Caliper Life Sciences, Inc. (Nasdaq: CALP) today reported results for its third quarter ended September 30, 2009. GAAP revenues increased by 4% to $32.2 million, from non-GAAP revenues of $31.0 million in the same period of 2008, which represents GAAP revenue of $34.0 million in the third quarter of 2008 reduced by $3.0 million for the impact of divested product lines. The overall increase in revenues was led by strong performance of the Company's IVIS Imaging and LabChip product families. Foreign currency changes did not have a significant impact on total revenue in the quarter. The Company achieved positive operating net cash flows of $2.8 million in the quarter as a result of effective inventory management coupled with year-to-date improved bottom-line performance.
Third Quarter 2009 Results
- Summary revenue performance:
- Research: Revenue from research product families increased by 7% during the quarter (on a non-GAAP basis, adjusted for divestitures), including a 10% increase in microfluidic revenues and 5% increase in automation revenues. The increase in microfluidic revenues was primarily driven by LabChip GX instrument sales, which increased 90%, and microfluidic chip revenues, which increased 29%, compared to the third quarter in 2008. These increases were partially offset by a 37% decline in microfluidic license revenues due to non-recurring milestone payments received in the third quarter in 2008.
- Imaging: Total imaging revenues increased by 15% during the quarter driven by continued strong adoption of IVIS instruments and associated reagents which resulted in product revenue growth of 17% in the quarter. Total organic revenue growth for imaging was 17% during the quarter, after eliminating approximately 2% change due to the impact of unfavorable foreign currency movements.
- CDAS: Total CDAS services group revenues decreased by 26% during the quarter. The decline resulted primarily from lower in vitro government services revenues, including the effect of the delay in receiving the next Environmental Protection Agency (EPA) ToxCast project task order, which was recently awarded to CDAS in the fourth quarter.
- The Company generated positive net cash flow from operations of $2.8 million during the quarter and $0.2 million on a year-to-date basis, resulting in $26.5 million of cash, cash equivalents and marketable securities as of September 30, 2009.
- The Company reported third quarter adjusted net loss per share of $0.01, equal to adjusted net loss per share for the same period in 2008. On a year-to-date basis, the Company reported a 29% decrease in adjusted net loss per share compared to the nine-month period ended September 30, 2008.
See "Use of Non-GAAP Financial Measures" below.
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