Click here to close now.




















Welcome!

Microsoft Cloud Authors: Elizabeth White, Adine Deford, the Editor, Michael Krems, Xenia von Wedel

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
WebRTC has had a real tough three or four years, and so have those working with it. Only a few short years ago, the development world were excited about WebRTC and proclaiming how awesome it was. You might have played with the technology a couple of years ago, only to find the extra infrastructure requirements were painful to implement and poorly documented. This probably left a bitter taste in your mouth, especially when things went wrong.
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
As more and more data is generated from a variety of connected devices, the need to get insights from this data and predict future behavior and trends is increasingly essential for businesses. Real-time stream processing is needed in a variety of different industries such as Manufacturing, Oil and Gas, Automobile, Finance, Online Retail, Smart Grids, and Healthcare. Azure Stream Analytics is a fully managed distributed stream computation service that provides low latency, scalable processing of streaming data in the cloud with an enterprise grade SLA. It features built-in integration with Azur...
Too often with compelling new technologies market participants become overly enamored with that attractiveness of the technology and neglect underlying business drivers. This tendency, what some call the “newest shiny object syndrome,” is understandable given that virtually all of us are heavily engaged in technology. But it is also mistaken. Without concrete business cases driving its deployment, IoT, like many other technologies before it, will fade into obscurity.
With the proliferation of connected devices underpinning new Internet of Things systems, Brandon Schulz, Director of Luxoft IoT – Retail, will be looking at the transformation of the retail customer experience in brick and mortar stores in his session at @ThingsExpo. Questions he will address include: Will beacons drop to the wayside like QR codes, or be a proximity-based profit driver? How will the customer experience change in stores of all types when everything can be instrumented and analyzed? As an area of investment, how might a retail company move towards an innovation methodolo...
Consumer IoT applications provide data about the user that just doesn’t exist in traditional PC or mobile web applications. This rich data, or “context,” enables the highly personalized consumer experiences that characterize many consumer IoT apps. This same data is also providing brands with unprecedented insight into how their connected products are being used, while, at the same time, powering highly targeted engagement and marketing opportunities. In his session at @ThingsExpo, Nathan Treloar, President and COO of Bebaio, will explore examples of brands transforming their businesses by t...
A producer of the first smartphones and tablets, presenter Lee M. Williams will talk about how he is now applying his experience in mobile technology to the design and development of the next generation of Environmental and Sustainability Services at ETwater. In his session at @ThingsExpo, Lee Williams, COO of ETwater, will talk about how he is now applying his experience in mobile technology to the design and development of the next generation of Environmental and Sustainability Services at ETwater.
SYS-CON Events announced today that Micron Technology, Inc., a global leader in advanced semiconductor systems, will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Micron’s broad portfolio of high-performance memory technologies – including DRAM, NAND and NOR Flash – is the basis for solid state drives, modules, multichip packages and other system solutions. Backed by more than 35 years of technology leadership, Micron's memory solutions enable the world's most innovative computing, consumer,...
SYS-CON Events announced today that Pythian, a global IT services company specializing in helping companies leverage disruptive technologies to optimize revenue-generating systems, has been named “Bronze Sponsor” of SYS-CON's 17th Cloud Expo, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Founded in 1997, Pythian is a global IT services company that helps companies compete by adopting disruptive technologies such as cloud, Big Data, advanced analytics, and DevOps to advance innovation and increase agility. Specializing in designing, imple...
While many app developers are comfortable building apps for the smartphone, there is a whole new world out there. In his session at @ThingsExpo, Narayan Sainaney, Co-founder and CTO of Mojio, will discuss how the business case for connected car apps is growing and, with open platform companies having already done the heavy lifting, there really is no barrier to entry.
As more intelligent IoT applications shift into gear, they’re merging into the ever-increasing traffic flow of the Internet. It won’t be long before we experience bottlenecks, as IoT traffic peaks during rush hours. Organizations that are unprepared will find themselves by the side of the road unable to cross back into the fast lane. As billions of new devices begin to communicate and exchange data – will your infrastructure be scalable enough to handle this new interconnected world?
Through WebRTC, audio and video communications are being embedded more easily than ever into applications, helping carriers, enterprises and independent software vendors deliver greater functionality to their end users. With today’s business world increasingly focused on outcomes, users’ growing calls for ease of use, and businesses craving smarter, tighter integration, what’s the next step in delivering a richer, more immersive experience? That richer, more fully integrated experience comes about through a Communications Platform as a Service which allows for messaging, screen sharing, video...
SYS-CON Events announced today that IceWarp will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. IceWarp, the leader of cloud and on-premise messaging, delivers secured email, chat, documents, conferencing and collaboration to today's mobile workforce, all in one unified interface
The Internet of Things (IoT) is about the digitization of physical assets including sensors, devices, machines, gateways, and the network. It creates possibilities for significant value creation and new revenue generating business models via data democratization and ubiquitous analytics across IoT networks. The explosion of data in all forms in IoT requires a more robust and broader lens in order to enable smarter timely actions and better outcomes. Business operations become the key driver of IoT applications and projects. Business operations, IT, and data scientists need advanced analytics t...
Akana has announced the availability of the new Akana Healthcare Solution. The API-driven solution helps healthcare organizations accelerate their transition to being secure, digitally interoperable businesses. It leverages the Health Level Seven International Fast Healthcare Interoperability Resources (HL7 FHIR) standard to enable broader business use of medical data. Akana developed the Healthcare Solution in response to healthcare businesses that want to increase electronic, multi-device access to health records while reducing operating costs and complying with government regulations.
For IoT to grow as quickly as analyst firms’ project, a lot is going to fall on developers to quickly bring applications to market. But the lack of a standard development platform threatens to slow growth and make application development more time consuming and costly, much like we’ve seen in the mobile space. In his session at @ThingsExpo, Mike Weiner, Product Manager of the Omega DevCloud with KORE Telematics Inc., discussed the evolving requirements for developers as IoT matures and conducted a live demonstration of how quickly application development can happen when the need to comply wit...
The Internet of Everything (IoE) brings together people, process, data and things to make networked connections more relevant and valuable than ever before – transforming information into knowledge and knowledge into wisdom. IoE creates new capabilities, richer experiences, and unprecedented opportunities to improve business and government operations, decision making and mission support capabilities.
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at @ThingsExpo, James Kirkland, Red Hat's Chief Architect for the Internet of Things and Intelligent Systems, described how to revolutionize your archit...
MuleSoft has announced the findings of its 2015 Connectivity Benchmark Report on the adoption and business impact of APIs. The findings suggest traditional businesses are quickly evolving into "composable enterprises" built out of hundreds of connected software services, applications and devices. Most are embracing the Internet of Things (IoT) and microservices technologies like Docker. A majority are integrating wearables, like smart watches, and more than half plan to generate revenue with APIs within the next year.
Growth hacking is common for startups to make unheard-of progress in building their business. Career Hacks can help Geek Girls and those who support them (yes, that's you too, Dad!) to excel in this typically male-dominated world. Get ready to learn the facts: Is there a bias against women in the tech / developer communities? Why are women 50% of the workforce, but hold only 24% of the STEM or IT positions? Some beginnings of what to do about it! In her Opening Keynote at 16th Cloud Expo, Sandy Carter, IBM General Manager Cloud Ecosystem and Developers, and a Social Business Evangelist, d...