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Test results in: Clarient of Aliso Viejo’s revenues soar
New testing technologies and case volumes drive the company’s growth up 70 percent for end of ’08.
By Susan BelknappPublished: March 13, 2009 02:00 AM
Clarient Inc., an Aliso Viejo-based anatomic pathology and molecular testing company for pathologists, oncologists and the pharmaceutical industry, reported its preliminary financial results for fourth quarter 2008. When compared to last quarter of 2007, revenue showed a 72 percent increase.
Fourth quarter 2008 revenue from continuing operations was $21.9 million, compared to $12.4 million for same period, 2007; the third quarter total was $19.0 million. The company posted 18 consecutive quarters of sequential revenue growth.
Total revenue in 2008 was $73.7 million, compared to year-end totals of $43.0 million in 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," says Ron Andrews, vice chairman and CEO of Clarient. "We believe these drivers differentiate Clarient from traditional diagnostic labs and are propelling us to sustainable, positive adjusted EBITDA* and operating earnings in 2009."
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Fourth quarter 2008 revenue from continuing operations was $21.9 million, compared to $12.4 million for same period, 2007; the third quarter total was $19.0 million. The company posted 18 consecutive quarters of sequential revenue growth. Total revenue in 2008 was $73.7 million, compared to year-end totals of $43.0 million in 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," says Ron Andrews, vice chairman and CEO of Clarient. "We believe these drivers differentiate Clarient from traditional diagnostic labs and are propelling us to sustainable, positive adjusted EBITDA* and operating earnings in 2009." PAGE TWO Related headlines San Clemente’s STEMtech to Obama: What about adult stem cells? Huntington Beach's LifeSciences predicts growth in neurosurgical markets UC Irvine breaks ground on new stem cell building "OC METRO Minute," March 11: Epinex's diabetes monitoring device "OC METRO Minute," March 5: Tissue engineering, regenerative medicine market expected to grow rapidly |
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