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As Expected, Caliper's Q2 Revenues Fall on Drop in Licensing, Contract Revenue

This article has been updated to include comments from a conference call and an updated stock quote.
 
NEW YORK (GenomeWeb News) – Caliper Life Sciences today reported a 4 percent decline in second-quarter revenues due to a $3.5 million drop year over year in licensing and contract revenues and contract delays for its Caliper Discovery Alliances and Services business.
 
For the three-month period ended June 30, Caliper had revenues of $34 million compared to revenues of $35.3 million in the second quarter of 2007. The Hopkinton, Mass.-based firm had expected the decline year over year and met its revenue expectations for the quarter, it said in a statement.
 
Caliper reported product revenue of $22 million versus $21 million in the comparable quarter of 2007, while service revenue increased to $9.3 million from $8.9 million, and license fees and contract revenue fell to $2.7 million from $5.3 million.
 
“CDAS has impaired our overall growth year to date, but is expected to recover to double-digit growth in the second half,” Caliper President and CEO Kevin Hrusovsky said during a conference call today. “Our primary challenge in CDAS is linked to two large contracts: one with the EPA, which overall is going very well and is expected to deliver strong growth in the second half and future years.”

He said that the second contract is with Pfizer. “They have delivered to us $3 million of up-front cash payments, however have been delayed in supplying to us the needed monies to complete the work. We are confident that this situation will correct itself in the second half,” he said.

Hrusovsky said that due to these two issues, the firm has lost around $1.5 million of revenue in the first half. But, he added in a statement that the company remains “confident in the second half growth drivers.”

 
The firm’s R&D costs declined 24.2 percent to $5 million from $6.6 million, and its SG&A spending dipped 3.8 percent to $12.8 million from $13.3 million.
 
Caliper’s net loss increased 6.3 percent to $6.7 million, or $.14 per share, from $6.3 million, or $.13 per share.
 
The firm finished the quarter with $10.6 million in cash, cash equivalents, and marketable securities.
 
Caliper expects to report revenues of between $33 million and $36 million in the third quarter and full-year revenues of between $142 million and $148 million.
 
In Wednesday trade on the Nasdaq, Caliper’s shares closed down .8 percent at $3.84.

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