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Phase Forward reports 26% increase in third quarter revenue

Monday, October 30, 2006

Waltham, Mass.-based Phase Forward reported a 26% increase in third quarter 2006 revenues compared with the same period in 2005. The company reported third quarter revenues of $28 million, up from $22.2 million last year. For the fourth quarter of 2006, the company reported it expects revenues to be between $29.2 and $30.0 million. Income from operations was $4 million, showing a margin of 14.2% and an increase of 66% from the prior year period. The company reported expected revenues for the entire 2006 fiscal year to be between $105.6 and $106.4 million. On non-GAAP basis, the company expects EPS between $0.37 and $0.38.

The company also announced it signed contracts with Massachusetts General Hospital, Mitsubishi Pharma and Genzyme during the quarter. All three projects will use Phase Forward’s web-based EDC solution InForm. The company also announced that the Aurum Institute for Health Research has implemented the Inform EDC solution in a landmark 60,000 subject tuberculosis trial at 20 South African gold mines. The study, called Thibela TB, will be paperless and largely wireless, due to the remoteness of some of the sites. It will run for more than two years. In South Africa’s gold mines it is reported that the incidence of TB has more then doubled in the last few years and is typically fatal in patients with AIDS, the countries largest health crisis.

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