Caliper beats EPS estimates by a penny and revenue estimates by a million (about 15%):
>>MOUNTAIN VIEW, Calif., Feb. 6 /PRNewswire-FirstCall/ -- Caliper Technologies Corp. (Nasdaq: CALP - news) today announced its fourth quarter and year-end financial results for 2001. In the fourth quarter of 2001, total revenues increased 58% to $7.9 million from $5.0 million in the same period last year. For the year ended December 31, 2001, total revenues increased 59% to $29.6 million from $18.6 million in 2000.
Revenue growth in the fourth quarter of 2001 was driven by third-party product sales of $4.0 million, primarily derived from sales of the company's High Throughput Systems (HTS) instruments and LabChip® kits. Related-party revenues, all derived from Amphora Discovery Corp., were also mainly from HTS product-related sales. Revenue from sales of the Agilent 2100 Bioanalyzer increased approximately 20% over comparable fourth quarter sales in 2000 and more than doubled for the full year 2001 when compared to 2000. As anticipated, Caliper's conversion to a commercial products business, from a fee-based technology access program business model, resulted in Technology Access Program (TAP) revenue declines of 50% in the fourth quarter of 2001 and 32% for the full year, in comparison to these same periods in 2000.
For the quarter ended December 31, 2001, the company reported a net loss of $8.0 million, or $0.33 per share, as compared to a net loss of $5.8 million, or $0.25 per share, for the same quarter last year. Included in the net income for the fourth quarter of 2000 was $1.3 million, or $0.05 per share, in reimbursements from the company's collaboration partner Agilent Technologies for litigation expenses pertaining to Aclara BioSciences' patent suit against Caliper. Excluding this reimbursement, the net loss for the fourth quarter of 2000 was $7.1 million, or $0.30 per share.
For the fiscal year ended December 31, 2001, the company reported net income of $3.8 million, or $0.15 per diluted share, as compared to a net loss of $13.3 million, or $0.61 per share, for the 2000 fiscal year. Included in the net income for the 2001 fiscal year is $27.5 million, or $1.07 per diluted share, and $5.0 million, or $0.19 per diluted share, that the company recorded as revenue for the dismissal of all suits and countersuits and for the initial licensing of the ``Ramsey'' family of patents, respectively, all between the company and Aclara BioSciences. The net loss for fiscal year 2000, after taking into account reimbursements, recorded in the fourth quarter, from the company's collaboration partner and $12 million, or $0.49 per share, received as a result of the breach of duty and trade secret misappropriation litigation settlement signed in September 2000. Excluding the litigation settlement, the net loss for 2001 was $23.7 million, or $0.99 per share, as compared to a net loss of $26.6 million, or $1.22 per share, for 2000.
Operating expenses for the fourth quarter of 2001 were $17.9 million, representing an increase of $2.9 million over the comparative fourth quarter of 2000 primarily due to costs of good sold associated with increased product sales. Also contributing to expenses were additional costs from increased sales and marketing efforts offset by reduced research and development litigation costs and expenses associated with deferred stock compensation.
Cash and investments totaled $166.2 million at December 31, 2001, excluding approximately $3 million in pledged funds for leased lines of credit. Additionally, in the first quarter of 2001, Caliper received from Aclara BioSciences 900,000 shares of Aclara common stock that, along with an accompanying letter of credit, have a guaranteed aggregate value of $32.5 million to Caliper that is reflected in other current assets on Caliper's Balance Sheet.
``During 2001 Caliper grew its top line considerably while simultaneously maintaining its R&D investment and establishing critical commercial capabilities,'' said Jim Knighton, the company's Executive Vice President and Chief Financial Officer. ``We believe that we are entering 2002 well-positioned for further revenue growth and, while we expect expenses (including cost of goods) to increase, we expect them to do so at a significantly lesser rate than revenues.''
``In addition to posting financial results in line with our expectations, there were a number of important accomplishments during 2001, which are highlighted below,'' said Dan Kisner, M.D., Caliper's President and Chief Executive Officer. ``We were able to grow our total revenues significantly despite transitioning to product-based revenues from a technology access fee model. This was particularly evident in our HTS business, which was launched in the fall, and was the primary driver of fourth quarter revenues.''
Highlights for 2001 included:
Together with Agilent Technologies Inc., introducing four new assays designed for the Agilent 2100 Bioanalyzer. The assays include: the DNA 1000 LabChip® kit, the RNA 6000 Nano LabChip® kit, the Protein 200 Plus LabChip® kit, and the Cell Fluorescence LabChip® kit, as well as various software improvements.
Launching the Caliper 250 high throughput screening (HTS) system, which represents a new, microfluidic chip-based approach to high throughput drug screening.
Establishing Wako Pure Chemical Industries, Ltd. as the company's HTS products distributor in Japan. The agreement with Wako represents Caliper's first HTS product marketing endeavor in Japan.
Spinning out a new, independently funded and managed company, Amphora Discovery Corp., to create and commercialize a comprehensive database of chemical genomics information detailing the interactions of small molecules with a broad array of gene products.
Initiating commercial activities in diagnostics with the formation of an agreement with Bacterial BarCodes, Inc. integrating Caliper's LabChip® microfluidic technology and Bacterial BarCodes' proprietary rep-PCR bacterial fingerprinting technology.
Settling all litigation with Aclara BioSciences. Under the terms of the agreement, Aclara agreed to pay Caliper $37.5 million over a three-year period.
Introducing the LabChip® Automated Microfluidics System (AMS 90), which automates the analysis of nucleic acid fragments.
Earning ISO 9001 certification for the design and manufacturing of the company's chips and reagents. The award followed completion of an audit, which affirmed that Caliper's chips, reagent design, and manufacturing processes meet customer product quality requirements and service expectations.
Collaborating with the National Aeronautics and Space Administration (NASA) to create macromolecular crystals aboard the International Space Station using LabChip® technology.
Caliper Technologies Corporation is the leader in lab-on-a-chip technology. Caliper designs, manufactures, and commercializes LabChip® devices and systems that enable experiments that ordinarily require laboratories full of equipment and people to be conducted on a chip small enough to fit in the palm of a child's hand. The chip contains a network of microscopic channels through which fluids and chemicals are moved in order to perform the experiment. The LabChip® system is designed to streamline and accelerate laboratory experimentation and has potential applicability in a broad range of industries including pharmaceuticals, agriculture, chemicals and diagnostics. Caliper has established multiple strategic and commercial alliances and has built a leading intellectual property estate in microfluidic technology. For more information, please visit Caliper's web site at www.calipertech.com.
NOTE: This news release contains forward-looking statements that involve risks and uncertainties. Caliper has identified these forward-looking statements by using the words ``believe,'' ``expects,'' and ``intended.'' These statements include Caliper's expectations as to its future financial performance. Actual results may differ materially from Caliper's beliefs and expectations as a result of numerous risks and uncertainties, including the risks: that many of Caliper's LabChip® systems are new and may not achieve market acceptance; that Caliper and its customers may encounter technical or other difficulties preventing or delaying the introduction of new products or enhancements; and that Caliper's customers may not perform under the agreements as Caliper expects. These and other risks related to Caliper are detailed in Caliper's Annual Report on Form 10-K filed with the SEC dated March 16, 2001 and subsequent quarterly reports on Form 10-Q.
NOTE: LabChip is a registered trademark of Caliper Technologies Corp.
SELECTED FINANCIAL INFORMATION
STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
Three Months Ended Twelve Months Ended
December 31, December 31,
2001 2000 2001 2000
Revenues:
Product revenue $4,030 $1,203 $8,799 $3,201
Related party revenue 1,895 -- 3,912 --
License fees and
contract revenue 1,942 3,785 16,877 15,363
Total revenues 7,867 4,988 29,588 18,564
Costs and expenses:
Cost of product
revenue 1,927 847 4,784 2,519
Cost of product
revenue-related
party 721 -- 2,103 --
Research and
development 9,905 10,828 38,263 33,478
Selling, general
and administrative 4,853 2,486 15,545 9,787
Amortization of
deferred stock
compensation 513 882 2,540 4,545
Total costs and
expenses 17,919 15,043 63,235 50,329
Loss from operations (10,052) (10,055) (33,647) (31,765)
Interest income, net 2,034 2,940 9,970 7,468
Litigation settlement -- 1,274 27,500 13,274
Net income (loss)
before accounting
change (8,018) (5,841) 3,823 (11,023)
Cumulative effect of
a change in
accounting principle -- -- -- (2,294)
Net income (loss)
attributable to
common
stockholders $(8,018) $(5,841) $3,823 $(13,317)
Net income/ (loss)
per share - basic
Net income/(loss)
before accounting
change $(0.33) $(0.25) $0.16 $(0.50)
Cumulative effect
of a change in
accounting
principle -- -- -- (0.11)
Net income/(loss) $(0.33) $(0.25) $0.16 $(0.61)
Shares used in
computing net
income/(loss)
per share - basic 24,145 23,602 23,997 21,853
Net income/(loss)
per share - diluted
Net income/(loss)
before accounting
change $(0.33) $(0.25) $0.15 $(0.50)
Cumulative effect
of a change in
accounting
principle -- -- -- (0.11)
Net income/(loss) $(0.33) $(0.25) $0.15 $(0.61)
Shares used in
computing net
income/(loss)
per share - diluted 24,145 23,602 25,634 21,853
BALANCE SHEET
Dec. 31, Dec. 31,
2001 2000
Cash, cash equivalents and short-term
marketable securities $166,176 $191,699
Other current assets 39,543 7,467
Property and equipment, net 12,581 9,101
Other assets 4,243 4,247
Total assets $222,543 $212,514
Current liabilities $10,409 $11,691
Long-term obligations 5,571 4,366
Stockholders' equity 206,563 196,457
Total liabilities and stockholders' equity $222,543 $212,514<<
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