NEW YORK, May 10 (GenomeWeb News) - Caliper Life Sciences today said that total revenues in the first quarter grew 21.2 percent as R&D spending jumped 13 percent and net loss declined.
Total receipts for the three months ended March 31 increased to $22.3 million from $18.4 million year over year. The company said product revenues increased 13 percent to $14.7 million, service revenue jumped 52 percent to $5 million, and receipts from license fees and contracts rose 3 percent to $2.6 million.
However, Caliper said "excluding unfavorable effects of foreign exchange rate movements," revenues increased from the prior year quarter by 24 percent, which includes 11 percent organic growth.
Caliper said it spent around $4.5 million on R&D, a 13-percent increase over the $4 million it spent one year ago.
Net loss in the period declined to $4.4 million, or $.13 per share, from $4.9 million, or $.16 per share, year over year.
Caliper said it had around $7 million in cash and equivalents as of March 31.
The company expects to generate between $22 million and $24 million in revenue for the second quarter, which would be improvements of between 8.3 percent and 18.2 percent year over year.