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Datatrak Cuts Loss in Q2

Wednesday, August 19, 2009 06:22 AM

Struggling eClinical company Datatrak improved its financial outlook in the second quarter, cutting its net loss to $(39,000), or $0.00 per share on a basic and diluted basis, compared to a net loss of $(16,000,000), or $(1.17) per share, during the same period last year.

The Cleveland-based company’s revenues dipped 19% in Q2 to $1,831,000, down from $2,249,000 last year. Year-to-date revenues for 2009 were $3,917,000, a decrease of 10% from last year, and net loss for the first half of 2009 was $(827,000), or $(0.06) per share on a basic diluted basis, compared to a net loss of $(18,232,000), or $(1.33) per share in 2008.

“We continue to look for ways to increase our current backlog and have implemented many new initiatives with this goal in mind,” said board chairman and interim CEO Laurence Birch in a company statement. “According to new research published in July by IDC Health Insights the use of commercial electronic data capture (EDC) solutions in the life sciences industry continues to grow as companies seek to more quickly and effectively collect and use clinical data to accelerate time to market for new drugs and devices.”

Datatrak was delisted from the stock exchange in June after failing to meet NASDAQ's $2.5-million minimum stockholders' equity requirement. The company now trades its shares over the counter.

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