Welcome!

Microsoft Cloud Authors: Janakiram MSV, Yeshim Deniz, David H Deans, Andreas Grabner, Stackify Blog

News Feed Item

DATATRAK International, Inc. Reports Third Quarter 2012 Results

59% Increase in Backlog - 21% Increase in Revenue - Highest Cash Balance in Four Years

CLEVELAND, Nov. 12, 2012  /PRNewswire/ -- DATATRAK International, Inc. (OTCQX: DATA), a leader in developing cloud-based, unified eClinical™ technologies and delivering related services for the clinical trials industry, today announced its operating results for the third quarter of 2012.

"DATATRAK's robust third quarter performance demonstrates the realization of the strategic investments we continue to make.  We believe our results indicate that the industry is beginning to embrace the benefits of our DATATRAK ONE™ unified platform," stated Laurence P. Birch, DATATRAK's Chairman of the Board and CEO.  "As the cost for new drug development is ever increasing, we believe DATATRAK offers what others cannot – a true Total Cost of Ownership advantage.  In our opinion, our competitors mask their high pricing and inefficiencies by emphasizing paper to EDC efficiencies.  The sophisticated simplicity of our cloud-based unified platform drives down total trial costs, while also offering a lower cost solution.  DATATRAK is a global company, transforming the drug development process with global solutions – from Concept to Cure®."

Highlights for the third quarter of 2012 include:

  • Revenues for the third quarter of 2012 increased 21% over the comparable period for 2011
  • Gross Profit Margin remained stable at 84%
  • Backlog at the end of the quarter totaled approximately $18.3 million – a 59% increase over backlog at December 31, 2011 and the highest balance in 7 years
  • Cash balance at quarter end of $2.6M is the highest balance since 2008
  • Solid new contract sales results:
    • New contract sales year-to-date for 2012 outpaced 2011 and 2010 new contract sales by 57% and 99%, respectively
    • In Q3, recognizing the benefits of a unified cloud Technology, 88% of all new clients purchased multiple products within the DATATRAK ONE™ Platform
  • Expanded diversity of client base utilizing benefits of DATATRAK's Unified Cloud-based Clinical Research Platform
    • Bellicum Pharmaceuticals awarded DATATRAK a multi-million dollar, five-year technology agreement.  Bellicum uses Chemical Induction of Dimerization technology to treat human disease.

In other news, the Company announced that its Board of Directors appointed Ms. Jennifer Mabe Fox as Chief Financial Officer. Ms. Mabe Fox has been serving as the VP of Finance and Quality at DATATRAK since August 2011, and will continue to lead the Company's finance, quality and investor relations functions in her new role.

"Jennifer is very talented and has made valuable contributions to our Company," said Mr. Birch. "Her promotion is well deserved."

Ms. Mabe Fox has 17 years accounting and finance experience with 14 years industry experience. Ms. Mabe Fox was previously the CFO and VP of Finance and Quality Control for ClickFind, which was acquired by DATATRAK in 2006. Ms. Mabe Fox earned a Bachelor of Science degree in Economics and a Master of Science degree in Accounting from Texas A&M University. She is also a Certified Public Accountant and a Chartered Global Management Accountant.

Financial Highlights:
Driven by the continued improvement in backlog and new contract sales, revenue for the third quarter of 2012 increased 21% to $2.5 million compared to $2.1 million in the third quarter of 2011.  The gross profit margin remained stable at 84% for the three months ended September 30, 2012 and for the three months ended September 30, 2011.  The Company's loss from operations for the three months ended September 30, 2012 was $(456,000) compared to $(466,000) for the corresponding period in the prior year.  The operating results for both years reflect the Company's planned strategic expansion of the Sales, Marketing and Software Development, as well as the accrual of management incentive plan awards and sales compensation awards; whereas 2012 also reflects strategic investments in Finance, Quality Assurance, and consulting costs to complete user interface enhancements.

DATATRAK's backlog at September 30, 2012 was $18.3 million compared to a backlog of $11.6 million at December 31, 2011.  Backlog consists of future value from authorization letters to commence services, statements of work, technology and services agreements, change orders and other customer contracts, billed and unbilled.  The improvement in backlog from December 31, 2011 to September 30, 2012 was due to the increase in new contract sales.  New contract sales year-to-date for 2012 outpaced 2011 new contract sales by 57%.

About DATATRAK International, Inc.
DATATRAK International is a worldwide technology and services company delivering eClinical solutions and related services for the clinical trials industry.  DATATRAK built its multi-component, comprehensive solution on a single, unified platform and expanded this concept to include services delivery via DATATRAK's Clinical and Consulting Services™ group.  The Company delivers a complete portfolio of software products designed to accelerate the reporting of clinical research data from sites to sponsors and ultimately regulatory authorities, faster and more efficiently than loosely integrated technologies.  The DATATRAK ONE™ software solution, deployed worldwide through an ASP or Enterprise Transfer offering, supports Phase I - Phase IV drug and device studies in multiple languages throughout the world.  DATATRAK has offices located in Cleveland, Ohio; Bryan, Texas; and Cary (RTP), North Carolina. For more information, visit http://www.datatrak.net.

All contracts are subject to possible delays or cancellation or can change in scope in a positive or negative direction.  Therefore, current backlog is not necessarily indicative of the Company's future quarterly or annual revenue.  Historically, backlog has been a poor predictor of the Company's short-term revenue.

Except for the historical information contained in this press release, the statements made in this release are forward-looking statements.  These forward-looking statements are made based on management's expectations, assumptions, estimates and current beliefs concerning the operations, future results and prospects of the Company and are subject to uncertainties and factors which are difficult to predict and, in many instances, are beyond the control of the Company, and which could cause actual results to differ materially from those contemplated in these forward-looking statements.  For a list of certain factors that may cause actual results to differ materially from those contemplated in these forward looking statements, please see the Company's report filed with the OTCQX Market on August 15, 2012 announcing its results for the three-month period ending June 30, 2012. The Company undertakes no obligation to update publicly or revise any forward-looking statement whether as a result of new information, future events or otherwise.

 

DATATRAK International, Inc. and Subsidiaries
Condensed Consolidated Balance Sheet Data
(Unaudited)


September 30, 2012

December 31, 2011

Cash and investments

$2,580,502

$2,298,690

Accounts receivable, net

1,409,390

758,727

Property & equipment, net

101,866

179,320

Deferred tax assets

11,800

38,500

Other

496,553

393,073

   Total assets

$4,600,111

$3,668,310




Accounts payable and other current liabilities

$1,872,842

$1,623,714

Deferred revenue

4,642,603

3,159,247

Deferred tax liabilities

11,800

38,500

Other long-term liabilities

15,508

29,557

Shareholders'  deficit

(1,942,642)

(1,182,708)

   Total liabilities and shareholders' deficit

$4,600,111

$3,668,310




 

 

DATATRAK International, Inc. and Subsidiaries

Condensed Consolidated Statements of Operations

(Unaudited)


For the Three Months Ended September 30,


2012

2011

Revenue

$2,483,704

$2,050,688

Direct costs

405,434

337,103

   Gross profit

2,078,270

1,713,585




Selling, general and administrative expenses

2,495,148

2,140,247

Depreciation and amortization

38,910

39,131

   Loss from operations

(455,788)

(465,793)




Interest income

131

89

Interest expense

(3,572)

(3,680)

Other income

255,393

   Net loss

$ (459,229)

$  (213,991)

     Net loss per share:



          Net loss per share, basic and diluted

$       (0.03)

$        (0.01)

          Weighted-average shares outstanding, basic and diluted

15,335,329

14,527,705

 

 

DATATRAK International, Inc. and Subsidiaries

Condensed Consolidated Statements of Operations

(Unaudited)

 


For the Nine Months Ended September 30,


2012

2011




Revenue

$6,939,636

$6,071,861

Direct costs

1,206,732

1,022,297

   Gross profit

5,732,904

5,049,564




Selling, general and administrative expenses

7,045,613

5,748,863

Depreciation and amortization

116,660

118,266

   Loss from operations

(1,429,369)

(817,565)




Interest income

410

408

Interest expense

(9,218)

(10,935)

Other income

255,393










   Net loss

$(1,438,177)

$  (572,699)

     Net loss per share:



          Net loss per share, basic and



          Diluted

$        (0.10)

$       (0.04)

          Weighted-average shares outstanding

15,120,764

14,321,817





SOURCE DATATRAK International, Inc.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
"IBM is really all in on blockchain. We take a look at sort of the history of blockchain ledger technologies. It started out with bitcoin, Ethereum, and IBM evaluated these particular blockchain technologies and found they were anonymous and permissionless and that many companies were looking for permissioned blockchain," stated René Bostic, Technical VP of the IBM Cloud Unit in North America, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Conventi...
In his session at 21st Cloud Expo, Carl J. Levine, Senior Technical Evangelist for NS1, will objectively discuss how DNS is used to solve Digital Transformation challenges in large SaaS applications, CDNs, AdTech platforms, and other demanding use cases. Carl J. Levine is the Senior Technical Evangelist for NS1. A veteran of the Internet Infrastructure space, he has over a decade of experience with startups, networking protocols and Internet infrastructure, combined with the unique ability to it...
22nd International Cloud Expo, taking place June 5-7, 2018, at the Javits Center in New York City, NY, and co-located with the 1st DXWorld Expo will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud ...
"Cloud Academy is an enterprise training platform for the cloud, specifically public clouds. We offer guided learning experiences on AWS, Azure, Google Cloud and all the surrounding methodologies and technologies that you need to know and your teams need to know in order to leverage the full benefits of the cloud," explained Alex Brower, VP of Marketing at Cloud Academy, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clar...
Gemini is Yahoo’s native and search advertising platform. To ensure the quality of a complex distributed system that spans multiple products and components and across various desktop websites and mobile app and web experiences – both Yahoo owned and operated and third-party syndication (supply), with complex interaction with more than a billion users and numerous advertisers globally (demand) – it becomes imperative to automate a set of end-to-end tests 24x7 to detect bugs and regression. In th...
Widespread fragmentation is stalling the growth of the IIoT and making it difficult for partners to work together. The number of software platforms, apps, hardware and connectivity standards is creating paralysis among businesses that are afraid of being locked into a solution. EdgeX Foundry is unifying the community around a common IoT edge framework and an ecosystem of interoperable components.
"MobiDev is a software development company and we do complex, custom software development for everybody from entrepreneurs to large enterprises," explained Alan Winters, U.S. Head of Business Development at MobiDev, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Large industrial manufacturing organizations are adopting the agile principles of cloud software companies. The industrial manufacturing development process has not scaled over time. Now that design CAD teams are geographically distributed, centralizing their work is key. With large multi-gigabyte projects, outdated tools have stifled industrial team agility, time-to-market milestones, and impacted P&L stakeholders.
"Akvelon is a software development company and we also provide consultancy services to folks who are looking to scale or accelerate their engineering roadmaps," explained Jeremiah Mothersell, Marketing Manager at Akvelon, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"Space Monkey by Vivent Smart Home is a product that is a distributed cloud-based edge storage network. Vivent Smart Home, our parent company, is a smart home provider that places a lot of hard drives across homes in North America," explained JT Olds, Director of Engineering, and Brandon Crowfeather, Product Manager, at Vivint Smart Home, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Coca-Cola’s Google powered digital signage system lays the groundwork for a more valuable connection between Coke and its customers. Digital signs pair software with high-resolution displays so that a message can be changed instantly based on what the operator wants to communicate or sell. In their Day 3 Keynote at 21st Cloud Expo, Greg Chambers, Global Group Director, Digital Innovation, Coca-Cola, and Vidya Nagarajan, a Senior Product Manager at Google, discussed how from store operations and ...
"There's plenty of bandwidth out there but it's never in the right place. So what Cedexis does is uses data to work out the best pathways to get data from the origin to the person who wants to get it," explained Simon Jones, Evangelist and Head of Marketing at Cedexis, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that CrowdReviews.com has been named “Media Sponsor” of SYS-CON's 22nd International Cloud Expo, which will take place on June 5–7, 2018, at the Javits Center in New York City, NY. CrowdReviews.com is a transparent online platform for determining which products and services are the best based on the opinion of the crowd. The crowd consists of Internet users that have experienced products and services first-hand and have an interest in letting other potential buye...
SYS-CON Events announced today that Telecom Reseller has been named “Media Sponsor” of SYS-CON's 22nd International Cloud Expo, which will take place on June 5-7, 2018, at the Javits Center in New York, NY. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
It is of utmost importance for the future success of WebRTC to ensure that interoperability is operational between web browsers and any WebRTC-compliant client. To be guaranteed as operational and effective, interoperability must be tested extensively by establishing WebRTC data and media connections between different web browsers running on different devices and operating systems. In his session at WebRTC Summit at @ThingsExpo, Dr. Alex Gouaillard, CEO and Founder of CoSMo Software, presented ...
WebRTC is great technology to build your own communication tools. It will be even more exciting experience it with advanced devices, such as a 360 Camera, 360 microphone, and a depth sensor camera. In his session at @ThingsExpo, Masashi Ganeko, a manager at INFOCOM Corporation, introduced two experimental projects from his team and what they learned from them. "Shotoku Tamago" uses the robot audition software HARK to track speakers in 360 video of a remote party. "Virtual Teleport" uses a multip...
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, whic...
SYS-CON Events announced today that Evatronix will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Evatronix SA offers comprehensive solutions in the design and implementation of electronic systems, in CAD / CAM deployment, and also is a designer and manufacturer of advanced 3D scanners for professional applications.
Leading companies, from the Global Fortune 500 to the smallest companies, are adopting hybrid cloud as the path to business advantage. Hybrid cloud depends on cloud services and on-premises infrastructure working in unison. Successful implementations require new levels of data mobility, enabled by an automated and seamless flow across on-premises and cloud resources. In his general session at 21st Cloud Expo, Greg Tevis, an IBM Storage Software Technical Strategist and Customer Solution Architec...
To get the most out of their data, successful companies are not focusing on queries and data lakes, they are actively integrating analytics into their operations with a data-first application development approach. Real-time adjustments to improve revenues, reduce costs, or mitigate risk rely on applications that minimize latency on a variety of data sources. In his session at @BigDataExpo, Jack Norris, Senior Vice President, Data and Applications at MapR Technologies, reviewed best practices to ...