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etrials 2nd Quarter Earnings Reflect Ongoing Financial Woes

Friday, August 15, 2008

Just a month after etrials lost yet another key executive, the eClinical company released 2nd quarter numbers that illustrate the company’s ongoing struggles.

In the past few months, etrials has lost its chief executive officer, chief financial officer, and chief operating officer (whose position was eliminated). The Morrisville, N.C.-based company’s net loss for that same period was $2.2 million, versus a net loss of $1.3 million in the second quarter of 2007.

The gloomy earnings report comes despite a 12-month effort to embark on a “major transformation of its offerings and capabilities,” according to Robert Brill, etrials’ board chairman.

“We acknowledge that the company’s quarterly losses are unacceptable,” Brill said in this week’s investor call.

Interim CEO Chuck Piccirillo remains positive about etrials future, saying he expects revenue in the second half of 2008 to be equal to or slightly higher than the first half of the year.

“Our increase in backlog, bookings and awards are all early indicators that our news sales organization and selling strategies are beginning to take effect,” Piccirillo said in a company release. “Our strategy of aligning integrated solutions with customer needs is positioning etrials to capture an increasing share of the growing demand for eClinical solutions, particularly in the mid-tier market.”

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