Clarient Reports Improved Fourth Quarter and Fiscal 2009 Financial Performance

Posted by | March 10, 2010

Safeguard Scientifics’ partner company Clarient (NASDAQ: CLRT) reported its fourth quarter (Dec. 31, 2009) and full-year 2009 financial results this afternoon. Clarient began 2010 with solid commercial and operating momentum, as they posted a strong fourth quarter in terms of customer acquisition, test volume growth, and important menu expansion activities.

Here are some financial highlights:

  • Revenues for 2009 were $91.6 million, an increase of approximately 24 percent over 2008. Revenues were in line with revised guidance issued during the third quarter 2009.
  • Positive cash flows from operations for the fourth quarter were $3.9 million, as cash collections were at record levels and DSOs were dramatically reduced.
  • Test volume for the fourth quarter 2009 grew 16 percent year-over-year, and test volume for the full year 2009 grew 20 percent year-over-year.
  • Similar to results from the third quarter, Clarient retained better than 98 percent of its clients.
  • The balance sheet remains strong.

While Clarient reported a fiscal 2009 net loss of $6.1 million, the loss was down 37 percent compared to 2008. Net loss per share applicable to common stockholders in 2009 was $0.13 per share, the same as in 2008. For the fourth quarter, the net loss totaled $0.03 per share, also the same as in 2008.

Clarient has provided net revenue guidance for the 2010 fiscal year of between $108 million and $115 million, representing year-over-year growth of between 18 percent and 25 percent. It also indicated that it expects to report net income for the 2010 fiscal year.

Having created what the Company believes to be the most robust channel in the pathology marketplace, Clarient is now focused on becoming a powerful development engine for proprietary tests. It’s also focused on expanding its technologies and services to gain a greater share of the cancer diagnostics market growth.

Clarient is strengthening its value proposition within its biopharma partnerships, and is well-positioned to play a more integral role in drug development efforts so that the Company can co-develop proprietary markers and companion diagnostics that will drive uptake in the marketplace as those drugs are approved.

Clarient’s opportunities are rich, and the Company has the benefit of being able to leverage a strong commercial channel in the cancer diagnostics sector. In addition, Clarient’s focus on the community pathologist market will help the success of its projects.

We look forward to continuing to share Clarient’s progress in 2010 with you. You can learn more about Clarient’s earnings in its latest press release and listen to the complete earnings news in its webcast.

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