NEW YORK (GenomeWeb News) – Caliper Life Sciences today reported fourth-quarter revenues growth of 3 percent, driven by sales of its IVIS imaging products. Excluding the effects of divested non-core operations, Caliper's ongoing operations had 13 percent revenue growth year over year.
The Hopkinton, Mass.-based firm brought in total revenues of $37.7 million for the three-month period ended Dec. 31, up from $36.7 million for the fourth quarter of 2008. Sales for its imaging products were $16 million compared to $14.4 for the comparable period of 2008, while its research revenues rose to 418.4 million from $17.6 million. The firm's CDAS (Caliper Discovery Alliances and Services) division revenues were down to $3.3 million from $4.7 million.
Caliper also noted that its fourth-quarter 2009 revenues benefitted from "a significant one-time microfluidics license fee."
The firm comfortably beat analysts' consensus estimate for revenues of $34.5 million for Q4, which was expected after Caliper pre-announced expected Q4 revenues in January.
Caliper's net income for the quarter was $5.9 million, or $.11 per share, compared to a net loss of $46.3 million, or $.95 per share, for the fourth quarter of 2008. The 2008 results included a $43.3 million charge for impairment of goodwill.
The firm's R&D spending for the quarter increased 2 percent to $4.5 million from $4.4 million, while its SG&A spending decreased 2 percent to $11.7 million from $12 million.
For full-year 2009, Caliper had revenues of $130.4 million, down 3 percent from $134.1 million for 2008. The decline was due to recent divestitures of non-core assets.
Among those divestitures was the fourth-quarter sale of the firm's Xenogen Biosciences subsidiary to Taconic Farms for approximately $11 million. Xenogen Biosciences provides in vivo pre-clinical CRO services and became part of Caliper through the acquisition of Xenogen Corp. in 2006.
Kevin Hrusovsky, Caliper's president and CEO, said at the JP Morgan Healthcare Conference two months ago that the firm expects to divest additional pieces of its business — with total revenues of between $10 million and $25 million — over the next couple of years.
Sales for its imaging products in 2009 were $51.9 million compared to $45.8 million in 2008, while sales of its research products fell to $62.7 million from $68.5 million, and its CDAS revenues declined to $15.9 million from $19.8 million.
Hrusovsky said in a statement that the firm's LabChip and IVIS revenues grew 20 percent in 2009 and now represent around 70 percent of its total revenues. "This revenue is largely derived from patent protected products and is among our most profitable revenue, allowing us to increase gross margins and achieve EBITDA positive performance a year ahead of schedule," he said.
Caliper's net loss for the year was $8.2 million, or $.17 per share, compared to $68.3 million, or $1.42 per share, for 2008.
Its R&D spending dropped to $17.9 million from $19.9 million, while its SG&A expenses fell to $44.9 million from $49 million.
As of the end of the year, Caliper had cash, cash equivalents, and marketable securities of $38 million.
Caliper said that it expects 2010 organic revenue growth of between 3 percent and 6 percent.