ALISO VIEJO, Calif., Nov. 3 /PRNewswire-FirstCall/ -- Clarient, Inc. , a premier anatomic pathology and molecular testing services resource for pathologists, oncologists and the pharmaceutical industry, today reported financial results for the third quarter and nine months ended September 30, 2009. Results included a 13 percent increase in net revenues for the third quarter of 2009 as compared to the third quarter of 2008. Third quarter net revenue was $21.4 million, compared to $19.0 million for the same period in 2008. Net revenue for this year’s first nine months was $68.3 million, a 32 percent increase over the prior year period.
Ron Andrews, Clarient Vice Chairman and Chief Executive Officer said, “Our business in terms of customer growth, case volumes, tests per case, menu expansion and market penetration continues to grow and indicates the potential for even stronger quarters ahead for Clarient.
Case volume in the third quarter increased to approximately 35,000 cases, a 22 percent increase from the same period in 2008. For the third quarter of 2009, testing volume totaled approximately 240,000, up 15.5 percent from the same period in 2008. Clarient’s customer base of oncology and pathology practices in the U.S. increased by 35 new customers in the third quarter, taking the Company’s active customer base to well over 1,100.
The Company’s loss from continuing operations before income taxes for the third quarter of 2009 was $3.2 million compared with an operating loss of $2.2 million for the same period of 2008. For the nine months ended September 30, 2009, loss from continuing operations before income taxes was $4.9 million compared to a loss from continuing operations before income taxes of $7.4 million for the nine months ended September 30, 2008.
For the nine months ended September 30, 2009 and 2008, the net loss was $3.4 million and $7.4 million, respectively. Net loss per share applicable to common stockholders for the nine months ended September 30, 2009 and 2008 was ($0.10) and ($0.10), respectively.
Operating expenses were $14.7 million for the third quarter of 2009, compared to $10.2 million in the same quarter of 2008. For the first nine months of 2009, operating expenses totaled $40.5 million, compared to $29.0 million in the year-earlier period. The increase in operating expenses in the third quarter of 2009 versus the comparable period in 2008 was largely related to additional sales and marketing personnel costs and investment in our information technology infrastructure.
Ray Land, Senior Vice President and Chief Financial Officer, said, “In the long term we will greatly benefit from the changes we made this quarter. The new information will allow us to better estimate our expected reimbursement rates, give us a clearer picture of receivables, and help to improve future collections. And finally it will allow us to better forecast our future revenues, bad debts, profits and cash flows.”
Andrews concluded, “Clarient’s business model built on a balanced revenue stream across multiple cancer types and technologies is well-positioned in the new environment of health reform and cost containment. The opportunities for Clarient to use its established commercial engine to bring new advanced tests to market are numerous and growing daily, and the greater predictability we now have will allow us to assertively pursue some exciting new opportunities while maintaining a focus on profitability and cash flow.”
Date: Tuesday, November 3, 2009
Time: 5:00 p.m. Eastern
Call-in Number: 1-888-549-7704 (domestic) 1-480-629-9857 (international)
Conference ID Number: 4177526
Webcast: www.clarientinc.com/investor
Web Replay: For those unable to participate during the live broadcast, a replay of the webcast will be archived at www.clarientinc.com/investor shortly after the call and will be available for one year.
About Clarient
Clarient combines innovative diagnostic technologies with world class pathology expertise to assess and characterize cancer. Clarient’s mission is to become the leader in cancer diagnostics by dedicating itself to collaborative relationships with the healthcare community to translate cancer discovery and research into better patient care. Clarient’s principal customers include pathologists, oncologists, hospitals and biopharmaceutical companies. The rise of individualized medicine as the new direction in oncology has created the need for a centralized resource providing leading diagnostic technologies, such as flow cytometry and molecular testing. Clarient is that resource, having created a state-of-the-art commercial cancer laboratory providing the most advanced oncology testing and diagnostic services available both onsite and over the web. Clarient is also developing new, proprietary “companion” diagnostic markers for therapeutics in breast, prostate, lung and colon cancers, and leukemia/lymphoma. www.clarientinc.com
The Company does not assume any obligation to update any forward-looking statements or other information contained in this document.
There are limitations inherent in non-GAAP financial measures such as Adjusted EBITDA in that they exclude a variety of charges and credits that are required to be included in a GAAP presentation, and do not therefore present the full measure of the Company’s recorded costs against its revenue. Management compensates for these limitations in non-GAAP measures by also evaluating our performance based on traditional GAAP financial measures. Accordingly, in analyzing our future financial performance, investors should consider these non-GAAP results together with GAAP results, rather than as an alternative to GAAP basis financial measures.
CONTACT: Matt Clawson, +1-949-474-4300, matt@allencaron.com, for Clarient,
Inc.
Web site: http://www.clarientinc.com/
