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Clarient Announces Fourth Quarter and Year-End 2007 Financial Results
Date:3/31/2008

rter of 2006. Our 10 percent sequential growth in test volume versus third quarter is again indicative of our solid trajectory and has provided a strong foundation for continued growth in 2008. We believe that our revenues for the first quarter of 2008 will exceed our revenues for the comparable period in 2007 by more than 50 percent. This base business momentum, combined with the pending launch of Clarient's Insight(TM) Dx Breast Cancer Profile, provides solid reasons to remain very encouraged with our direction. Assuming we maintain our current commercial velocity, we believe we will be able to achieve our 2008 goals of growing revenue between 30-40 percent this year versus the fiscal year ended December 31, 2007."

Total operating expenses were $9.6 million for the fourth quarter of 2007, an increase of 49 percent compared to $6.4 million in the fourth quarter of 2006. The growth in expense was primarily due to increased professional fees, selling expenses and collection expenses. Also the Company recorded bad debt expense and increased its allowance for doubtful accounts by $1.8 million in the fourth quarter of 2007 (as compared to bad debt expense of $300,000 in the fourth quarter of 2006) based on an analysis of its most recent historical collection information.

Operating loss was $3.2 million for the fourth quarter of 2007, an increase of 14 percent from the same period in 2006. Loss from continuing operations in the fourth quarter of 2007 was $3.8 million or $0.05 loss per share, compared to $3.2 million or $0.05 loss per share in the fourth quarter of 2006, an increase of 19 percent.

At December 31, 2007, the Company's cash and cash equivalents were $1.5 million compared to $0.4 million at December 31, 2006. As previously reported, on March 14, 2008 the Company entered into a credit facility with affiliates of Safeguard Scientifics, Inc. pursuant to which Safeguard has agreed to provide the Company with a total of up to $21 million (subj
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SOURCE Clarient, Inc.
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