Adjusted EBITDA (defined below) for the 2009 second quarter was $2.3 million, compared to adjusted EBITDA of $179 thousand in the second quarter of 2008. For the 2009 six-month period, adjusted EBITDA was $5.2 million, versus adjusted EBITDA of $1.2 million in the prior year period.
Operating expenses were $13.0 million for the second quarter of 2009, up 29 percent from $10.1 million in the same quarter of 2008. For the first six months of 2009, operating expenses totaled $25.8 million, versus $18.8 million in the year-earlier period. The increase in operating expenses was largely related to additional sales and marketing personnel costs, increased bad debt expense, higher stock compensation expense, and legal and accounting expenses related to certain business development activities.
At June 30, 2009, the Company's cash and cash equivalents totaled $7.9 million compared with $1.8 million at December 31, 2008.
Ray Land, Senior Vice President and Chief Financial Officer, said, "As expected, we were able to complete the second tranche of our private placement of convertible preferred stock with Oak Investment Partners on May 14, 2009 which considerably strengthened our balance sheet. In addition, we collected $19.9 million in cash in the second quarter which is a 34% increase over our first quarter. This is a strong indication that our billing and collection process is improving."
Land cited continued progress in marketing programs and customer retention, combined with the early success of new product introductions, in increasing guidance for annual revenue to the range of $96 million to $101 million, as well as positive adjusted EBITDA and operating income for the year.
Andrews concluded, "Clarient'
|SOURCE Clarient, Inc.|
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