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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For The Quarterly Period Ended March 31, 2005 |
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OR |
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the Transition Period from to |
COMMISSION FILE NUMBER 000-22677
DELAWARE |
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75-2649072 |
(State or other jurisdiction of incorporation or
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(IRS Employer Identification Number) |
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33171
PASEO CERVEZA
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92675 |
(Address of principal executive offices) |
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(Zip code) |
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(949) 443-3355 |
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(Registrant’s telephone number, including area code) |
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CHROMAVISION MEDICAL SYSTEMS, INC. |
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(Former name, former address and former fiscal year, if changed since last report) |
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CLARIENT, INC. AND SUBSIDIARIES
Table of Contents
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Condensed Consolidated Balance Sheets as of March 31, 2005 (unaudited) and December 31, 2004 |
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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SIGNATURES |
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CLARIENT, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands, except share and per share amounts)
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March 31, |
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December 31, |
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(Unaudited) |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
4,825 |
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$ |
10,045 |
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Accounts receivable, net of allowance for doubtful accounts (Instrument Systems and Other) |
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1,232 |
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1,387 |
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Accounts receivable, net of allowance for doubtful accounts (Diagnostic Services) |
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2,210 |
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1,273 |
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Net investment in sales type leases |
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115 |
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— |
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Other receivable |
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107 |
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90 |
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Other |
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386 |
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438 |
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Total current assets |
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8,875 |
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13,233 |
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Property and equipment, net of accumulated depreciation |
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5,609 |
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6,084 |
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Patents, net of accumulated amortization |
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707 |
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743 |
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Net investment in sales type leases |
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500 |
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— |
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Other |
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109 |
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97 |
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Total assets |
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$ |
15,800 |
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$ |
20,157 |
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Liabilities and Stockholders’ Equity |
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Current liabilities: |
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Accounts payable |
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$ |
940 |
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$ |
1,566 |
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Accrued payroll |
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1,379 |
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1,148 |
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Accrued liabilities |
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917 |
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1,138 |
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Current maturities of long-term debt, including capital lease obligation |
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2,201 |
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2,031 |
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Total current liabilities |
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5,437 |
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5,883 |
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Long-term debt, including capital lease obligation |
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2,163 |
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2,386 |
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Commitments and contingencies |
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Stockholders’ equity: |
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Series C convertible preferred stock, $0.01 par value, authorized 200,000 shares, none issued and outstanding |
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— |
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— |
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Common stock $0.01 par value, authorized 100,000,000 shares, issued and outstanding 51,634,268 shares in 2005 and 51,590,448 in 2004 |
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516 |
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516 |
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Additional paid-in capital |
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117,541 |
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117,481 |
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Accumulated deficit |
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(109,357 |
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(105,483 |
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Deferred compensation |
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(455 |
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(576 |
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Accumulated other comprehensive loss |
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(45 |
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(50 |
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Total stockholders’ equity |
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8,200 |
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11,888 |
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Total liabilities and stockholders’ equity |
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$ |
15,800 |
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$ |
20,157 |
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See accompanying notes to condensed consolidated financial statements.
3
CLARIENT, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(in thousands, except share and per share amounts)
(Unaudited)
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Three Months Ended |
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2005 |
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2004 |
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Revenue: |
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Diagnostic services |
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$ |
1,887 |
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$ |
— |
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Instrument systems and other |
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2,120 |
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1,931 |
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Total revenue |
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4,007 |
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1,931 |
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Cost of revenue: |
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Diagnostic services |
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1,833 |
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— |
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Instrument systems and other |
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641 |
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926 |
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Total cost of revenue |
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2,474 |
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926 |
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