NEW YORK (GenomeWeb News) — Caliper Life Sciences today said first-quarter revenues increased 27 percent as R&D spending grew 29 percent to contribute to a 120-percent surge in net losses.
Separately today, the company said it has licensed microfluidics IP from Monogram.
Total receipts for the three months ended March 31 increased to $28.4 million from $22.3 million year over year.
Product sales contributed $15.3 million, a 4-percent increase year over year; services brought in $8.9 million, a 77-percent increase; and licensing and contracts generated $4.3 million, or 66 percent better than last year.
In a statement, Caliper CEO Kevin Hrusovsky said the company is “encouraged” by interest in its new products, and said that although the firm “anticipated a soft first quarter,” it achieved its revenue guidance.
R&D spending increased to $5.8 million from $4.5 million year over year.
Caliper’s net losses increased to $9.6 million from $4.4 million.
Caliper said it had around $9.9 million in cash and equivalents and $11.7 million in marketable securities as of March 31.
Caliper projects its 2007 revenue will be between $137 million and $143 million, or between 27 percent and 33 percent better than 2006.
“We expect the combination of rapid growth in Xenogen products and services, coupled with our new products, will contribute to double-digit revenue growth and strong margin improvement in the second half of 2007,” Hrusovsky said in the statement.
By licensing Monogram’s microfluidics IP to use with its eTag technology, Caliper will be able to “expand the overall breadth and versatility of the applications we can now pursue” either on its own or through other partnerships, Hrusovsky said.
Financial details of the deal were not disclosed.