Transformational Benefits of DATATRAK ONE® Drive Double Digit Sales Growth
CLEVELAND, March 12 /PRNewswire/ – DATATRAK International, Inc. (OTCQX: DTRK), the leader in developing cloud-based,unified eClinical® technologies and delivering related services for the clinical trials industry, today announced its operating results for the calendar year and fourth quarter 2013.
“2013 was a record setting year for DATATRAK. Industry leaders are responding very favorably to the benefits of our products: Delivering truly optimized data management solutions for clinical trials,” said Laurence P. Birch, Chairman of the Board and CEO, DATATRAK.
“DATATRAK continues to anticipate the needs of the eClinical industry, actively reducing the required investment of both time and cost in the data management process, while increasing the quality of the information,” Birch continued. “Clients are experiencing the power of our transformational product suite, DATATRAK ONE®, which empowers responsive work flows, enhanced processing speed, user configurable study home page reporting, and an enriched intuitive user interface, among other benefits. DATATRAK anticipated the need for optimization in the industry and is delivering that benefit.”
“Our truly unified eClinical® solutions deliver an increase in productivity for the trial management team. The full suite ofDATATRAK solutions are built to work together, from the first line of code, accessing a single database, and delivering real-time insight through the Cloud. Our competitive pricing reflects our purpose built solutions that require minimal maintenance, unlike some of our competitors.”
“Demand for the high quality and functionality of our solutions and services has resulted in Q4 Income from Operations and the highest cash balance since 2008. In 2014 we plan to take advantage of this momentum and accelerate investments in Sales, Marketing, R&D, and Services to drive continued new contract growth,” concluded Mr. Birch.
- Full year revenues increased to $10.9 million from $9.7 million, an increase of 12% year-over-year
- Fourth quarter revenues continued positive growth trends, increasing to $2.85 million from $2.78 million for the same period 2012
- Cash balance at December 31, 2013 of $3.3 million reflects a 6% increase in cash year-over-year and the highest cash balance since 2008
- Gross Profit Margin for the fiscal year remained stable at 82%
- Backlog at December 31, 2013 totaled approximately $21 million – a 17% year-over-year increase
- DATATRAK recognized with Leading Edge Award, Fourth consecutive year
- SAS® Drug Development Alliance Partnership Began in June 2013 to deliver DATATRAK ONE® users greater data visibility and real-time analysis
- Demonstrated Standards Expertise and Leadership – DATATRAK CDISC Compliant in Seven Standards
- Continued thought leadership – top 3% in SlideShare views, more than doubling prior year
- 95% of all 2013 studies used more than one DATATRAK product
- DATATRAK introduces transformational technology supporting DATATRAK ONE®
Revenue increased by 3% to $2.85 million in the fourth quarter of 2013 compared to the same period in 2012 due to strong new contract sales which fueled backlog increases throughout 2012 and 2013. Gross profit margin remained stable at 83% for the three months ended December 31, 2013 compared to 84% for the three months ended December 31, 2012. The Company’s income from operations for the three months ended December 31, 2013 was $183,000 compared to a loss from operations of $(100,000) for the corresponding period in the prior year. Quarter-over-quarter costs decreased 10%. The decrease in costs helped boost the year-end cash balance to $3.3 million, 6% higher than the December 31, 2012 cash balance of $3.1 million.
DATATRAK’s backlog at December 31, 2013 was $20.8 million compared to a backlog of $17.8 million at December 31, 2012. 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, 2012 to December 31, 2013 was due to new contract sales, change orders and contract amendments.
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About DATATRAK International, Inc.
DATATRAK International is a worldwide technology and services company delivering unified 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.com.
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 November 13, 2013 announcing its results for the third quarter of 2013. 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.
Contact: Dorothy Radke, Director Marketing, DATATRAK International, Inc., +1-440-443-0082