NEW YORK, Feb. 6 - Caliper Technologies on Wednesday reported widened net losses for the fourth quarter 2001 despite a 58 percent increase in revenue and a contraction in R&D spending.
Total revenue for the period ended Dec. 31 was $7.9 million compared with $5 million in the year-ago quarter, Caliper said in a statement. The increase was fueled largely by a $2.8 million surge in sales of its high-throughput instruments and its LabChip kits that pulled product revenue to $4 million in the quarter.
R&D spending fell to $9.9 million from $10.8 million one year ago. Despite this the company posted a net loss for the period of $8 million, or $.33 per share, compared with $5.8 million, or $.25, year over year.
Caliper said it had roughly $166 million in the bank as of Dec. 31.
Furthermore, the company said, "As anticipated, Caliper's conversion to a commercial products business from a fee-based business model resulted in Technology Access Program revenue [in the current fourth quarter] declines of 50 percent" over the same period last year.
According to Jim Knighton, Caliper's executive vice president and CFO, the company is "entering 2002 well-positioned for further revenue growth and, while we expect expenses (including cost of goods) to increase, we expect them to do so at a significantly lesser rate than revenues."
In December last year, Caliper signed a deal with Bacterial BarCodes to develop and co-distribute a clinical diagnostic system to detect and diagnose invasive bacterial infections.
It was the first commercial diagnostics deal for Mountain View, Calif.-based Caliper, the company said.