San Diego, Calif., Feb. 20, 2007 -- XIFIN®, Inc., the leading provider of revenue cycle management solutions for clinical laboratories, today announced that Clarient, Inc. XIFIN’s SaaS-based platform is the most powerful and adaptive revenue cycle management service available today and is currently used by 5 of the 10 largest clinical labs in the U.S. as well as many smaller, rapidly growing labs like Clarient. In addition to providing in-house billing operations with leading-edge technology, functionality and comprehensive transaction processing resources, XIFIN delivers the financial management, analytic and reporting capabilities that enable sustained growth and scale to the needs of the business.
"We believe XIFIN can provide Clarient with superior billing and AR functionality as well as management resources employed by the largest laboratories," noted James Agnello, CFO of Clarient. "Although bringing billing in-house was a natural progression for us, XIFIN’s model that combines managed services with state-of-the-art technology is expected to generate improved bottom-line performance as we manage the significant growth we are experiencing."
With an annualized growth rate of 62% YoY for the second quarter 2007 and 12 consecutive quarters of sequential revenue growth, Clarient is emerging as a leader in the rapidly growing oncology genomic testing services market. The geographic expansion of Clarient’s client base, payer complexity, and service offerings bring new challenges that often outstrip the capabilities of traditional revenue cycle management solutions. Operational control is essential to successfully absorbing rapid growth, with effective financial management playing an indispensable supporting role. And, as a public company subject to Sarbanes-Oxley regulation, accurate, precise financial management is a requirement for Clarient.
"Molecular Oncology is one of the hottest opportunities in diagnostic testing, and we’re excited that we now support three of the leading companies in this space," commented Lale White, Executive Chairman and Founder of XIFIN. "It’s clear that these businesses are keying in on our unique financial management and control capabilities and see it as an important competitive advantage."
Clarient combines innovative technologies with world class expertise to assess and characterize cancer. Clarient’s mission is to provide the services, resources and critical information to improve the quality and reduce the cost of patient care as well as accelerating the drug development process. The Company’s principal customers include pathologists, oncologists, hospitals and biopharmaceutical companies.
Clarient is a partner company of Safeguard Scientifics, Inc. For more information, visit: http://www.neogenomics.com
The statements herein regarding Clarient, Inc. contain forward-looking statements that involve risks and uncertainty. Future events and Clarient’s actual results could differ materially from the results reflected in these forward-looking statements. Factors that might cause such a difference include, but are not limited to: Clarient’s ability to successfully implement and integrate the XIFIN platform and transition from third party billing and accounts receivable management services; Clarient’s ability to continue to develop and expand its diagnostic services business, Clarient’s ability to expand and maintain a successful sales and marketing organization, the continuation of favorable third party payer reimbursement for laboratory tests, unanticipated expenses or liabilities or other adverse events relating to the implementation of the XIFIN platform, and risks detailed from time to time in the Clarient’s SEC reports, including quarterly reports on Form 10-Q, reports on Form 8-K and annual reports on Form 10-K. Recent experience with respect to laboratory services, revenues and results of operations may not be indicative of future results for the reasons set forth above. Clarient does not assume any obligation to update any forward-looking statements or other information contained in this document.