MORRISVILLE, N.C. – etrials reported a sharp increase in revenues but fell short of profitability in the fourth quarter and for the full year of 2006.
However, contract bookings for the fourth quarter fell to $5.1 million from $9.3 million.
For the year, new contract bookings fell to $18.1 million from $24.3 million in 2005. The company said it had received fewer “new awards” from existing customers. New subscription licenses also declined.
In its earnings report Wednesday, etrials (NASDAQ: ETWC) said fourth quarter revenues increased more than 50 percent from the same period in 2005 to $4.2 million. The provider of e-clinical software and services still reported a loss of $43,000, or 0 cents per share, compared to a 45 cent per share loss in 2005.
For the year, etrials’ revenues grew to $15.5 million, an 18 percent increase. It cut losses to $638,000, or 18 cents per share, from a 78-cent loss the previous year.
“In the fourth quarter, we delivered strong revenue growth and breakeven net results,” said John Cline, etrials’ chief executive officer. “The broader market is clearly recognizing the value of eClinical software solutions, as demonstrated by our strong performance during the quarter. In the period, etrials entered into ten new agreements with four separate contract research organizations (CROs). These new contracts and six others signed directly with sponsors include multiple etrials’ software solutions, a testament to the growing demand for our integrated platform.”