MassDevice

The Medical Device Business Journal — Medical Device News & Articles | MassDevice

Home » Caliper Life Sciences ends 2009 at a loss

Caliper Life Sciences ends 2009 at a loss

By

Caliper Life Sciences Inc. took a big fourth-quarter hit to its balance sheet, widening its losses by 91 percent for the three-month period ended Dec. 31, 2008.

The Hopkinton-based lab equipment maker posted a $45 million charge on impairment of goodwill during the quarter.

That pushed the Caliper’s quarterly net loss to $46 million, compared to $5.7 million during the same period in 2007 — nearly 33 percent of its $68 million net loss for the full year. That, in turn, represents a 60 percent hike over the $24 million net loss Caliper posted for fiscal 2007.

Sales also declined, sliding 8.3 percent to $36.7 million for the quarter (compared with $40 million during the fourth quarter of the prior year) and dipping 4.4 percent, to $134 million, for the full year compared with $140 million in 2007.

Caliper said the goodwill charge stemmed from the divestiture of a pair of its product lines late last year.

The company sold its Pharmaceutical Development and Quality product line to Sotax Corp. for about $14 million in cash and the assumption of another $2 million in debt.

And in November 2008, Caliper sold AutoTrace automated water sample testing business Nov. 10, 2008 to Dionex Corp. for about $5 million in cash. The deal included provisions for Caliper to continue to manufacture and sell the product line through January of this year.

The deals netted Caliper roughly $19 million in cash and removed about $2 million in debts from the books, leaving it about $26 million in cash on hand at the end of 2008, compared to roughly $19 million for 2007.

But in the third quarter last year the company determined that its fair value (the likely price a buyer would pay for the company) exceeded its book value. Slumping sales and plunging share values — Caliper’s stock has fallen by about 75 percent since March 2008 — forced it to take the $45 million goodwill write-off during the fourth quarter.

Caliper said it expects sales of $25 million to $28 million for the first quarter and $122 million for the full year.

The company also announced a $25 million amended credit facility agreement with Silicon Valley Bank, effective through Nov. 30, 2010.

In case you missed it

RSS From Medical Design & Outsourcing

  • October 2021 Issue: Women in Medtech
       How Hologic made a major pandemic pivot: CFO Karleen Oberton reflects on key decisions and turning points of the COVID-19 pandemic. Insulet CEO Shacey Petrovic is pumped up to launch Omnipod 5 Boston Scientific’s Meghan Scanlon forecasts the future of urology There is still a long way to go to close the gender… […]
  • Study finds single-use bronchoscopes reduce hospital readmission rates by half
    A study of 14,228 bronchoscopy procedures found sterile, disposable scopes reduced readmission rates by more than half. The study, authored by Ambu consultant Dr. Hudson Garrett, analyzed procedures at inpatient hospitals as well as outpatient ambulatory facilities. He found that 3.6 percent of patients treated with a single-use, flexible bronchoscope were readmitted within 30 days,… […]
  • Medtronic hires social-media-minded chief medical officer for its gastrointestinal unit
    Medtronic (NYSE:MDT) today said it has hired Dr. Austin Chiang as the first chief medical officer of the medical device maker’s gastrointestinal business. Chiang is an assistant professor of medicine at Sidney Kimmel Medical College and director of the Endoscopic Bariatric Program at Thomas Jefferson University Hospital, both in Philadelphia. He holds a master’s degree… […]
  • Boston Scientific settles patent dispute with Micro-Tech Endoscopy over hemostasis clips
    Boston Scientific (NYSE:BSX) said yesterday that it has resolved its patent infringement litigation against Micro-Tech Endoscopy over hemostasis clips used in endoscopy procedures. Boston Scientific said it will grant a five-year, royalty-bearing license to Ann-Arbor, Mich.-based Micro-Tech for the patented hemostasis clip technology. The clips are applied to tissue or blood vessels to stop gastrointestinal… […]
  • How vapor degreasing is helping to future-proof medical device reliability
    Precision cleaning of electronic medical devices boosts reliability. Jay Tourigny, MicroCare COVID-19 has brought the importance of wearable and remote monitoring and diagnostic devices to the forefront. But these devices, with their intricate PCBAs (printed circuit board assemblies) must deliver reliable and consistent performance, particularly as they are often used in devices that are life-sustaining.… […]
  • Freudenberg Medical launches SpeakFree HME valve for laryngectomy care
    Freudenberg Medical today announced the commercial launch of its Blom-Singer SpeakFree heat and moisture exchange (HME) hands free valve. The device is designed for people who have undergone a total laryngectomy, or the removal of a person’s larynx or voice box, resulting in loss of speech. Carpinteria, California-based Freudenberg Medical’s InHealth Technologies unit said its… […]
  • Luminopia’s new FDA-approved therapy uses TV to treat lazy eye in kids
    Luminopia announced today that it received FDA de novo approval for its prescription therapy for improving vision in children with lazy eye. Cambridge, Massachusetts-based Luminopia’s prescription Luminopia One holds indication for improvement in visual acuity in children between ages four and seven with lazy eye (amblyopia) associated with anisometropia and/or mild strabismus, having received treatment… […]
  • Tessy Plastics has a deal for a new campus in New York
    Tessy Plastics today said it has a deal to buy a three-building campus totaling about 1.5 million square feet in Webster, New York. The three buildings — 200, 210 and 214 at 800 Phillips Road, formerly owned by Xerox — are about an hour’s drive from Skaneateles, New York-based Tessy’s other facilities in Upstate New York. The… […]
  • Diversity in medtech: Just 21% of executive roles are held by women
    The prevalence of women in corporate leadership positions within the medical device industry remains low, and the rate of increase is stagnant despite new initiatives to increase diversity in the industry. Just 21% of top executives at the world’s 100 world’s biggest medical device companies are women, according to an analysis of Medical Design &… […]
  • Intuitive Surgical highlights supply chain risk, addresses Medtronic’s Hugo launch
    Intuitive Surgical executives today said delays and price increases are working their way through the medtech supply chain, likely resulting in higher production costs in the months ahead and the potential for delayed development and regulatory activity. “I don’t think I can say it’s getting better. It’s a difficult situation and will continue for some… […]
  • Intuitive Surgical names new C-suite leaders, reports Street-beating Q3
    Intuitive Surgical (NSDQ:ISRG) today announced changes in the ranks of its senior leadership as the surgical robotics maker released Q3 results that exceeded expectations. Sunnyvale, California-based Intuitive launched two new functional organizations — Strategy and Growth, and Global Business Services — and named leaders who will take over effective Jan. 1. Dave Rosa, a 25-year… […]

Leave a Reply