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Caliper's Revenues Down on Divestitures; Net Loss Drops 33 Percent

NEW YORK (GenomeWeb News) – Caliper Life Sciences today reported that its first-quarter revenues declined 3 percent, as divestitures and currency effects hit its top line, but increased 11 percent on an organic basis.

The Hopkinton, Mass.-based firm generated revenues of $28.5 million for the three-month period ended March 31, compared to revenues of $29.3 million for the first quarter of 2008. Its product revenues were $18.3 million for the period versus $17.7 million the year before, while its service revenues were $7.7 million compared to $9 million for Q1 2008. License fee and contract revenues decreased to $2.5 million from $2.6 million.

Excluding a 4 percent negative impact from foreign currency translation and the reduction in revenues from divested product lines, Caliper's organic revenue for the quarter grew 11 percent, it said.

Caliper also noted that its revenues exceed its guidance of $25 million to $28 million for the quarter.

The firm cut its net loss 33 percent to $6.6 million, or $.14 per share, from $9.9 million, or $.21 per share.

Its R&D expenses declined 16 percent to $4.6 million from $5.5 million year over year, while its SG&A spending fell 19 percent to $11.2 million from $13.9 million.

"Despite ongoing market uncertainties, we expect to continue delivering solid financial performance throughout the remainder of this year and deliver positive full year EBITDA in 2010," Caliper President and CEO Kevin Hrusovsky said in a statement.

Caliper finished the quarter with $23.8 million in cash, cash equivalents, and marketable securities.

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