Caliper Life Sciences Announces Preliminary Results for the Fourth Quarter and 2010
o Strong Fourth Quarter Produces 10% Organic Growth in 2010
o Company Provides Revenue Guidance for 2011
HOPKINTON, Mass., January 13, 2011 - Caliper Life Sciences, Inc. (NASDAQ: CALP) today announced preliminary revenue for the fourth quarter of 2010 of approximately $36.0 million, which implies fiscal 2010 revenue of approximately $123.5 million, or 10% organic annual growth. The Company's fourth quarter revenue estimate exceeds the upper end of its previous revenue guidance by approximately $2.5 million for this period due to stronger than anticipated performance by each of its strategic business units. The Company also expects to report positive non-GAAP earnings per share for the fourth quarter and on a full year basis for 2010.
The Company expects to report cash, cash equivalents and marketable securities of approximately $35 million and no outstanding short-term borrowings as of December 31, 2010. In addition, the Company announced that it expects to report positive operating cash flows of between $3.5 - $4.0 million within the fourth quarter and on a full-year basis for 2010.
These financial estimates are preliminary and remain subject to management's final review as well as audit by the Company's independent registered accounting firm. Please refer to the table below for reconciliation of the Company's non-GAAP organic revenue growth estimate of 10% to the comparable GAAP growth measure.
"We exceeded key financial objectives for 2010 by achieving double digit revenue growth, improving gross margin by over 800 basis points and delivering in excess of $6 million of EBITDA, while also accomplishing significant strategic milestones including the divestiture of the remaining non-core automation product lines, the signing of microfluidic product collaborations with Illumina, Sony and Agilent, and the launch of new sample prep products to exploit the fast-growing next generation sequencing market opportunity," commented Kevin Hrusovsky, President and CEO. "Other recent highlights include surpassing 1,000 cumulative IVIS imaging systems sold, acquiring tissue analysis capabilities via our acquisition of CRi and entering the rapidly expanding molecular diagnostics market through the recent launch of the LabChip® Dx and a content partnership with Seegene, a leader in multiplexed diagnostic reagents. Today, we are pleased to announce we received our first order from Seegene for 17 Labchip Dx systems valued at over $500,000 to be shipped over the next three months to customers in six countries," added Hrusovsky.
2011 Revenue Guidance
For 2011, the Company currently expects total revenue to increase between 12- 20% overall, in comparison to non-GAAP revenues of approximately $120 million for fiscal 2010. See table below for reconciliation.
Statement Regarding Use of Non-GAAP Financial Measures
Caliper supplements its GAAP financial reporting with certain non-GAAP financial measures. The non-GAAP organic revenue growth percentage in this press release excludes the impact of revenue from business operations which were divested in the second quarter of 2010. Caliper believes that providing this additional information enhances investors' understanding of the financial performance of Caliper's operations and increases the comparability of its current financial statements to prior periods. Non-GAAP earnings per share as referred to in this press release refers to GAAP earnings per share, adjusted to exclude amortization expense related to intangible assets, non-cash restructuring charges and credits, and non-recurring acquisition-related charges.
Presentation at Today's J.P. Morgan Conference
As announced in a separate press release issued by the company on January 5, 2011, Caliper will today make a presentation at the J.P. Morgan Healthcare Conference in San Francisco, California. A live webcast of the presentation can be accessed by visiting Caliper's website at www.caliperLS.com. To access the webcast, select "Investors" and find the event under "Investor Events". An archived edition of the presentation will be available for 90 days.
About Caliper Life Sciences
Caliper Life Sciences is a premier provider of cutting-edge technologies enabling researchers in the life sciences industry to create life-saving and enhancing medicines and diagnostic tests more quickly and efficiently. Caliper is aggressively innovating new technology to bridge the gap between in vitro assays and in vivo results, enabling the translation of those results into cures for human disease. Caliper's portfolio of offerings includes state-of-the-art microfluidics, lab automation & liquid handling, optical imaging technologies, and discovery & development outsourcing solutions. For more information please visit www.caliperLS.com.
Investor Contact: Peter F. McAree Senior Vice President and CFO Caliper Life Sciences 774.278.2215
Media Contact: Benjamin Navon/Kristin Villiotte Schwartz Communications 781.684.0770 caliper@schwartz-pr.com
