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Caliper's Q1 Revenues Jump 25 Percent

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Caliper Life Sciences today reported that its first-quarter revenues increased 25 percent as sales of its imaging and LabChip products returned strong double-digit gains.

The Hopkinton, Mass.-based firm brought in total revenues of $35.8 million for the three-month period ended March 31, compared to $28.7 million for the first quarter of 2010. Its revenues were driven by sales of its imaging and LabChip products, while its automation business declined.

Caliper beat analysts' consensus estimate for revenues of $33.5 million.

The firm's imaging products sales jumped 44 percent year over year to $19.4 million from $13.5 million, while its LabChip products sales increased 30 percent to $8.8 million from $6.8 million. Caliper noted that 19 percent of its growth in imaging products came from tissue analysis products acquired along with Cambridge Research & Instrumentation late in 2010.

Those gains were somewhat offset by a 26 percent decline in its automation sales to $5.3 million from $7.2 million, the result of the divestiture of some automation product lines a year ago. Revenue for its ongoing automation products grew 11 percent on a non-GAAP basis, which the firm said was driven by application needs in genomic sample preparation and next-generation sequencing.

Caliper's service revenue increased 41 percent to $7.2 million from $5.1 million, while license fees and contract revenue increased 13 percent to $3.6 million from $3.2 million.

"We remain encouraged regarding the strength of our end markets, namely next-generation sequencing, molecular diagnostics, biologics, tissue analysis and imaging, and the momentum of our new products and services associated with personalizing medicine/healthcare," Caliper President and CEO Kevin Hrusovsky said in a statement.

Caliper posted a net loss of $2.6 million, or $.05 per share, for the quarter, up from $2.2 million, or $.04 per share, for the first quarter of 2010. On a non-GAAP basis, it posted a profit of $330,00, or $.01 per share, versus a net loss of $933,000, or $.02 per share, for Q1 2010. Analysts had estimated a loss of $.02 per share.

The firm's R&D spending for the quarter was $5.4 million, up 26 percent from $4.3 million. Its SG&A spending increased 26 percent to $13.7 million from $10.9 million. It also reported restructuring charges and amortization of intangible assets of $2.3 million, compared to $1.3 million.

Caliper finished the quarter with $35.2 million in cash, cash equivalents, and marketable securities.

The firm expects its full-year 2011 revenues to be between $138 million and $146 million.