etrials Ends 'Challenging Year,' Reports $15.8M Loss
In what CEO M. Denis Connaghan called a "challenging year," eClinical company etrials reported a decrease in year-end revenue and an operating loss for the year.
Net service revenue for the year was $15.1 million, down from $18.3 million in 2007. The company reported a net loss attributable to common stockholders’ of $15.8 million, or $1.45 per share, compared to a net loss of $6.2 million or $0.57 per share in 2007.
Net service revenues for the fourth quarter were also down at $3.6 million compared with $4.9 million for the same period 2007. Net loss for the fourth quarter of 2008 was $5.5 million or $0.50 per share, compared with a net loss of $2.6 million, or $0.24 per share in the fourth quarter of 2007.
The eClinical company posted losses for very quarter of 2008 and lost three senior executives (CEO, COO and CFO) last summer.
"Unfavorable economic conditions are forcing many of our life sciences and pharmaceutical customers to reevaluate their priorities at times resulting in them moving forward only on those trials which have the greatest chance for success, delaying work on others," Connaghan said.