etrials Cuts Costs—and Losses in Q1
eClinical vendor etrials Worldwide cut its net loss for the first quarter 2009 in half from the same period 2008 by reducing operating expenses, the company said. Net loss for Q1 was $960,000, compared with $2 million in Q1 2008—and $5.5 million in the fourth quarter 2008.
Net service revenues for the first quarter 2009 held steady at $3.6 million, compared with $3.7 million for the first quarter 2008.
New project bookings for the quarter fell to $1.9 million compared with $4.8 million in the same period last year. The company experienced cancellations of $5 million in the first quarter—“a direct reflection of the volatile economic times,” said a company release.
"etrials first quarter performance was disappointing in terms of awards and cancellations, but reassuring in terms of our cost management efforts, customer-centric culture and ability to renew and deepen customer relationships," said etrials president and CEO M. Denis Connaghan.
This may be the last earnings release for etrials as an independent company. The Morrisville, N.C.-based company has entered into an acquisition agreement with BioClinica (formerly Bio-Imaging) that is expected to close in June. As a result of this pending deal, etrials did not hold an investor conference call to report its first quarter earnings.