Caliper Life Sciences Reports Second Quarter 2008 Results
-- Discovery products and services grew 11%, and low double-digit growthfor these products and services is expected in the second half of the year.
-- Imaging product line revenue grew 5%, slowed in the quarter by aproduct mix shift resulting in a lower average selling price of IVISinstruments sold. Caliper anticipates particularly strong double-digit growthin this product line during the third quarter.
-- CDAS revenues declined 2% due to contract delays, however as projectefforts accelerate beginning in the third quarter, results are expected to bestrong for the second half of the year.
-- Cost reduction actions reduced operating expenses (R&D and SG&A) by$2.2 million, or 11%, from the prior year quarter, and by $1.7 million, or 9%,on a sequential quarter basis.
-- The new LabChip GX instrument series, the next generation of Caliper'swidely-adopted LabChip 90, was launched after quarter end. The LabChip GXinstruments are targeted at the expanding genomic and proteomic researchapplications market.
"Overall, we met our revenue expectations for the quarter and remainconfident in the second half growth drivers. We believe our discovery productlines will continue their strong performance, and with a healthy pipeline inimaging, expect to see full year growth in our imaging business of over 15%.In addition, CDAS revenues should strengthen considerably in the second halfas we are optimistic regarding the next phase of the EPA ToxCast project,"said Kevin Hrusovsky, president and CEO of Caliper. "Our strategictransformation toward higher-growth, higher-profit product lines isprogressing and should enable sustained top-line performance. Additionally,we plan to further focus our resources in the second half to improve grossmargins and operating efficiencies."
Adjusted net loss per share on a non-GAAP basis, as explained below underthe heading "Use of Non-GAAP Financial Measures," was ($0.07) compared to($0.03) for second quarter of 2007.
2008 GAAP Guidance
Caliper reported that its revenue outlook for the third quarter of 2008 is$33 to $36 million, and its revenue outlook for the full year remains $142 to$148 million.
Use of Non-GAAP Financial Measures
Caliper supplements its GAAP financial reporting with certain non-GAAPfinancial measures. We use certain non-GAAP financial measures, includingadjusted EPS, which exclude restructuring charges, including severancecharges; amortization of acquired intangibles; asset impairment charges; andamortization of stock compensation. We believe the presentation of non-GAAPfinancial measures provides useful information to management and investorsregarding various financial and business trends relating to our financialposition and results of operations, and that when these non-GAAP measures areviewed in conjunction with GAAP financial measures, investors are providedwith a more meaningful understanding of our ongoing operating performance. Inaddition, we use these non-GAAP measures to evaluate our performance, allocateresources, set incentive compensation targets, and for planning andforecasting future periods. Non-
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