New Molecular Tests and Increasing Case Volumes Drive 78 Percent Revenue Growth in the Fourth Quarter of 2008 as Compared to the Prior Year Period
ALISO VIEJO, Calif., March 11 /PRNewswire-FirstCall/ -- Clarient, Inc. (Nasdaq: CLRT), a premier anatomic pathology and molecular testing services resource for pathologists, oncologists, and the pharmaceutical industry, today reported preliminary financial results for its fourth quarter and year ended December 31, 2008. Financial results included a 78% increase in revenue for the fourth quarter of 2008 versus the fourth quarter of 2007, and a 72% increase in revenue for the year ended December 31, 2008 versus 2007.
Fourth quarter 2008 revenue from continuing operations was $21.9 million, compared to $12.4 million for the same period in 2007, and $19.0 million for the third quarter 2008. Clarient has posted 18 consecutive quarters of sequential revenue growth. Revenue in 2008 was $73.7 million versus $43.0 million in 2007.
Case volume in the fourth quarter increased 39% from the same period in 2007 to 29,845 cases. For the year ended December 31, 2008, testing volume totaled 108,610 cases, up 46% from the same period in 2007, indicating continued success of the Company's new customer acquisition and depth of menu strategies. The Company's client base of oncology and pathology practices in the U.S. increased to approximately 900 active clients at December 31, 2008 from approximately 675 active clients at December 31, 2007.
"Clarient's top-line growth continues to be driven by newer, higher value diagnostic services for a broad range of cancers, coupled with favorable reimbursement rates," said Ron Andrews, Clarient Vice Ch
|SOURCE Clarient, Inc.|
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