Caliper's New Parent Company Swings To Loss
PerkinElmer, the Waltham-based biotechnology company that bought Hopkinton's Caliper Life Sciences in November, swung to an $84 million loss in the fourth quarter from a $293 million profit during the same time period a year earlier.
Even though revenues for PKI rose 15 percent, from $469 million to $540 million, that was not enough to compensate for two significant charges the company recorded in the quarter. One was a $79.7 million non-cash tax charge related to its $600 million purchase of Caliper, it noted in the earnings release.
Other expenses for the company rose as well, most notably in the selling, general and administrative line items, which increased from $125 million to $225 million.
Despite the earnings, PKI officials said the quarter capped off "an exceptional year of strategic acquisitions."
Caliper Life Sciences creates devices for biotechnology and pharmaceutical companies to more efficiently conduct research and development efforts. Before its sale to PKI, Caliper had quarterly revenues of about $30 million. Caliper has kept its Hopkinton facility, which employs about 200.
To read a recent WBJ interview with Kevin Hrusovsky, former president of Caliper and now an executive with PKI discussing the integration of the two companies, click here.
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