Financial reports are still trickling in for the first half of the fiscal year 2007. Caliper Life Sciences Inc. (NASDAQ: CALP), a leading provider of equipment for preclinical drug research, announced its second quarter results for 2007.
Revenues for Caliper were up 45 percent year over year in the second quarter to $35.3 million. The generated revenues for this quarter were able to out-perform the guidance levels set between $30 and $35 million. Compared to the prior quarter, revenues were up about 24 percent as the first quarter generated $28.44 million.
“In addition to our revenue initiatives, we are encouraged by our 1200 basis point improvement in product gross margin and actions taken during the second quarter to further streamline our operations. We believe these actions will result in approximately $2 million of annualized cost savings beginning in the third quarter,” commented Kevin Hrusovsky, president and CEO of Caliper, in a statement.
In other news, the company’s net loss for the second quarter was $6.3 million, or 13 cents per share, compared to the net loss of $2.1 million, or 6 cents per share, for the same quarter in 2006. The company said in the statement that the quarter’s net loss reflected its post acquisition cost structure. Caliper did follow in the footsteps of last years $2.1 million loss by making ground toward profits from the first quarter of the year.
In the first quarter of 2007, Caliper generated a net loss of $9.6 million, but increased to $6.3 million in the second quarter. It would be unfortunate if the company follows last year trend regarding the third quarter. Caliper took a step back in its third quarter in 2006, generating a loss of $13.5 million, which is a 600 percent deeper net loss.
Mr. Hrusovsky added, “As we head into the second half of 2007, our strategically reconfigured company is taking hold and delivering improved results. We are pleased with our pipeline build and believe that the combination of rapid growth in new Xenogen products and drug discovery service offerings, coupled with our recently launched new microfluidic and automation products will contribute to double-digit revenue growth and strong margin improvement.”
The guidance the company is predicting for third quarter 2007 is revenues between $31.5 and $35.5 million, and for the full year expect to bring in $137 to $143 million. The full year growth would be near 27 to 33 percent from the prior year. This would place fourth quarter guidance in revenue near $41.8 and $43.8 million, which is an increase between 23 and 33 percent for the quarter.
Investors seem to see this as positive forward-looking information as the stock price has moved quite sharply today. Stock price has increased 43 cents, or 8 percent, to $5.53 on volume of 230,000 as of 11:10 a.m. CDT. The company is trying to rebound from its yearly low stock price a month ago, to try and catch back up to its 52-week high of $6.43.
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