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Averion’s 2008 Revenues Up 90%, Net Loss Increases by $33.5M

Thursday, April 2, 2009 08:00 AM

Full-year 2008 revenues for oncology CRO Averion increased 90% over 2007, thanks in large part to an increase in European activity and the October 2007 acquisition of Hesperion, a clinical research organization based in Switzerland. Net service revenues in 2008 were $66.4 million, compared with $34.9 million in 2007.

"We were very pleased to have recorded $35.9 million of net revenues in Europe during 2008, which represents an all-time record for our European operations. During the twelve months ended December 31, 2008, we began to see the positive impact of our expanded global footprint in the number of new business opportunities we have been asked to bid on,” said CEO Markus Weissbach, M.D., Ph.D., in a company statement.

The company’s net loss from continuing operations also increased to $37.4 million or $0.06 per share, from $3.9 million, or $0.01 per share, in 2007. This increase was principally due to non-cash charges of $31.3 million incurred for the impairment of goodwill and certain finite life intangibles.

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