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Caliper Life Sciences Reports First Quarter 2008 Results

- 10% Product and Service Revenue Growth -

HOPKINTON, Mass., May 8 /PRNewswire-FirstCall/ -- Caliper Life Sciences, Inc. (Nasdaq: CALP) today reported its first quarter financial results for 2008. First quarter revenues were $29.3 million, an increase of 3% over revenues of $28.4 million in the same period in 2007. The effect of foreign exchange on revenues was a favorable impact of 3% compared to the prior year. Net loss for the quarter was $9.9 million ($0.21 per share on a GAAP basis), compared to a net loss of $9.6 million ($0.20 per share on a GAAP basis) in the same quarter of 2007.


-- Product and service revenues grew 10% and compensated for the

anticipated revenue loss from significant microfluidic license payments

in 2007

-- Strong revenue performance within optical imaging and automation

product families, including product revenue growth of 26% and 20%,


-- Slow start to the year within Caliper's Discovery Alliances and

Services due to timing delays under two major contracts, which is

expected to be made up over the remainder of 2008

-- Consolidation of west coast operations and streamlining in the finance


-- Plans implemented to improve R&D and G&A effectiveness and


-- Significant litigation matters concluded

-- Settlement of AntiCancer litigation further enables the imaging

growth strategy

-- Legal expenses are anticipated to decrease over remainder of 2008,

assuming no new litigation

"In the first quarter of 2008, we achieved strong product revenue performance offsetting the anticipated loss of one time microfluidic licensing revenue from 2007," said Kevin Hrusovsky, president and CEO of Caliper. "We are delivering double digit revenue growth in products and services, particularly imaging, as we broaden our reach beyond our strong presence in oncology into infectious disease and metabolic and central nervous system disorders. With the AntiCancer settlement, we expand and clarify our imaging intellectual property, and strengthen our growth potential for licensing and imaging instrument revenues. In addition, we have some exciting new microfluidic product and development opportunities that we believe will improve the growth potential of our microfluidic product revenue. On the cost side, we have taken steps to improve our R&D and operating expense productivity. We are encouraged with the pace of our transformation to patented next generation products and services, now 60% of our revenue, and expect to improve our financial performance as we grow our top line and reduce and leverage our cost structure."

As previously announced during the quarter, Caliper initiated plans to consolidate its west coast operations between its Mountain View, CA and Alameda, CA locations. The plan is aimed to improve the productivity and effectiveness of research and development spending, and cut non-productive facility costs. The first fiscal quarter included severance charges of $0.6 million related to the consolidation and other actions taken in the quarter. Adjusted net loss per share on a non-GAAP basis, as explained below under the heading "Use of Non-GAAP Financial Measures" was ($0.12) compared to ($0.11) for the prior year quarter.

2008 GAAP Guidance

Caliper reported that its revenue outlook for the second quarter of 2008 is $33.0 to $36.0 million, and its revenue outlook for the full year remains $142.0 to $148.0 million. Caliper's revenue projection encompasses combined product and service revenue for the second quarter of 2008 of $30.0 to $33.5 million and for the full year 2008 of $132.0 to $138.0 million, representing 6% and 12% product and service growth at the midpoint of the respective ranges.

Use of Non-GAAP Financial Measures

Caliper supplements its GAAP financial reporting with certain non-GAAP financial measures. We use certain non-GAAP financial measures, including adjusted EPS, which exclude restructuring charges, including severance charges; amortization of acquired intangibles; asset impairment charges; and amortization of stock compensation. We believe the presentation of non-GAAP financial measures provides useful information to management and investors regarding various financial and business trends relating to our financial position and results of operations, and that when these non-GAAP measures are viewed in conjunction with GAAP financial measures, investors are provided with a more meaningful understanding of our ongoing operating performance. In addition, we use these non-GAAP measures to evaluate our performance, allocate resources, set incentive compensation targets, and for planning and forecasting future periods. Non-GAAP measures are not intended to substitute for GAAP financial measures. To the extent that this release contains non-GAAP financial measures, we have provided a reconciliation of such measure to the corresponding GAAP financial measure, and we have provided the corresponding GAAP financial measures for comparative purposes.

Caliper will discuss its first quarter results in a conference call to be held today, May 8 at 9:00 a.m. EDT. To participate in the call, please dial 888.680.0893 five to ten minutes prior to the call and use the participant passcode 93268278. International callers can access the call by dialing 617.213.4859 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 second quarter of 2008.

Telephone replays of the conference call will be available approximately two hours after the completion of the call on May 8 until May 15, 2008. To access a telephone playback of the proceedings, dial 888.286.8010 and use the participant passcode 20551909. 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

The statements in this press release regarding future events, including statements regarding Caliper's expected financial results for the second quarter ending June 30, 2008 and for fiscal year 2008, Caliper's beliefs regarding the future growth rate performance of its microfluidic and imaging products, the ability of our CDAS business to make up for certain revenue shortfalls over the remainder of 2008, and our ability to lower legal expenses over the remainder of 2008, 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. 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, 2007. 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 is a registered trademark of Caliper Life Sciences, Inc.





(In thousands, except per share data)

Three Months Ended

March 31,

2008 2007


Product revenue $17,665 $15,261

Service revenue 9,008 8,930

License fees and contract revenue 2,614 4,249

Total revenue 29,287 28,440

Costs and expenses:

Cost of product revenue 11,105 9,967

Cost of service revenue 6,098 5,653

Cost of license revenue 284 442

Research and development 5,532 6,774

Selling, general and administrative 13,932 12,607

Amortization of intangible assets 2,490 2,537

Restructuring charges, net 6 26

Total costs and expenses 39,447 38,006

Operating loss (10,160) (9,566)

Interest income, net (155) 7

Other income, net 407 13

Provision for income taxes (28) (51)

Net loss $(9,936) $(9,597)

Net loss per share, basic and diluted $(0.21) $(0.20)

Shares used in computing net loss per common

share, basic and diluted 47,683 46,979

Reconciliation of GAAP to Non-GAAP Financial Measure

Adjusted Earnings per Share (see explanation of adjustments below)

Three Months Ended

March 31,

2008 2007

GAAP EPS $(0.21) $(0.20)


Share-based compensation expense (1) 1,010 1,353

Purchase accounting adjustment for revenue

not recognized, net of costs (2) - 572

Acquisition related intangible amortization (3) 2,490 2,537

Restructuring and severance costs (4) 608 -

Total Adjustments $4,108 $4,462

Per share effect of adjustments 0.09 0.09

Adjusted Earnings per Share $(0.12) $(0.11)

We use the term "adjusted earnings per share" or "adjusted EPS" to refer to GAAP earnings per share excluding share-based compensation, purchase accounting revenue and cost of sales fair value adjustments due to business combination accounting rules, 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 share-based compensation from this measure because

share-based compensation plans involve sensitive measures and

assumptions in calculating the expense that could vary dramatically

between us and our peers, which we believe makes comparisons of

long-range trends difficult for management or investors, and could

result in overstating or understating the costs of developing,

producing, supporting and selling our products and the costs to support

our internal operating structure.

2) We exclude purchase accounting revenue fair value adjustments (net of

associated costs) from this measure due to business combination

accounting rules that would otherwise result in such revenues (and

associated costs) to be recognized on a continuing GAAP basis because

management expects the contractual arrangements underlying these

revenues will be renewed and that our investors will use this

adjustment as a basis for measuring our ongoing performance, although

there can be no assurance that such contractual arrangements will be


3) 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.

4) 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.




(in thousands)

March 31, December 31,

2008 2007

(unaudited) *


Current assets:

Cash and cash equivalents $13,643 $15,709

Marketable securities 2,587 3,246

Accounts receivable, net 26,682 30,248

Inventories 23,343 19,572

Other current assets 3,834 2,353

Total current assets 70,089 71,128

Property and equipment, net 10,984 11,477

Intangible assets, net 40,335 42,862

Goodwill 80,590 80,836

Other assets 1,051 1,626

Total assets $203,049 $207,929

Liabilities and stockholders' equity

Current liabilities $49,112 $45,391

Loans payable and other long-term obligations 21,309 21,352

Stockholders' equity 132,628 141,186

Total liabilities and stockholders' equity $203,049 $207,929

Note (1): Derived from audited financial statements for the year ended

December 31, 2007.

SOURCE Caliper Life Sciences, Inc.
Copyright©2008 PR Newswire.
All rights reserved

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