etrials Reports $6.1M Loss
Wednesday, November 12, 2008
Morrisville, N.C.-based eClinical company etrials reported another quarter of loss, with net losses for the third quarter at $6.1 million, compared with $1.3 million for the same period last year and $2.2 million in net losses for the second quarter of 2008.
Net service revenues were $3.7 million for the third quarter of 2008, down from the same period last year ($4.1 million) and the second quarter of 2008 ($4 million).
“etrials’ third quarter performance was somewhat mixed. We made significant progress in reining in expenses, reducing our operating expenses to a $4.9 million run rate,” said etrials’ interim CEO Chuck Piccirillo in company statement. “However, end of quarter backlog was lighter than we would have liked.”
In an investor conference call yesterday, Piccirillo expressed optimism for the fourth quarter of 2008 based on the timing of 17 studies that began or will begin by the end of the year. Piccirillo said etrials has enlisted a financial advisor to help the board explore strategic growth opportunities, including acquiring other companies.
This comment spurred several call-in questions about why, with etrials’ current financial situation, the eClinical company would consider buying other companies rather than selling itself. etrials executives said they will continue to explore “all aspects of opportunity.”