CLEVELAND, Nov. 9, 2011 — /PRNewswire/ — DATATRAK International, Inc. (OTCQX: DATA), a record and services association focused on tellurian eClinical solutions for a clinical trials industry, currently announced a handling formula for a third entertain of 2011. Highlights include: $2.1 million income and continued reserve enlargement – heading to a top reserve change given 2008.
“DATATRAK continues to govern a prophesy for 2011 – vital investment to accelerate enlargement going into 2012,” settled Laurence P. Birch, DATATRAK’s Chairman of a Board and CEO. “With a sound, elemental business indication that is pushing investments in sales, selling and product development, we continue to grow reserve while posting clever financial formula year-over-year.”
“Increasing sales of multi-year, multi-trial craving agreements denote a industry’s validation of a one proceed to handling whole drug programs, not only a singular trial,” Birch continued. “Additionally, a DATATRAK Clinical and Consulting Services™ organisation continues to be a matter in new patron merger providing DATATRAK with a singular charity to urge hearing performance, leveraging a program while stuffing a information government gaps that all clients face.”
Corporate Highlights:
- Revenue for a third entertain of 2011 of $2.1 million increasing 13% over income of $1.8 million for a third entertain income of 2010 and was unchanging with a before entertain 2011 income arrangement clever enlargement over before years
- Revenue for a initial 9 months of 2011 of $6.1 million increasing 13% over income of $5.4 million for a same duration income of 2011
- September 30, 2011 finale reserve of $11.9 million indicates continued enlargement quarter-over-quarter and a top change given 2008
- Cash change of $2.1 million during Sep 30, 2011 increasing 75% over a $1.2 million money change during Sep 30, 2010
- New agreement sales for a third entertain of 2011 of $2.08 million represented an 7% boost over new agreement sales of $1.95 million for a same duration 2010
- Gross distinction domain remained consistent during 84% for a third entertain of 2011 compared to 84% for same duration in 2010, notwithstanding an increasing headcount to support DATATRAK’s new Clinical and Consulting Services (DCCS) unit
- Strategic Partner NTT DATA solidifies a position as a second heading eClinical businessman in a Japanese market
- Announced serve of Triangle Biostatistics as a Connect Partner, expanding DATATRAK’s charity to embody statistical consulting and programming services for a clients
- Announced a multi-year consulting agreement with an existent biopharmaceutical client, validating a Company’s enlargement into a Research Triangle Park (RTP) area underneath a instruction of Dr. Bill Gluck
- Announced a multi-year, multi-study craving agreement with a new specialty biologics and vaccines company
- Executed uninformed selling initiatives
- Kicked-off a DATATRAK Blog, created by DATATRAK employees and Connect Partners, providing continued care in a EDC industry
- Initiated a DATATRAK Unifier, a quarterly newsletter directed during providing a unifying source of information to clients
- Presented during a 2011 SCDM Annual Conference – Bill O’Mara, Manager Clinical Data Management, on “Clearing a Hurdles of Early Phase CDM'”
- Announced new chronicle of uEDC
- Custom messages configured to arrangement as partial of a Investigator signature process
- Enhancements to a Coding Manager Export
- Released new chronicle of DATATRAK ONE™ in Simplified Chinese
In addressing a stream standing of DATATRAK’s obvious litigation, Mr. Birch stated, “We comprehend safeguarding a egghead skill is going to be a prolonged and long process; however, with all that we’ve schooled to date, we sojourn assured in a position and will energetically urge a egghead property. We trust a series of a competitors infringe. Despite a strategy of indicted infringers that could significantly check fortitude of a dispute, they and their business sojourn on notice that if we prevail, a goal is to have them stop infringement.” He continued, “Our viewpoint on transgression is simple. We are committed to creation and inspire competition, though we design all competitors’ technologies to be their own.”
Financial Highlights:
Revenue for a third entertain of 2011 increasing 13% to $2,051,000 compared to $1,818,000 in a same duration of 2010. The sum distinction domain remained fast during 84% for a 3 months finished Sep 30, 2011 and Sep 30, 2010. The Company’s detriment from operations for a 3 months finished Sep 30, 2011 was $(466,000) compared to income from operations of $53,000 for a analogous duration in a before year. The handling detriment for a third entertain of 2011 reflects a Company’s vital investments in Sales, Marketing and Software Development to position a business for serve growth, a additions to DATATRAK’s Clinical and Consulting Services and a accrual of government inducement devise awards, as good as costs incurred to strengthen a Company’s egghead skill for a business and partners.
For a 3 months finished Sep 30, 2011, a Company available other income of $255,000, net of expenses. The income was an word allotment perceived in a third entertain of 2011 underneath a Company’s Crime Loss/Crime Coverage policies. The explain arose from suspected rascal and piracy believed to have been perpetrated by a former non-executive worker of a Company. No strait was famous in before buliding due to a brief duration of time between integrity of a word association that a stream explain existed and a receipt of a allotment check.
DATATRAK’s reserve during Sep 30, 2011 was $11.9 million compared to a reserve of $11.2 million during Dec 31, 2010. Backlog consists of destiny value from authorisation letters to embark services, statements of work, record and services agreements, change orders and other patron contracts, billed and unbilled. Backlog during Sep 30, 2011 increasing over Dec 31, 2010, notwithstanding several studies that were cancelled during a initial 6 months of 2011 due to reasons over DATATRAK’s control. Without these variable investigate cancellations, reserve would have had a some-more poignant boost for a initial 9 months of 2011 due to increasing sales of a company’s products and services. New sales for a initial 9 months of 2011 outpaced a initial 9 months of 2010 by 28% and a normal value of a sale increasing by 28%. All contracts are theme to probable delays or termination or can change in range in a certain or disastrous direction. Therefore, stream reserve is not indispensably demonstrative of a Company’s destiny quarterly or annual revenue. Historically, reserve has been a bad predictor of a Company’s short-term revenue.
About DATATRAK International, Inc.
DATATRAK International is a worldwide record and services association delivering eClinical solutions and associated services for a clinical trials industry. DATATRAK built a multi-component, extensive resolution on a single, one height and stretched this judgment to embody services smoothness around DATATRAK’s Clinical and Consulting Services™ group. The Company delivers a finish portfolio of program products designed to accelerate a stating of clinical investigate information from sites to sponsors and eventually regulatory authorities, faster and some-more well than loosely integrated technologies. The DATATRAK ONE™ program solution, deployed worldwide by an ASP or Enterprise Transfer offering, supports Phase we – Phase IV drug and device studies in mixed languages via a world. DATATRAK has offices located in Cleveland, Ohio; Bryan, Texas; and Cary (RTP), North Carolina. For some-more information, revisit http://www.datatrak.net.
Except for a chronological information contained in this press release, a statements done in this recover are forward-looking statements. These forward-looking statements are done formed on management’s expectations, assumptions, estimates and stream beliefs concerning a operations, destiny formula and prospects of a Company and are theme to uncertainties and factors that are formidable to envision and, in many instances, are over a control of a Company, and that could means tangible formula to differ materially from those contemplated in these forward-looking statements. For a list of certain of a factors that might means tangible formula to differ materially from those contemplated in these brazen looking statements, greatfully see a Company’s quarterly news filed with a OTCQX Market announcing a formula for a three-month duration finished Jun 30, 2011 and for a list of additional factors, greatfully see a Company’s arriving quarterly news for a duration finished Sep 30, 2011. The Company undertakes no requirement to refurbish publicly or correct any forward-looking matter either as a outcome of new information, destiny events or otherwise.
SOURCE DATATRAK International, Inc.
Article source: http://www.sacbee.com/2011/11/09/4043238/datatrak-international-inc-announces.html
