HOPKINTON, Mass., May 2, 2011 /PRNewswire/ -- Caliper Life Sciences, Inc. (NASDAQ: CALP), today reported its financial results for the first quarter of 2011. First quarter revenue increased to $35.8 million, or 25%, from $28.7 million in the same period of 2010. This increase was principally driven by year-over-year 26% organic growth of comparable product, service and license revenues. Cambridge Research & Instrumentation, Inc. ("CRi"), which Caliper acquired in December 2010, contributed $2.6 million to first quarter 2011 revenues. This contribution was offset by a similar amount of revenue in the first quarter of 2010 from product lines that Caliper divested in May 2010.Caliper reported a 2011 first quarter GAAP net loss of $2.6 million, or $0.05 per basic and diluted share, compared to a net loss of $2.2 million, or $0.04 per basic and diluted share, in the same period of 2010. Non-GAAP net income, which is adjusted for intangibles amortization, acquisition-related costs and restructuring charges, was $0.3 million in the first quarter of 2011, or $0.01 per diluted share, compared to a non-GAAP net loss of $0.9 million, or $0.02 per diluted share, in the same period of 2010.
Caliper reported cash flows from operations of $0.1 million during the first quarter of 2011 compared to $(0.8) million during the same period of 2010, and also reported cash and marketable securities of approximately $35.2 million and no outstanding short-term borrowings under its credit facility as of March 31, 2011.
Caliper also stated that it increased its full year 2011 revenue estimates.
Please refer to the tables included under "Reconciliation of GAAP to Non-GAAP Financial Measures" for itemized reconciliations between GAAP and non-GAAP financial measures appearing in this release.
"We are pleased with our first quarter results, progress with the integration of CRi, and overall positive momentum going into the second quarter. We had strong revenue growth in each of our strategic business units as we continue to transform Caliper into a premier provider of tools, technologies and services enabling personalized medicine. In addition, we were pleased to deliver higher gross margins and positive operating cash flow for our third consecutive quarter," commented Kevin Hrusovsky, President and CEO of Caliper Life Sciences. "We remain encouraged regarding the strength of our end markets, namely next generation sequencing, molecular diagnostics, biologics, tissue analysis and imaging, and the momentum of our new products and services associated with personalizing medicine / healthcare," added Hrusovsky.
Analysis of First Quarter 2011 Results
Recent Business Highlights
2011 GuidanceCaliper is currently projecting 2011 full year GAAP revenue in the range of $138 to $146 million including approximately one percentage point of anticipated currency benefit. In addition, the Company estimates second quarter revenues between $33 and $36 million. Caliper will provide further details on its business outlook during the conference call today.
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."
Certain revenue growth percentages in this press release are derived from non-GAAP revenues which exclude the impact of revenue from product and services lines which were divested in the second quarter of 2010. Caliper believes that providing this additional information enhances investors' understanding of the financial performance of the Company'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 at 9:00 am ET. Participants, should call 888.713.4211 five to ten minutes prior to the call and use the participant passcode of 59504926. International callers can access the call by dialing 617.213.4864 and entering the same passcode. You may also pre-register for the call at https://www.theconferencingservice.com/prereg/key.process?key=PX6R7WABP.
A live webcast of the call can be accessed at www.earnings.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 2011.
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 May 2 through May 9, dial 888.286.8010 and passcode 81432187. 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 & liquid handling, optical imaging technologies, and discovery & development outsourcing solutions. For more information please visit www.caliperLS.com.
The statements in this press release regarding future events, including Caliper's 2011 full year and second quarter GAAP revenue projections, 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 customers do not purchase the recently acquired CRi products as rapidly as Caliper believes that they will, or if competitors introduce new competitive products, or if Caliper is unable to convince potential customers regarding the superior performance of its microfluidic and imaging systems and products. In addition, Caliper may encounter unanticipated difficulties in the integration of CRi's operations with Caliper's other operations. 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, 2010. 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 and LabChip are registered trademarks of Caliper Life Sciences, Inc. CRi is a registered trademark of Cambridge Research & Instrumentation, Inc., a wholly owned subsidiary of Caliper Life Sciences, Inc. ToxCast is a trademark of the Environmental Protection Agency. CALIPER LIFE SCIENCES, INC.SELECTED FINANCIAL INFORMATION(unaudited)CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(In thousands, except per share data)Three Months EndedMarch 31,20112010Revenue:Product revenue$
20,367Service revenue7,2325,081License fees and contract revenue3,6453,204Total revenue35,82028,652Costs and expenses:Cost of product revenue12,89510,296Cost of service revenue3,6963,190Cost of license revenue645405Research and development5,3924,347Selling, general and administrative13,72010,858Amortization of intangible assets1,4421,254Restructuring charges, net86431Total costs and expenses38,65430,381Operating loss(2,834)(1,729)Interest expense, net(35)(130)Other income (expense), net312(351)Provision for income taxes(38)(8)Net loss$
(2,218)Net loss per share, basic and diluted$
(0.04)Shares used in computing net loss per common share, basic and diluted52,05249,479Reconciliation of GAAP to Non-GAAP Financial Measures (unaudited)Non-GAAP Earnings and Earnings per Share (see explanation of adjustments below)Three Months EndedMarch 31,20112010GAAP loss$
(2,218)GAAP EPS - Basic(0.05)(0.04) Adjustments:Acquisition related intangible amortization (1)1,4421,254 Restructuring and severance costs (2)86431 Purchase accounting and acquisition related costs (3)619-Total Adjustments$
1,285Per share effect of adjustments, basic0.060.03Non-GAAP adjusted earnings (loss)330(933)Non-GAAP adjusted earnings (loss) per share, basic and diluted0.01(0.02)Shares used in computing non-GAAP adjusted earnings (loss) per share, basic52,05249,479Shares used in computing non-GAAP adjusted earnings (loss) per share, diluted55,72949,479We use the term "adjusted earnings per share" or "adjusted EPS" to refer to GAAP earnings per share excluding amortization of intangible assets, impairment charges, restructuring and severance costs, purchase accounting adjustments and acquisition related 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:
Reconciliation of GAAP to Non-GAAP Financial Measures (unaudited, continued)Non-GAAP Revenues for the Three Months Ended March 31, 2011Three Months Ended March 31,GAAPNon-GAAP Adjustments (1)Non-GAAPGAAP% Chg(2)Non-GAAP% Chg(2)(in thousands)201120102011201020112010Imaging
%(1) For purposes of comparing growth rates for each of the three principal product and service groups within our business, the above non-GAAP table reconciliations exclude revenues related to the TurboVap and RapidTrace product lines divested in May 2010.
(2) Foreign currency changes increased reported revenue growth by approximately 1% in the first quarter of 2011.CALIPER LIFE SCIENCES, INC.SELECTED FINANCIAL INFORMATIONCONDENSED CONSOLIDATED BALANCE SHEETS(in thousands)March 31,December 31,20112010(unaudited)*AssetsCurrent assets:Cash, cash equivalents and marketable securities$
34,846Accounts receivable, net23,34126,544Inventories14,78914,004Other current assets3,6592,916Total current assets76,95278,310Property and equipment, net9,3949,765Intangible assets, net26,35527,797Goodwill27,95827,958Other assets664592Total assets$
144,422Liabilities and stockholders' equityCurrent liabilities$
42,404Other long-term obligations11,54411,330Stockholders' equity89,11690,688Total liabilities and stockholders' equity$
144,422*Note: Derived from audited financial statements for the year ended December 31, 2010.
|SOURCE Caliper Life Sciences, Inc.|
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