detailed later in this release under the heading "Reconciliation of GAAP to Non-GAAP Financial Measures."

"IVIS((R)) imaging and LabChip((R)) products delivered strong double digit organic growth, while overall growth was dampened by lower Automation and CDAS revenues," commented Kevin Hrusovsky, Caliper's president and CEO. "Despite economic uncertainties, we achieved solid organic revenue growth for the second consecutive quarter, partly due to 23% growth in consumable sales stemming from the ramp up of LabChip and IVIS instrument installations. In addition, our cost savings, productivity gains and inventory reductions significantly reduced cash utilization, accelerating our path toward cash flow breakeven," added Hrusovsky.

2009 Guidance

The Company projects full year revenue of $126 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 third quarter of 2009 is $28 to $32 million compared to pro forma revenue (net of divestitures) of $31 million in the third quarter of 2008.

Caliper cited continuing strong demand for LabChip and IVIS instruments as a key factor in establishing this guidance.

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 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, July 30, 2009 at 9:00 a.m. EDT. To participate in the call, please dial 888.713.4209 five to ten minutes prior to the call and use the participant passcode 64195782. 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

A live webcast of the call can be accessed at or on the Caliper website at 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 third 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 July 30 through August 6, dial 888.286.8010 and use the participant passcode of 38849510. 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

The statements in this press release regarding future events, including statements regarding Caliper's expectations regarding future cash flows and its ability to attain cash flow breakeven performance, 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 third quarter ending September 30, 2009, Caliper's expected organic revenue growth rates for the full year, and Caliper's belief in a continuing strong demand for its LabChip and IVIS instruments 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 Caliper does not undertake any obligation to update forward-looking or other statements in this release or the conference call.

NOTE: Caliper, IVIS, and LabChip are registered trademarks of Caliper Life Sciences, Inc.

                                 CALIPER LIFE SCIENCES, INC.
                                SELECTED FINANCIAL INFORMATION

                          (In thousands, except per share data)

                               Three Months Ended       Six Months Ended
                                      June 30,                June 30,
                                      --------                --------
                                 2009        2008       2009        2008
                                 ----        ----       ----        ----
    Product revenue           $21,499     $22,024    $39,808     $39,689
    Service revenue             7,905       9,290     15,562      18,298
    License fees and contract
     revenue                    2,707       2,717      5,213       5,331

    Total revenue              32,111      34,031     60,583      63,318

    Costs and expenses:
    Cost of product revenue    12,830      13,232     24,083      24,337
    Cost of service revenue     5,331       6,447     11,038      12,544
    Cost of license revenue       310         282        702         566
    Research and development    4,634       5,041      9,185      10,573
    Selling, general and
     administrative            11,264      12,757     22,449      26,690
    Amortization of intangible
     assets                     1,557       2,490      3,114       4,979
    Restructuring charges
     (credits), net                29         (27)        52         (20)

    Total costs and expenses   35,955      40,222     70,623      79,669

    Operating loss             (3,844)     (6,191)   (10,040)    (16,351)
    Interest expense, net        (179)       (203)      (391)       (358)
    Other income (expense), net    66         (87)      (117)        319
    Provision for income taxes    (96)       (201)      (150)       (228)

    Net loss                  $(4,053)    $(6,682)  $(10,698)   $(16,618)

    Net loss per share, basic
     and diluted               $(0.08)     $(0.14)    $(0.22)     $(0.35)
    Shares used in computing
     net loss per common
     share, basic and diluted  48,806      47,897     48,716      47,790

            Reconciliation of GAAP to Non-GAAP Financial Measures

    Adjusted Basic Earnings per Share (see explanation of adjustments below)

                                      Three Months Ended Six Months Ended
                                            June 30,        June 30,
                                            --------        --------
                                          2009    2008    2009    2008
                                          ----    ----    ----    ----

    GAAP EPS - Basic                    $(0.08) $(0.14) $(0.22) $(0.35)
       Acquisition related intangible
        amortization(1)                  1,557   2,490   3,114   4,979
       Restructuring and severance
        costs(2)                            36      95      87     705
    Total Adjustments                   $1,593  $2,585  $3,201  $5,684

    Per share effect of adjustments       0.03    0.05    0.07    0.12

    Adjusted earnings per share - Basic $(0.05) $(0.09) $(0.15)  $(0.23)

    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

    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.

           Reconciliation of GAAP to Non-GAAP Financial Measures (continued)

    Non-GAAP Revenues for the Three Months Ended June 30, 2009

                             Three Months Ended June 30,
                         GAAP       Adjustments(1)   Non-GAAP
                     ------------   -------------  -------------
                                   (in thousands)
                                                                  GAAP  GAAP
                     2009    2008   2009   2008     2009    2008  % Chg % Chg
                     ----    ----   ----   ----     ----    ----   ----  ----
    Research       $15,082 $18,226   $ - $(3,299) $15,082 $14,927  (17%)   1%
    Imaging         12,906  11,016     -       -   12,906  11,016   17%   17%
    Services (CDAS)  4,123   4,789     -       -    4,123   4,789  (14%) (14%)
                     -----   -----  ----  ------    ------  ------
    Total revenue  $32,111 $34,031   $ - $(3,299)  $32,111 $30,732  (6%)   4%
                   ------- -------  ---- -------   ------- -------

    Non-GAAP Revenues for the Six Months Ended June 30, 2009

                              Six Months Ended June 30,
                        GAAP       Adjustments(1)    Non-GAAP
                     ------------  --------------  -------------
                                   (in thousands)
                                                                  GAAP  GAAP
                     2009    2008   2009   2008    2009    2008  % Chg % Chg
                     ----    ----   ----   ----    ----    ----   ----  ----
    Research       $28,603 $33,205 $(343)$(6,192) $28,260 $27,013 (14%)  5%
    Imaging         23,647  20,790     -       -   23,647  20,790  14%  14%
    Services (CDAS)  8,333   9,323     -       -    8,333   9,323 (11%) (11%)
                     -----   -----  ----   -----   ------   -----
    Total revenue  $60,583 $63,318 $(343) $(6,192)$60,240 $57,126  (4%)   5%
                   ------- -------   ---  ------- ------- -------

    (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 2009 revenue included remaining first quarter revenues
        associated with the AutoTrace product lines.  The Company
        anticipates no further revenue from either of the former
        PDQ or AutoTrace product lines in 2009.

                     CALIPER LIFE SCIENCES, INC.


                         (in thousands)

                                              June 30,      December 31,
                                                2009             2008
                                                ----             ----
                                            (unaudited)            *
      Current assets:
           Cash, cash equivalents and
            marketable securities              $23,467          $26,701
           Accounts receivable, net             25,166           27,396
           Inventories                          14,395           17,579
           Other current assets                  2,420            2,481
                                                 -----            -----

      Total current assets                      65,448           74,157
      Property and equipment, net                9,948           10,735
      Intangible assets, net                    31,273           34,399
      Goodwill                                  22,905           22,905
      Other assets                                 776              882
                                                   ---              ---

      Total assets                            $130,350         $143,078
                                              ========         ========

      Liabilities and
       stockholders' equity
      Current liabilities                      $36,043          $39,367
      Credit facility                           14,900           14,900
      Other long-term obligations               11,087           12,073
      Stockholders' equity                      68,320           76,738
                                                ------           ------

      Total liabilities and
       stockholders' equity                    130,350         $143,078
                                               =======         ========

    *Note: Derived from audited financial statements for the year ended
    December 31, 2008.

SOURCE Caliper Life Sciences, Inc.
Copyright©2009 PR Newswire.
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