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Clarient Reports 2009 Third Quarter; Nine Month Results
Date:11/3/2009

ALISO VIEJO, Calif., Nov. 3 /PRNewswire-FirstCall/ -- Clarient, Inc. (Nasdaq: CLRT), 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.

Third quarter net revenue was reduced by a change in estimate of expected third-party payor reimbursements based upon their cash collection behavior over the past fifteen months. In addition, this new information was used to set the current period's third-party payor reimbursement rates, which also reduced third quarter 2009 revenue. The analysis of patient payor behavior patterns over the past fifteen months was used to determine the adequacy of the allowance for bad debts, which was increased in the 2009 third quarter.

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.

"At the beginning of 2009, management identified the reduction of our bad debt and improvement of our billing and collections processes as a top priority. The third quarter's financials include new information gathered after the close of the quarter which allowe
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SOURCE Clarient, Inc.
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