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Xenogen Purchase Drives 45 Percent Jump in Caliper's Q2 Revenues; Net Loss Widens on Rising Costs

NEW YORK (GenomeWeb News) - Caliper Life Sciences today said second-quarter revenues increased 45 percent as R&D spending grew 35 percent and net loss more than tripled.
Total receipts for the three months ended June 30 increased to $35.3 million from $24.3 million year over year.
Product sales contributed $21 million, a 71 percent increase year over year; services brought in $8.9 million, a 66 percent increase; and licensing and contracts fell 20 percent to $5.3 million.
The company attributed its revenue increase to Xenogen, which Caliper acquired last August in a stock deal valued at around $80 million, plus 10 percent organic growth in its product line driven by “Xenogen-related products.”
Caliper said it placed 32 IVIS imaging instruments in the quarter, which contributed a 31 percent increase for that product line compared to Xenogen's results from the second quarter of 2006 as a standalone firm. 
Company CEO Kevin Hrusovsky said the company is "pleased" with its product and services pipeline development and "growth in new Xenogen products and drug discovery service offerings," as well as its microfluidic and automation products.
R&D spending increased to $6.6 million from $4.9 million year over year.
Net loss increased to $6.3 million from $2.1 million in the second quarter of 2006. Caliper said the wider loss reflects its “post acquisition cost structure.”
The company said it had around $11.5 million in cash and equivalents and $5 million in marketable securities as of June 30.
Caliper projects its full-year 2007 revenue will be between $137 million and $143 million, representing growth of between 27 percent and 33 percent over 2006 revenues.
Hrusovsky also said the company had taken several actions "that will result in approximately $2 million of annualized cost savings" in the coming quarter.

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