Phase Forward Revenues Up 27%, CFO to Retire
Waltham, Mass.-based eClinical technology company Phase Forward reported a strong fourth quarter and year end 2008, posting a 27% increase in revenues for the year and a 28% increase in revenues in Q4 compared with the same period last year.
Revenues for the full year 2008 were $170.2 million, up from $134.3 million for 2007. Revenues for the fourth quarter were $48.3 million, up from $37.8 million in Q4 last year. According to a company release, this is Phase Forward’s 18th consecutive quarter of growth since its IPO in 2004.
Despite an increase in revenues, net income for the company fell year-over-year from $29.2 million, or $0.72 per diluted share, in the full year 2007 to $13.8 million, or $0.32 per diluted share, for the full year 2008. Net income for the fourth quarter was $5.8 million, or $0.13 per diluted share, which was at the high end of the company’s guidance of $0.12 to $0.13.
Phase Forward forecast strong revenue growth for 2009 but warned that current economic conditions could provide challenges. For the full year 2009, the company expects non-GAAP revenues to be between $200 and $205 million.
“The fourth quarter was a strong finish to a highly successful year for Phase Forward, with both the traditional Phase Forward business as well as our recently acquired Clarix™ offering delivering better than expected revenues. We were particularly pleased to sign multi-million dollar, multi-year contract extensions and expansions with some of the largest companies in the pharmaceutical industry, said Phase Forward president and CEO Bob Weiler in a company release. “In addition, the continued traction of our CRO partnering strategy contributed to over 40% growth in our CRO-related revenues during the fourth quarter."
Phase Forward also announced that chief financial officer Rodger Weismann will retire June 1, 2009. Current vice president of finance Chris Menard will replace Weismann as CFO.