« Return to News | CROs/Service Providers

Averion Reports Second Quarter Loss

Monday, August 27, 2007 05:31 PM

The Boston-based contract research organization (CRO) Averion International reported a net operating loss of $577,253 for the second quarter of 2007 on total revenues of $9.81 million. That compared to a loss of $912,140 during the same period last year from just $4.92 million in revenue. For the first half of the year – ending June 30th of 2007 – Averion reported $19.1 million in revenue and a net loss of $2.47 million compared with $9.88 million in revenue and a net loss of $1.94 million during the same period in 2006.

The drop in profit margin was due to the company’s operation expenses nearly doubling this year, from $11.8 million in 2006 to $21.5 million in 2007. The increase in costs was stated to be due to the reverse merger of Averion with holding company IT&E International last year and “expenses associated with supporting a larger organization.”

Averion’s chief executive officer Philip Lavin stated: “Our backlog continues to increase with $27.5 million in gross new business awards for the first half of 2007, primarily in our targeted oncology and medical device sectors. We also continue to gain additional operational efficiencies through consolidation of our organization and are pleased with our progress toward our goal of achieving sustainable profitability.”

Share:          
CLINICAL TRIAL RESOURCES

Search:

NEWS ONLINE ARCHIVE

Browse by:

CWWeekly

September 30

Novartis-Walgreens pilot study blurring the line between retail pharmacy, investigative site

CISCRP to launch traveling science museum exhibit to demystify clinical trial participation

Already a subscriber?
Log in to your digital subscription.

Subscribe to CWWeekly.

The CenterWatch Monthly

October

New growth and decline in Asia clinical trials
South Korea, Japan, China see big growth in 1572s, while India posts huge drop

Harnessing Big Data to transform clinical trials
From protocol to patient recruiting, data analytics can yield valuable insights

Already a subscriber?
Log in to your digital subscription.

Purchase the October issue.

Subscribe to
The CenterWatch Monthly.

The CenterWatch Monthly

September

Sponsors look to collaborate on comparator drugs
Co-therapies, comparators are in 60% of studies, cost $25m per company a year

Early adopters implement risk-based monitoring pilot programs
Experiments aim to offer long-term solutions, despite short-term uncertainties

Already a subscriber?
Log in to your digital subscription.

Purchase the September issue.

Subscribe to
The CenterWatch Monthly.

JobWatch centerwatch.com/jobwatch

Featured Jobs

More Jobs

 

Copyright © 1995-2013 CenterWatch.