EX-99.1 2 b52351clexv99w1.htm EX-99.1 PRESS RELEASE Press Release
 

EXHIBIT 99.1

For Immediate Release

Contact:
Michele Boudreau
Caliper Life Sciences
650 623 0305

Caliper Life Sciences Reports Third Quarter 2004 Financial Results

-Net Loss Narrows to $5.1 Million; Merck, J&J, Taisho Adopt Microfluidic Screening Platform-

HOPKINTON, MA, November 4, 2004 — Caliper Life Sciences, Inc. (Nasdaq: CALP) today announced its third quarter financial results for 2004. For the quarter ended September 30, 2004, total revenues were $20.2 million. Net loss for the quarter was $5.1 million, or $0.17 per share.

Cash, cash equivalents and short-term marketable securities as of September 30, 2004 totaled $49.1 million versus $52.9 million as of June 30, 2004 and $66.7 million as of December 31, 2003.

“Once again we met our quarterly financial targets, including our revenue projection, which keeps us on track to meet our full-year revenue and year-end cash goals,” commented Kevin Hrusovsky, President and CEO at Caliper. “This progress gives us confidence that we are well-positioned to meet our goal of being cash-flow breakeven from operations in the fourth quarter of 2005.”

The company also reported that over the last three months, Merck & Co., Inc., Johnson & Johnson, and the Japanese company Taisho Pharmaceutical Co., Ltd each purchased LabChip® 3000 drug discovery systems for the first time. These companies join a growing list of major pharmaceutical and biotechnology customers who have adopted microfluidics-based drug discovery, with 12 of the top 20 pharmaceutical companies now using Caliper screening systems at one or more sites.

Aventis and Pfizer also made recent purchases of LabChip 3000 systems, adding to their existing investment in microfluidic screening. Caliper cites these and the new placements announced today as signs of continuing progress in its key business initiative to drive adoption of its proprietary microfluidics technology by the life sciences industry.

According to Mr. Hrusovsky, the recent purchases of LabChip 3000 systems are consistent with the company’s expectations for the year. “Our installed base of LabChip microfluidic screening systems has continued to expand in two different ways — purchases of systems by new customers and purchases of additional systems by existing customers,” said Hrusovsky. “It is exciting when new customers such as Merck and Johnson & Johnson adopt our microfluidic screening systems in their drug discovery programs because this tells us that word is spreading about the ability of our microfluidics platforms to impact drug discovery. Even more

 


 

encouraging is when existing users such as Pfizer and Aventis acquire additional systems, because it validates the compelling value of our LabChip 3000 systems.”

Caliper will webcast its third quarter results conference call starting at 5:00 pm ET today. Participants should visit http://www.fulldisclosure.com several minutes prior to the call and follow the instructions provided.

An audio replay of the conference call will be available for approximately 7 days after the completion of the call. To access the replay, visit the events calendar page in the investor relations section of Caliper’s website at www.caliperLS.com.

About Caliper Life Sciences
Caliper Life Sciences uses its advanced liquid handling and LabChip technologies to create leading edge tools that accelerate drug discovery and enable diagnosis of disease. Caliper headquarters are located in Hopkinton, MA, with R&D, operations and manufacturing facilities for LabChip devices in Mountain View, CA, and direct sales, service and applications support throughout the world. Caliper customers and partners include many of the largest pharmaceutical, biotechnology, and life sciences companies. For more information, please visit Caliper’s web site at www.caliperLS.com.

Cautionary and Forward-Looking Statements
During the third quarter of 2003, Caliper acquired Zymark in a transaction accounted for as a purchase. As a result, Caliper does not believe that a comparison of the financial results of the third quarter of 2004 with those of the third quarter of 2003, without a thorough understanding of the purchase accounting adjustments recorded in connection with the transaction, provides a meaningful comparison.

The statements in this press release regarding Caliper’s expectations that it will meet its full-year revenue and year-end cash goals for 2004 and that it will be cash flow breakeven from operations in the fourth quarter of 2005 are forward-looking statements. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements, including the risks that unexpected difficulties may be encountered in the development of new or improved products with collaboration partners and Caliper’s expectations regarding market acceptance and demand for its products and services may not materialize if capital spending by Caliper’s customers declines, or if competitors introduce new competitive products. Further information on risks faced by Caliper are included in risks detailed under the caption “Factors Affecting Operating Results” in Caliper’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on August 9, 2004. This SEC filing is available on a web site maintained by the SEC at http://www.sec.gov. Caliper does not undertake any obligation to update forward-looking or other statements in this release or the conference call to reflect any change in Caliper’s expectations with regard to these statements or any change in events, conditions, or circumstances on which any such statements are based.

LabChip is a registered trademark of Caliper Life Sciences, Inc.

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CALIPER LIFE SCIENCES, INC.
SELECTED FINANCIAL INFORMATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(unaudited)

                                 
    Three Months Ended   Nine Months Ended
    September 30,
  September 30,
    2004
  2003
  2004
  2003
Revenues:
                               
Product revenue
  $ 14,759     $ 11,410     $ 39,753     $ 18,339  
Service revenue
    3,438       2,566       10,079       2,635  
License fees and contract revenue
    1,984       2,547       6,203       7,039  
 
   
 
     
 
     
 
     
 
 
Total revenue
    20,181       16,523       56,035       28,013  
Costs and expenses:
                               
Cost of product revenue
    9,209       7,635       26,321       12,395  
Cost of service revenue
    1,792       1,020       5,076       1,020  
Research and development
    5,287       8,765       17,022       26,068  
Acquired research and development
                1,010        
Selling, general and administrative
    7,641       7,777       24,004       18,016  
Stock-based compensation, net (1)
    475       117       2,405       457  
Amortization of intangible assets
    936       1,396       2,879       1,396  
Restructuring charges
          774       2,218       1,096  
 
   
 
     
 
     
 
     
 
 
Total costs and expenses
    25,340       27,484       80,935       60,448  
 
   
 
     
 
     
 
     
 
 
Operating loss
    (5,159 )     (10,961 )     (24,900 )     (32,435 )
Interest income, net
    129       655       465       2,653  
Other income (expense), net
    (21 )     189       (64 )     155  
 
   
 
     
 
     
 
     
 
 
Loss before income taxes
    (5,051 )     (10,117 )     (24,499 )     (29,627 )
Provision for income taxes
    (78 )     (31 )     (140 )     (31 )
 
   
 
     
 
     
 
     
 
 
Net loss
  $ (5,129 )   $ (10,148 )   $ (24,639 )   $ (29,658 )
 
   
 
     
 
     
 
     
 
 
Net loss per share, basic and diluted
  $ (0.17 )   $ (0.37 )   $ (0.85 )   $ (1.15 )
Shares used in computing net loss per common share, basic and diluted
    29,508       27,721       29,071       25,769  

                               
          (1) Stock-based compensation, net, pertains to employees employed in the following areas:                
Cost of Product Revenue
  $ 37     $     $ 150     $  
Research and Development
    91       31       388       119  
Selling, General and Administrative
    347       86       1,868       338  
 
   
 
     
 
     
 
     
 
 
Total
  $ 475     $ 117     $ 2,406     $ 457  
 
   
 
     
 
     
 
     
 
 

 


 

CALIPER LIFE SCIENCES, INC.
SELECTED FINANCIAL INFORMATION
CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)

                 
    September 30,   December 31,
    2004
  2003
ASSETS
               
Current assets:
               
Cash and cash equivalents
  $ 6,069     $ 8,889  
Marketable securities
    43,050       57,828  
Accounts receivable, net
    11,715       9,506  
Inventories
    12,006       11,580  
Prepaid expenses and other current assets
    2,366       3,451  
 
   
 
     
 
 
Total current assets
    75,206       91,254  
Property and equipment, net
    6,571       9,106  
Notes receivable from employee director
    144       178  
Developed technology, net
    10,855       13,002  
Intangible assets, net
    2,836       3,407  
Goodwill
    47,215       47,262  
Security deposits and other assets, net
    3,431       3,827  
 
   
 
     
 
 
Total assets
  $ 146,258     $ 168,036  
 
   
 
     
 
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
               
Current liabilities:
               
Accounts payable
  $ 3,048     $ 3,212  
Accrued compensation
    5,993       4,148  
Other accrued liabilities
    7,475       8,689  
Deferred revenue and customer deposits
    6,928       7,063  
Current portion of long-term obligations
    370       377  
Current portion of sale-leaseback arrangements
    587       1,521  
 
   
 
     
 
 
Total current liabilities
    24,401       25,010  
Other non-current liabilities
    6,932       8,229  
Stockholders’ equity:
               
Preferred stock
           
Common stock
    30       28  
Additional paid-in capital
    277,571       271,232  
Deferred stock compensation
    (3,025 )     (1,808 )
Accumulated deficit
    (159,733 )     (135,093 )
Accumulated other comprehensive income
    82       438  
 
   
 
     
 
 
Total stockholders’ equity
    114,925       134,797  
 
   
 
     
 
 
Total liabilities and stockholders’ equity
  $ 146,258     $ 168,036