CLEVELAND, Aug. 13, 2014 /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 second quarter of 2014.
"Clients are increasing their commitment to
DATATRAK, contributing to our double-digit growth
this quarter. Previous trial-by-trial clients converted to
Enterprise Partners during the quarter, and existing partners are
strengthening their alliance. DATATRAK clients are
recognizing the power of Unified Experience™ and renewing
long before their existing contracts expire in order to leverage
the strengths of our products and services at excellent values. In
addition, we believe that DATATRAK continues to
outpace other vendors with increased platform adoption as evidenced
by 100% of new contracts utilizing two or more solutions and more
notably, 67% using three or more products," said Laurence P. Birch, Chairman and CEO,
DATATRAK.
"Just as existing clients are embracing the Unified
Experience™, we continue to see growing interest in our
solutions and services with new clients, reflected in the company's
record-setting backlog," continued Birch. "The DATATRAK ONE®
Unified Experience™ provides an exceptional user experience,
eliminating data migration, minimizing downtime, and providing
better site compliance, better data, and a safer trial. In
conjunction with our Partners, we offer full service solutions that
help our clients realize success in their trials," concluded
Birch.
Highlights include:
- New Company Record Backlog at June 30,
2014 totaled $22.2
million
- Second quarter 2014 revenues increased to $2.8 million from $2.5
million for the same period in 2013, an increase of 15%
year-over-year
- New client count increased 20% for the first six months of 2014
as compared to the same period in 2013
- 100% of all new studies used more than one DATATRAK solution, with 67%
utilizing three or more solutions
- Gross Profit Margin for the quarter remained stable at 80%
- DATATRAK
unveiled the DATATRAK ONE®
Unified Experience™ at DIA 2014
- DATATRAK
Presented at the Drexel Hamilton Micro-Cap Investor Forum,
May 13
- DATATRAK
attended 6th Annual DIA China
Meeting
- DATATRAK
Thought Leaders spoke at DIA 2014 50th Annual Meeting and ACRP 2014
Global Conference
Financial Highlights:
Revenue increased by 15% to
$2.83 million in the second quarter
of 2014 compared to $2.45 million in
the second quarter of 2013. While direct costs increased
slightly in order to service a higher level of revenue than the
prior year, the gross profit margin remained stable at 80% for the
three months ended June 30, 2014
compared to 79% for the three months ended June 30, 2013. SG&A expenses decreased 4% for
the three months ended June 30, 2014.
As a result, the Company's loss from operations for the three
months ended June 30, 2014 was
$(375,000) compared to $(802,000) for the corresponding period in the
prior year. DATATRAK will continue to invest in
Sales, Marketing and Research and Development, introducing new
DATATRAK ONE® solutions and feature enhancements while
accelerating market share growth.
DATATRAK's backlog at June
30, 2014 was $22.2 million
compared to a backlog of $20.9
million at December 31, 2013.
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, 2013 to June
30, 2014 was due to new contract sales, change orders and
contract amendments.
Join DATATRAK Thought Leaders:
- Twitter
- LinkedIn
- SlideShare
- The DATATRAK
Blog
Tweet: Increasing client commitment driving double digit Q2
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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
Preclinical and Phase I - Phase IV drug and device studies in
multiple languages throughout the world. DATATRAK is
located in Cleveland, Ohio;
Bryan, Texas; Cary (RTP),
North Carolina and London, England. 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 March
14, 2014 announcing its results for the full-year period
ending December 31, 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.
DATATRAK International, Inc. and
Subsidiaries
|
Condensed
Consolidated Balance Sheet Data
|
(Unaudited)
|
|
|
|
|
June 30,
2014
|
December 31,
2013
|
Cash and cash
equivalents
|
$2,062,691
|
$3,305,852
|
Accounts receivable,
net
|
1,492,954
|
1,084,377
|
Property &
equipment, net
|
286,640
|
190,799
|
Other
|
493,283
|
461,196
|
Total
assets
|
$4,335,568
|
$5,042,224
|
|
|
|
Accounts payable and
other current liabilities
|
$1,734,683
|
$1,855,061
|
Deferred
revenue
|
4,064,916
|
4,425,167
|
Other long-term
liabilities
|
26,916
|
29,775
|
Shareholders'
deficit
|
(1,490,947)
|
(1,267,779)
|
Total
liabilities and shareholders' deficit
|
$4,335.568
|
$5,042.224
|
|
|
|
DATATRAK
International, Inc. and Subsidiaries
Condensed
Consolidated Statements of Operations
(Unaudited)
|
|
For the 3 Months
Ended June 30,
|
|
2014
|
2013
|
Revenue
|
$2,826,689
|
$2,454,234
|
Direct
costs
|
570,736
|
521,339
|
Gross
profit
|
2,255,953
|
1,932,895
|
|
|
|
Selling, general and
administrative expenses
|
2,613,743
|
2,719,209
|
Depreciation and
amortization
|
17,153
|
15,334
|
Loss
from operations
|
(374,943)
|
(801,648)
|
|
|
|
Interest
income
|
274
|
84
|
Interest
expense
|
(3,964)
|
(4,333)
|
Net
loss
|
$(378,633)
|
$(805,897)
|
Net loss per
share:
|
|
|
Net loss per share, basic and diluted
|
$
(0.26)
|
$
(0.59)
|
Weighted-average shares outstanding, basic and diluted
|
1,434,729
|
1,357,990
|
|
|
|
|
SOURCE DATATRAK International, Inc.