Waltham, Massachusetts – (The Hosting News) – April 24, 2007 –
Web host and integrated data management solutions firm, Phase Forward Incorporated, will release financial results for the quarter ending March 31, 2007 and broadcast a conference call with investors.
The Company plans to hold the investor conference call, hosted by Bob Weiler, President and Chief Executive Officer, and Rodger Weismann, Senior Vice President and Chief Financial Officer, to discuss its first quarter financial results and outlook for the second quarter and remainder of 2007. The call will be held on Tuesday, April 24, 2007, at 5:00 p.m. (EST).
The investor conference call will be available via live webcast on Phase Forward’s web site under the tab ”Investors.”To participate by telephone, the domestic dial-in number is 800-561-2718 and the international dial-in is 617-614-3525. The access code is 67335780. Investors are advised to dial into the call at least five minutes prior to the call to register. The webcast will be archived until Thursday, May 24, 2007.
Highlights of the recent 2006 report included:
- Bookings Grew 52% to $137 Million, Resulting in Ending Backlog of $217 Million
- Fourth Quarter Revenue Grew 28% to $30.2 Million
- Fourth Quarter Non-GAAP Income from Operations Grew 67% to $4.1 Million
Revenues for the fourth quarter of 2006 were $30.2 million, a 28% increase from $23.6 million in the fourth quarter of 2005. Within total revenues, InForm license, application hosting and other related revenues were $21 million, an increase of 41% from $14.9 million in the prior year period, representing 69% of fourth quarter total revenues.
Bob Weiler, Chief Executive Officer and President, remarked, ”The fourth quarter was a strong finish to an excellent year for Phase Forward. During 2006, we accomplished key objectives such as winning numerous major purchase decisions, expanding and diversifying our customer base, and enhancing our market leadership position. Strong execution against these objectives enabled the company to exceed our original 2006 financial guidance for revenue, profitability and bookings, and we are optimistic about our outlook heading into 2007.”
Cash, cash equivalents and short-term investments were $69.6 million at the end of the fourth quarter, an increase of $4.0 million from $65.6 million at the end of the prior quarter and an increase of $9.0 million for the year. Total deferred revenue was $50.7 million at the end of the quarter, an increase from $48.1 million at the end of the prior quarter.
Business Highlights included:
- A top 5 global pharmaceutical company purchased Phase Forward’s WebVDME and Signal Management safety products during the fourth quarter. This same company selected InForm as its standard EDC platform in early 2006, underscoring this industry leader’s adoption of EDC and safety solutions.
- A major healthcare company, which specializes in treatment of complex conditions such as hemophilia, immune disorders and cancer, signed on as a new customer for the use of the InForm solution on an ASP basis.
- The company continued to expand its customer base in 2006 with a total of 38 new customers for the year. In the fourth quarter, the company added new pharmaceutical and biotech customers including Altana Pharma AG, Teijin Pharma, and Orexigen. The adoption of EDC technology continued to grow in the medical device segment throughout the year, culminating with the addition of CardioFocus and CardioDynamics in the fourth quarter.
- The company’s focus on expanding and improving its relationships with CROs continued to gain momentum in the fourth quarter as key CRO partners, large and small, conducted additional studies using Phase Forward’s InForm EDC platform. Earlier this week, the company added to this momentum by announcing a partnership with ICON, one of the world’s largest CROs, as part of Phase Forward’s CRO Advantage Program. Demonstrating immediate success, this partnership has jointly secured several studies.
- During the fourth quarter, the company announced the immediate availability of a new version (2.0) of the company’s Clinical Trials Signal Detection (CTSD(TM)) system, which enables clinical safety and medical monitoring staff to analyze clinical data for the purpose of detecting, evaluating and tracking potential safety signals.
Revenues for the full year 2006 were $106.6 million, a 22% increase from $87.1 million in the full year 2005. Within total revenues, InForm license, application hosting and other related revenues were $72.3 million, an increase of 29% from $56.0 million in 2005, representing 68% of 2006 total revenues. GAAP income from operations was $9.3 million in 2006, compared to a loss from operations of approximately $263,000 in 2005. GAAP net income was $12.3 million, or $0.35 per diluted share, for the full year 2006, compared to $3.3 million, or $0.10 per diluted share, in the full year 2005. Non-GAAP income from operations was $13.2 million in 2006, representing an increase of 46% from 2005 and a full year operating margin of 12.4%. Non-GAAP net income was $16.2 million, or $0.45 per diluted share, for the full year 2006. Non-GAAP net income was $12.7 million, or $0.36 per diluted share, in 2005.
For the first quarter of 2007, the company expected revenues to be between $29.0 and $29.8 million. The company expects non-GAAP operating income to be between $4.0 and $4.3 million, with non-GAAP EPS between $0.11 and $0.12. GAAP EPS is expected to be between $0.08 and $0.09, including non-cash expenses associated with stock-based compensation expense and the amortization of intangible assets.
For the full year 2007, the company expected revenues to be between $124 and $129 million and bookings to be between $135 and $150 million. On a non-GAAP basis, operating income is expected to be between 14% and 15%, with non-GAAP EPS between $0.47 and $0.51. GAAP EPS is expected to be between $0.33 and $0.37, including non-cash expenses associated with stock-based compensation expense and the amortization of intangible assets.
Phase Forward is a provider of web hosting and integrated data management solutions for clinical trials and drug safety. The company offers solutions for electronic data capture (InForm), clinical data management (Clintrial), clinical trials signal detection (CTSD), strategic pharmacovigilance (WebVDME) and Signal Management), adverse event reporting (Clintrace) and applied data standards (WebSDM). In addition, the company provides services in the areas of application implementation, hosting and validation, data integration, business process optimization, safety data management and industry standards. Phase Forward’s products and services have been utilized in over 10,000 clinical trials involving more than 1,000,000 clinical trial study participants at over 260 organizations and regulatory agencies worldwide including: AstraZeneca, Boston Scientific, Dana-Farber Cancer Institute, Eli Lilly, Food and Drug Administration, GlaxoSmithKline, Merck, U.K. Medicines and Healthcare Products Regulatory Agency, National Institutes of Health, Procter and Gamble, Quintiles, sanofi-aventis, Schering-Plough Research Institute, Serono and Servier.
To learn more, please visit: www.phaseforward.com.