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Clinical Data Reports Profitable Second Quarter and Six-Month Results

Posted on: Monday, 14 November 2005, 18:00 CST

Clinical Data, Inc. (NASDAQ:CLDA) announced today consolidated revenues and earnings for its second quarter ended September 30, 2005. Revenues for the three-month period were $12.9 million compared to $13.0 million for the same period a year ago. The Company reported net income of $377,000 for the period, or $0.08 per share, compared with net income of $910,000 or $0.20 per share for the second quarter of fiscal year 2005.

Revenues for the six-month period ended September 30, 2005 were $25.7 million as compared to $29.4 million in the same period a year ago. The Company reported net income of $784,000 for the six-month period ended September 30, 2005, or $0.17 per share, compared with net income of $2,181,000 or $0.48 per share for the six-month period ended September 30, 2004.

Israel M. Stein, M.D., President of Clinical Data commented, "The quarter ending September 30, 2005 represents our ninth consecutive quarter of achieving profitability on an operating and net income basis. Revenues for the quarter were essentially unchanged from the comparable period a year ago, but profitability was impacted primarily from a change in product mix, expenditures associated with upgrading our information technology infrastructure, additional legal expenses, and increased personnel and insurance costs. New product introductions for the clinical chemistry and hematology markets experienced delays in delivery domestically, but should have a favorable effect on performance in the coming quarters."

Dr. Stein continued, "Our efforts at integrating the operations of Genaissance Pharmaceuticals are progressing well as we refocus Genassiance's service offerings and streamline its operations. These efforts, coupled with the anticipated closing of our acquisition of Icoria, Inc. in late December, positions Clinical Data as a leading worldwide provider of genomic services, including genotyping, sequencing, RNA expression, and metabolomics. In the pharmacogenomics business, we are pleased that the Phase II trials of vilazodone are scheduled to commence next quarter and studies of our molecular diagnostic assay to detect clozapine induced agranulocytosis continues to be on track for successful completion in the first half of calendar 2006."

About Clinical Data, Inc.

Clinical Data, Inc. is a worldwide leader in developing and commercializing pharmacogenomics and clinical diagnostics to improve patient care. The Company's genomic services are marketed to the pharmaceutical, biotech, diagnostic, academic and agricultural marketplaces. The Company is utilizing pharmacogenomics to develop molecular diagnostics and more efficacious therapeutics by finding genetic markers to guide drug development and utilization. Its diagnostic and instrumentation business has a market focus on the physician's office, hospital and small-to-medium sized laboratory segments.

SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This press release contains certain forward-looking information that are intended to be covered by the safe harbor for "forward-looking statements" provided by the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements are statements that are not historical facts. Words such as "expect(s)", "feel(s)", "believe(s)", "will", "may", "anticipate(s)" and similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to statements regarding: our ability to successfully integrate the operations, business and technology obtained in our recent acquisition of Genaissance Pharmaceuticals and to be obtained in our announced acquisition of Icoria; our ability to obtain regulatory approval for, and successfully introduce our new products; our ability to expand our long-term business opportunities; our ability to maintain normal terms with our customers and partners; financial projections and estimates and their underlying assumptions; and statements regarding future performance. All of such statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond the control of the Company, that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include, but are not limited to: our ability to consummate the acquisition of Icoria and to achieve the expected synergies and operating efficiencies from the Genaissance acquisition and the Icoria acquisition; the strength of our intellectual property rights; competition from pharmaceutical, biotechnology and diagnostics companies; the development of and our ability to take advantage of the market for biomarker and pharmacogenomic products and services; general economic downturns; and other risks contained in our various SEC reports and filings. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof. Clinical Data does not undertake any obligation to republish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Readers are also urged to carefully review and consider the various disclosures in Clinical Data's recent SEC reports and filings, including but not limited to, its Annual Report on Form 10-KSB for the fiscal year ended March 31, 2005, and its 2004 and 2005 quarterly reports on Forms 10-QSB and 10-Q.

Clinical Data, Inc. AND SUBSIDIARIES (unaudited) CONSOLIDATED INCOME STATEMENT DATA (in thousands, except for per share data) For the Three For the Six Months Ended Months Ended 9/30/05 9/30/04 9/30/05 9/30/04 -------- -------- -------- -------- Revenues $12,888 $13,023 $25,661 $29,362 Income from operations $649 $1,548 $1,309 $3,522 Net Income $377 $910 $784 $2,181 Basic net income per share $0.09 $0.21 $0.18 $0.50 Diluted net income per share $0.08 $0.20 $0.17 $0.48 Basic Weighted Average Common Shares Outstanding 4,395 4,387 4,395 4,386 Diluted Weighted Average Common Shares Outstanding 4,531 4,518 4,526 4,508

Source: Business Wire

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