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Clarient Reports Second Quarter Revenue Up 40 Percent
Date:8/4/2009

ce Chairman and Chief Executive Officer. "What has changed is the strength of our balance sheet and reaching critical mass in terms of revenues - finally putting us in a position to realize the operating leverage and profits that are possible under this business model. In the second quarter, profits were constrained by investments in much needed infrastructure initiatives, so it is very gratifying for our entire team that we were able to balance these investments and still post our first net income from continuing operations."

The Company's operating income for the second quarter of 2009 was $771 thousand compared with an operating loss of $1.7 million for the same period of 2008. For the six months ended June 30, 2009, operating income was $2.3 million versus an operating loss of $1.9 million for the six months ended June 30, 2008.

Clarient's net income for the quarter was $29 thousand. However, the net amount applicable to common shareholders was a loss of $4.3 million, or $0.06 per share. This was due to a $4.3 million non-cash deemed dividend arising from a "beneficial conversion feature" in the second tranche of the Oak Purchase Agreement. This "in-the-money non-detachable" conversion feature of the issued 1.4 million Preferred Shares gave Oak Investment Partners the opportunity to convert their Preferred Shares into 5.6 million common shares at a $1.90 per share. This was $0.75 below the market price of $2.65 at May 14, 2009, the date of the second Oak closing. In the second quarter of 2008, the Company reported a loss of $4.3 million and a $0.06 loss per share.

For the first six months of 2009, the net loss was $127 thousand, or $0.02 loss per share, compared with a net loss of $5.2 million, or $0.07 loss per share. Net loss applicable to common stockholders for this year's six-month period, including the non-cash deemed dividend mentioned above and a $1.5 million gain on discontinued operations fro
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SOURCE Clarient, Inc.
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