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Caliper's Shares Gain Back Some Ground After Sharp Drop

This article has been updated to reflect Friday's rise in Caliper's stock price.
NEW YORK (GenomeWeb News) – Shares of Caliper Life Sciences rose around 16 percent on Friday, following a drop of 21 percent on Thursday.
Caliper's shares had fallen sharply a day after the firm reported a 4 percent decline in second-quarter revenues and an analyst said his revenue outlook for the year was below the firm’s guidance.
On Wednesday, Caliper reported that its second-quarter revenues declined to $34 million from $35.3 million, a drop that was expected and was due primarily to a decrease in revenues and contract delays related to agreements with Pfizer and the Environmental Protection Agency. Caliper President and CEO Kevin Hrusovsky said during the firm’s conference call that day that the firm is “confident that this situation will correct itself in the second half.”
The firm said that it expects full-year revenues of between $142 million and $148 million, which would require an acceleration of sales in the second half of the year.
However, Leerink Swann analyst Isaac Ro said in a research note yesterday that his firm is taking a “conservative outlook” for Caliper’s second half and his fiscal-year 2008 revenue outlook for Caliper is below the guidance range.
One other issue that may have hit the firm’s stock is Caliper’s cash on hand and burn rate. The firm finished the quarter with $10.6 million in cash, cash equivalents, and marketable securities. An analyst on the conference call said that he had calculated that Caliper had burned through roughly $7.6 million in Q2, a figure that was not disputed by Caliper officials.
“I do think that Q2 was somewhat extraordinary relative to the cash usage,” Hrusovsky said in response to the question regarding the company’s cash resources. “As we pointed out, we’ve been paying like a million bucks a quarter for lease payments for idle facilities, and there are some other extraordinary things in there. Moving forward, we’re actually feeling quite confident regarding our ability to manage our cash,” he said.
“We really don’t want to do a raise,” said Hrusovsky. “That’s our objective. We still feel confident that based on what we see in the future, we’re going to be able to avoid that. There’s no guarantee of that, but that’s clearly our intention and we’ve held to that for at least the last four or five quarters.”
Caliper's shares gained back some of the ground it lost on Thursday, and in late Friday afternoon trade on the Nasdaq was up 15.6 percent at $3.48.

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