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Caliper Posts 11 Percent Q4 Organic Growth

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Caliper Life Sciences reported after the close of the market Wednesday that its fourth-quarter revenues declined 4 percent year over year, but were up 11 percent on an organic basis.

The Hopkinton, Mass.-based firm brought in total revenues of $36.2 million for the three-month period ended Dec. 31, compared to $37.7 million for the fourth quarter of 2009. However, the company noted that excluding the impact of divestitures and a 2 percent negative impact from currency changes, its revenues were up 11 percent year over year. It also beat analysts' consensus estimate of $36.1 million.

Caliper reported product revenue of $25.1 million for the quarter, compared to $25.4 million for Q4 2009. Its service revenue was $8.1 million, up from $7.7 million, and its license fees and contract revenue was $3 million versus $4.6 million year over year.

The firm reported a 12 percent increase in revenues for its imaging products to $17.9 million from $16 million. Its LabChip revenues for the quarter dropped 16 percent to $7.7 million from $9.1 million, and its Automation products revenues fell 22 percent to $7.2 million from $9.2 million. However, on an organic basis, Automation revenues rose 9 percent year over year.

Caliper posted a GAAP net loss of $1.4 million, or $.03 per share, compared to a profit of $5.9 million, or $.11 per share, for the fourth quarter of 2009. On an adjusted basis, Caliper had net income of $1.3 million, or $.02 per share, versus $2.5 million, or $.05 per share, for Q4 2009. Analysts, on average, had called for EPS of $.01.

Its R&D spending increased 9 percent to $4.9 million from $4.5 million, while its SG&A spending climbed 9 percent to $12.7 million from $11.7 million.

"We exceeded all of our key financial objectives for 2010, including revenue, cash, and earnings improvement," Caliper President and CEO Kevin Hrusovsky said in a statement. "Other strategic developments in 2010 included our acquisition of Cambridge Research & Instrumentation … the divestiture of the last of our non-core automation product lines, and the signing of product collaboration agreements with Illumina, Sony, and Agilent."

For full-year 2010, Caliper had revenues of $123.7 million, down from $130.4 million, but just ahead of analysts' expectations of $123.6 million. Imaging revenues were up 17 percent to $60.6 million for the year versus $51.8 million for 2009, while LabChip revenues increased 6 percent to $29.7 million from $28 million, and Automation revenues dropped 27 percent to $25.5 million from $34.7 million.

The firm's revenues for the quarter and year were affected by divestitures. In May, Caliper sold its RapidTrace solid phase extraction and TurboVap evaporation product lines to Biotage for $16.5 million in cash. That deal came several months after the firm sold its Xenogen Biosciences subsidiary to Taconic Farms for about $11 million.

Its net income for the year was $4.3 million, or $.08 per share, compared to a net loss of $8.2 million, or $.17 per share, for 2009. On an adjusted basis, its profit was $960,000, or $.02 per share, versus a loss for 2009 of $5.8 million, or $.12 per share.

Caliper's R&D expenses for the year inched up to $18 million from $17.9 million, while its SG&A spending was $45.3 million, compared to $44.9 million for 2009.

Caliper finished the year with cash, cash equivalents, and marketable securities of $34.9 million.

The firm said that it expects to report full-year 2011 GAAP revenue of between $135 million and $145 million.

In early Thursday trade on the Nasdaq were down less than 1 percent at $6.53.

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