NEW YORK, April 30 – Caliper Technologies of Mountain View, Calif., said Monday its first-quarter revenues surged as a result of increased licensing fees and product sales.
The company, which makes lab-on-a-chip technology, said its first quarter revenues increased to $9.8 million, compared with $3.9 million a year ago. Caliper attributed $5 million of the increase to fees garnered from licensing patents to Aclara Biosciences.The remaining increase stemmed from a commercial collaboration with Agilent Technologies.
"In this quarter, licensing revenue increased as a component of our overall revenue, consistent with our strategy to expand our revenue sources,” Jim Knighton, Caliper’s chief financial officer, said in a statement.
“Revenue from technology access program customers in the form of licensing and subscription fees and chip and instrument purchases, as well as product sales of the Agilent 2100 Bioanalyzer and R&D funding from Agilent were the other major revenue contributors,” he said.
The company said that sales in the US, Europe, and Japan grew. In addition, Agilent has recently initiated a sales effort in China, Taiwan, Korea and Australia, which are expected to help boost Caliper’s sales.
Increased research and development activity drove operating expenses up $2.5 million to $13.8 million in the first quarter of the year.
For the quarter, Caliper posted net income of $26.4 million, or $1.03 a diluted share, including one-time gains, compared with net losses of $8.3 million, or 40 cents a diluted share, in the year ago period.
In the first quarter, the company posted $27.5 million, or $1.07 a diluted share, for the dismissal of all suits and countersuits with Aclara. Not including these gains, Caliper would have posted net losses of $1.1 million, or five cents a diluted share.
The company had $184.2 million at the end of the quarter in cash and investments. The company also posted $32.5 million in other assets, reflecting the guaranteed value of the shares of Aclara’s stock Caliper received as part of a settlement from a legal dispute.