eResearchTechnology, Inc. Updates First Quarter Outlook
11 March 2005 - 8:05AM
PR Newswire (US)
eResearchTechnology, Inc. Updates First Quarter Outlook
PHILADELPHIA, March 10 /PRNewswire-FirstCall/ --
eResearchTechnology, Inc. (eRT), (NASDAQ:ERES), a leading provider
of centralized electrocardiographic (ECG) collection and
interpretation services, updated its outlook for the first quarter
ended March 31, 2005. eRT expects revenue in the first quarter to
be 12 to 18% below the low end of the previous guidance range due
to delays in trial starts, reluctance of sponsors to initiate
thorough cardiac safety studies until there is further regulatory
guidance, and uncertainty related to the timing of closing targeted
one-time system and technology contracts in the quarter. Due to the
relatively fixed nature of the operating expenses, the percentage
impact on earnings per share will be greater than on revenue. "As
we have previously disclosed, there is a considerable amount of
uncertainty in the clinical research or drug development industry
at this time, due in part to evolving regulatory guidance. Such
uncertainty has caused a slowing in new signings as well as delays
in the initiation of new studies. This trend has continued in the
first quarter. We believe that regulators will reinforce the
importance of cardiac safety testing in clinical trials at the
upcoming targeted conferences on this issue in April and May 2005,
and will further clarify the regulatory guidance last provided in
September 2004, so that the continued uncertainty that we believe
has temporarily impacted our industry will be alleviated,"
commented Joseph Esposito, President and CEO. The company plans to
announce complete first quarter results on April 27, 2005 and will
provide additional information regarding full year 2005 revenues
and earnings at that time based on having more complete information
including the status on contracts received by the end of the
quarter. Based in Philadelphia, PA, eResearchTechnology, Inc.
(http://www.ert.com/) is a provider of technology and services to
the pharmaceutical, biotechnology and medical device industries on
a global basis. The company is a market leader in providing
centralized core-diagnostic electrocardiographic (ECG) technology
and services to evaluate cardiac safety in clinical development.
The company is also a leader in providing technology and services
to streamline the clinical trials process by enabling its customers
to automate the collection, analysis, and distribution of clinical
data in all phases of clinical development. Statements included in
this release may constitute forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Such statements involve a number of risks and uncertainties such as
competitive factors, technological development, market demand, and
the company's ability to obtain new contracts and accurately
estimate net revenues due to variability in size, scope and
duration of projects, and internal issues in the sponsoring client.
As a result, actual results may differ materially from any
financial outlooks stated herein. Further information on potential
factors that could affect the company's financial results can be
found in the company's Reports on Forms 10-K and 10-Q filed with
the Securities and Exchange Commission. The company undertakes no
obligation to publicly update any forward-looking statement,
whether as a result of new information, future events, or
otherwise. DATASOURCE: eResearchTechnology, Inc. CONTACT: Bruce
Johnson of eResearchTechnology, Inc., +1-215-282-5580; or Matt
Hayden of Hayden Communications, +1-858-704-5065, for
eResearchTechnology Web site: http://www.ert.com/
Copyright
East Resources Acquisition (NASDAQ:ERES)
Historical Stock Chart
From Jun 2024 to Jul 2024
East Resources Acquisition (NASDAQ:ERES)
Historical Stock Chart
From Jul 2023 to Jul 2024
Real-Time news about East Resources Acquisition Company (NASDAQ): 0 recent articles
More Eresearch Tech (MM) News Articles