Chromavision Analysis, Part 2

Part
01
of two
Part
01

Chromavision Investment Data: 1997-2005

Chromavision Medical Systems Inc. was listed on the NASDAQ exchange as CVSN in 1997. In February 2005 the company announced that it was changing the name of the corporation to Clarient to better reflect a new business strategy. The corporation's first day of trading as Clarient with the ticker symbol 'CLRT' was on March 17, 1997.
Subsequently, the CVSN tracker was delisted from the exchange. Consequently, there is no publicly available trading history and data available for the company between 1997-2004. Where possible, the required data for each available year has been provided in the attached spreadsheet.

SUMMARY OF FINDINGS

  • On December 30, 2005, the last trading day for Clarient (Formerly Chromavision), its share price and trading volume were $1.30 and 144,107 shares respectively. The total number of common shares issued and outstanding as on December 31, 2005, was 66.912 million. Hence, the market capitalization of the company as on December 31, 2005, was $86.987 million (please refer to Market Capitalization Calculations section).
  • The initial public offering (IPO) for Chromavision ended on 13 August 1997. The share price for the IPO was set at $5.00 and a total of 6,028,648 shares of common stock were purchased. Hence, the market capitalization of the company as of the date of its IPO, was $30.143 million.

RESEARCH STRATEGY

Initial research began by interrogating financial data sites such as Yahoo Finance, Bloomberg, Reuters, ADVFN, among others to locate the requested data. This was unproductive as it became apparent that such information providers mainly only present data for active corporations. Chromavision as a brand had been retired in 2005 and its successor Clarient was delisted in 2010. This meant very little trading history exists in the public domain and data points such as share price, market capitalization, and trade volume could not be located in full. Use of full corporation titles, related terminology, and targeted date indexing were tactics employed to yield contemporaneous news articles that may have contained relevant information but these efforts produced no results, much less relevant sources. Despite this, it was possible to obtain data relating to the 1997 IPO from Securities and Exchange Commission (SEC) filings and one database hosted information from which it was possible to triangulate data points for Clarient for the 2005 year. Such computations have been depicted below.
Through the research conducted, several subscription-based or paywalled information sources were identified that, from their description, are likely to hold the data for the 1998-2004 period which this research request could not fulfill from public sources, these include Intrinio and Quandl.

MARKET CAPITALIZATION CALCULATIONS

2005:
Total common shares outstanding as on Dec 31, 2005 = 66,912,762
Share Price as on Dec 30, 2005 = $1.30
Market Cap = 66,912,762 *1.30 = $86,986,590.6‬0

1997:
Total common shares outstanding as on August 13, 1997 = 6,028,648
Share Price as on Aug 13, 1997=$5.00​
Market Cap = 6,028,648*5.00 = $30,143,240
Part
02
of two
Part
02

Chromavision Investment Data: 2006-2015

Clarient was taken private by GE Healthcare in December 2010 and was delisted from the NASDAQ stock exchange. Hence, there is no trading history and data available for the company after 2010. We have updated the required data for each available year in the attached spreadsheet.

Summary of Findings

  • Clarient (earlier known as 'ChromaVision Medical Systems') was taken private by GE Healthcare in December 2010 through its wholly-owned subsidiary, Crane Merger Sub. As part of the merger process, all outstanding shares of common and preferred stock of Clarient were acquired by GE Healthcare and Crane Merger Sub and the company's stock was delisted from the NASDAQ Capital Market from December 22, 2010. Hence, there is no share price, market capitalization, and trade volume data available for the company after 2010.
  • After remaining private from December 2010 to 2015, Clarient was finally acquired by NeoGenomics from GE Healthcare in October 2015.
  • On December 22, 2010, the last trading day for Clarient, its share price and trading volume were $4.99 and 187,360 shares respectively. The total number of common shares issued and outstanding as on December 22, 2010, was 81.492 million. Hence, the market capitalization of the company as on December 31, 2010, was $406.65 million (please refer 'Market Capitalization Calculations' section).
  • On December 31, 2009, the share price and trading volume of Clarient were $2.65 and 390,836 shares respectively. The total number of common shares issued and outstanding as on December 31, 2009, was 84.092 million. Hence, the market capitalization of the company as on December 31, 2009, was $222.84 million (please refer 'Market Capitalization Calculations' section).
  • On December 31, 2008, the share price and trading volume of Clarient were $1.63 and 44,694 shares respectively. The total number of common shares issued and outstanding as on December 31, 2008, was 76.994 million. Hence, the market capitalization of the company as on December 31, 2008, was $125.50 million (please refer 'Market Capitalization Calculations' section).
  • On December 31, 2007, the share price and trading volume of Clarient were $2.02 and 65,097 shares respectively. The total number of common shares issued and outstanding as on December 31, 2007, was 72.066 million. Hence, the market capitalization of the company as on December 31, 2007, was $145.57 million (please refer 'Market Capitalization Calculations' section).
  • On December 31, 2006, the share price and trading volume of Clarient were $1.72 and 174,978 shares respectively. The total number of common shares issued and outstanding as on December 31, 2006, was 71.487 million. Hence, the market capitalization of the company as on December 31, 2006, was $122.96 million (please refer 'Market Capitalization Calculations' section).

Research Strategy

The research team began with searching through the filings and press releases for Clarient along with third-party financial data sites like NASDAQ, Bloomberg, Reuters, ADVFN, etc. The team came across a press release which stated that the company was taken private by GE Healthcare in December 2010 and was subsequently delisted from the NASDAQ stock exchange. Hence, there is no trading history and share price, market capitalization, and trade volume data available for the company after 2010. Also, since pre-compiled data for market capitalization was not available, the team has computed the same for 2006-2010 using the data for share price and total common shares outstanding as on the last day of the company's fiscal year (December 31). For 2010, the data is as of December 22 as the company was delisted post that. All computations have been depicted below.

Market Capitalization Calculations

2010:
Total common shares outstanding as on Dec 22, 2010=81.492 million
Share Price as on Dec 22, 2010= $4.99
Market Cap=81.492*4.99=$406.65 million

2009:
Total common shares outstanding as on Dec 31, 2009= 84.092 million
Share Price as on Dec 31, 2009=$2.65
Market Cap=84.092*2.65=$222.84 million

2008:
Total common shares outstanding as on Dec 31, 2008=76.994 million
Share Price as on Dec 31, 2008=$1.63
Market Cap=76.994*1.63=$125.50 million

2007:
Total common shares outstanding as on Dec 31, 2007= 72.066 million
Share Price as on Dec 31, 2007=$2.02
Market Cap=72.066*2.02=$145.57 million

2006:
Total common shares outstanding as on Dec 31, 2006= 71.487 million
Share Price as on Dec 31, 2006=$1.72
Market Cap=71.487*1.72=$122.96 million
Sources
Sources

From Part 01
Quotes
  • " Point-in-time Securities Reference Point-in-time security reference records for 185,000+ listed and delisted securities from 200+ global exchanges. Premium Has Sample Data "
Quotes
  • "The rights offering by the Company, which involved the distribution of 6,267,460 rights to Safeguard shareholders of record as of the close of business on June 30, 1997, expired on August 5, 1997. Chase Mellon Shareholder Services, L.L.C., the rights agent, informed the Company that holders of rights exercised such rights to purchase a total of 6,028,648 shares of common stock (of which 6,020,000 shares were sold by the Company and 8,648 shares were sold by the Selling Stockholders) at the exercise price of $5.00 per share. "
Quotes
  • "ChromaVision Medical Systems, a technology and services resource for pathologists, oncologists and the pharmaceutical industry, announced that it is changing the name of the corporation to Clarient in order to better reflect a new strategy, direction and business plan that have been expanded to serve three distinct markets. The company expects the legal name change to be in effect by March 15. The company has reserved the ticker symbol "CLRT" with the Nasdaq Stock Market and shares of the company are expected to begin trading under that new symbol in mid-March."