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Caliper Cuts Loss, Revenues Inch Up in Q1

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Caliper Life Sciences today reported first-quarter revenue growth of one percent, as it cut its net loss sharply on lower costs.

The Hopkinton, Mass.-based firm reported total revenues of $28.7 million for the three-month period ended March 31, compared to $28.5 million for the first quarter of 2009. Though its revenues were up only one percent, excluding the effect of divested non-core operations over the past year, Caliper's revenues were up 13 percent year over year.

Caliper edged out analysts' consensus estimate of $28.1 million for Q1 2010.

The firm's product revenues were $20.4 million versus $18.3 million for Q1 2009, while its service revenues increased to $5.1 million from $7.7 million. Its license fees and contract revenue increased to $3.2 million from $2.5 million year over year.

Revenues for the firm's LabChip and IVIS products grew 31 percent and 26 percent, respectively, and represent around 71 percent of Caliper's total revenues.

"Our LabChip and IVIS performance is the result of solid R&D investments and positioning these products in attractive biotherapeutics, genomics and optical imaging markets," Caliper Life Sciences President and CEO Kevin Hrusovsky said in a statement.

Caliper posted a net loss of $2.2 million, or $.04 per share, down sharply from $6.6 million, or $.14 per share. That improvement was due primarily to increased gross margin improvements and lower operating costs, the firm said.

The firm's R&D expenses dropped around 7 percent to $4.3 million from $4.6 million, while its SG&A spending declined 3 percent to $10.9 million from $11.2 million.

Hrusovsky said during a conference call Thursday morning that the firm is working on some additional divestiture opportunities, and also is looking at potential acquisition opportunities.

Late last year, Caliper sold its Xenogen Biosciences subsidiary to Taconic Farms for approximately $11 million. And at the beginning of this year, Hrusovsky told investors at the JP Morgan Healthcare Conference that the firm expects to divest additional pieces of its business — with total revenues of between $10 million and $25 million — over the next couple of years.

Caliper finished the quarter with $36.4 million in cash, cash equivalents, and marketable securities.

The company expects its full-year 2010 revenues to grow between 4 percent and 6 percent on an organic basis.