Clarient Reports First Quarter 2008(n you combine these factors with the cos...),Health

Date:4/30/2008

n you combine these factors with the cost containment measures put in place in the third and fourth quarters of 2007, the result is increasing operational leverage at our bottom line. We achieved positive Adjusted EBITDA this quarter for the first time in the company's history, a key milestone for us and indicative of our current business velocity."

Testing volumes for the 2008 first quarter increased over the fourth quarter of 2007 as follows: breast prognostics/solid tumor testing volumes increased 11 percent, leukemia/lymphoma volumes increased 20 percent, and PCR/molecular testing increased 11 percent. Case volumes grew 13 percent in the quarter when compared to the fourth quarter of 2007.

Gross profit in the first quarter of 2008 was $9.8 million, an increase of 161 percent as compared to $3.8 million in the first quarter of 2007. Gross margin in the first quarter 2008 was 62 percent, as compared to 43 percent in the 2007 first quarter. Gross margins improved primarily as a result of volume growth, especially in high-value tests, increased reimbursement rates, filling available capacity, and the benefits of spreading fixed costs over a growing number of overall tests.

Total operating expenses were $9.9 million for the first quarter of 2008, an increase of 42 percent compared to $7.0 million in the first quarter of 2007 primarily due to increased bad debt expense on patient accounts.

Operating loss was $0.1 million, compared to a loss of $3.3 million in the first quarter 2007, a reduction of 96 percent. Loss from continuing operations in the 2008 first quarter was $0.9 million, or a loss per share of $0.01 as compared to $4.1 million, or a loss per share of $0.06, in the comparable 2007 period. Net loss for the first quarter of 2008 was $0.9 million, or a net loss per share of $0.01, as compared to net income of $1.3 million, or net income per share of $0.02, in the first quarter 2007. Net income for the first quarter of 2007 included
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SOURCE Clarient, Inc. Copyright©2008 PR Newswire. All rights reserved

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