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Caliper Life Sciences Reports Third Quarter 2008 Results; Sharpens Growth Focus, Strengthens Balance Sheet and Reduces Costs
Date:11/10/2008

- Completes Restructuring and Two Divestitures of Non-Core Product Lines -

HOPKINTON, Mass., Nov. 10 /PRNewswire-FirstCall/ -- Caliper Life Sciences, Inc. (Nasdaq: CALP) today reported third quarter financial results for 2008 and the completion of two product line divestitures: the sale of its AutoTrace(R) product line to Dionex Corporation for $5.0 million and the sale of its Pharmaceutical Development and Quality Analysis (PDQ) product line to SOTAX Corporation for $15.8 million. Revenues for the quarter were $34.0 million, in line with the company's guidance, compared to $36.7 million in the third quarter of 2007. Caliper's top-line performance reflected growth in the product and service lines comprising its core ongoing strategic business areas, as well as an anticipated decrease in non-recurring collaboration-based license and contract revenues which were lower by $4.8 million compared to the third quarter of 2007. Net loss for the quarter was $5.4 million ($0.11 per share), including restructuring charges of $2.7 million and severance charges of $0.3 million, compared to a net loss of $2.4 million ($0.05 per share) in the same quarter of 2007.

Total product and service revenues were $30.5 million during the quarter, an increase of 6% from the third quarter of 2007. This improvement was driven predominantly by continued growth of the company's optical molecular imaging product line, which grew 54% compared to the third quarter of 2007. While overall gross margins declined 800 basis points, primarily due to the non-recurring license and contract revenues discussed above, operating expenses for the quarter declined by $3.9 million, or 20%, compared to the third quarter of 2007. This decline included, among other changes, the
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SOURCE Caliper Life Sciences, Inc.
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