NEW YORK (GenomeWeb News) – Caliper Life Sciences today reported that its second-quarter revenues fell around 6 percent, but were up 8 percent on an organic basis, as the firm trimmed its net loss. It also beat analysts' consensus estimate for both revenues and net loss.
The Hopkinton, Mass.-based firm's stock was up 11 percent to $1.95 in early Thursday trade on the Nasdaq.
Caliper brought in total revenues of $32.1 million for the three-month period ended June 30, compared to revenues of $34 million for the second quarter of 2008. Analysts, on average, had predicted revenues of $30.6 million for the quarter.
Caliper's product revenues was $21.5 million versus $22 million in the comparable period a year ago, and its service revenue fell to $7.9 million from $9.3 million. License fees and contract revenues were flat year over year at $2.7 million.
The firm said that its optical imaging products sales grew 17 percent, or 21 percent before currency impact, and its research products grew 1 percent, or 5 percent before currency impact, year over year. Caliper Discovery Alliances and Services, which offers drug screening assays, experienced a 14 percent decline in revenue with no currency impact.
"IVIS imaging and LabChip products delivered strong double digit organic growth, while overall growth was dampened by lower Automation and CDAS revenues," Kevin Hrusovsky, Caliper's president and CEO, said in a statement. "Despite economic uncertainties, we achieved solid organic revenue growth for the second consecutive quarter, partly due to 23 percent growth in consumable sales stemming from the ramp up of LabChip and IVIS instrument installations."
Caliper's net loss for the quarter was $4.1 million, or $.08 per share, compared to a net loss of $6.7 million, or $.14 per share, in the second quarter of 2008. The firm beat analysts' estimate of a $.11 loss per share.
The firm's R&D spending decreased 8 percent to $4.6 million from $5 million, while its SG&A expenses were down 12 percent to $11.3 million from $12.8 million.
Caliper finished the quarter with cash, cash equivalents, and marketable securities of $23.5 million.
Company officials expect full-year revenues to be between $126 million and $129 million and third-quarter revenues to be between $28 million and $32 million.