Waltham, Mass.-based eClinical technology company Phase Forward reported a 23% jump in third quarter revenues to $43 million from $34.9 million in the third quarter of 2007.
Non-GAAP net income for the period slid to $5.4 million compared with $6.9 million in the third quarter of 2007. The decline was due primarily to an increase in the company’s tax rate from 10.3% in the third quarter of 2007 to 36.2%, according to Phase Forward president and CEO Bob Weiler.
Weiler mentioned a number of Q3 highlights for the company, including a multi-year extension agreement with Eli Lilly and the recent acquisition of Clarix, a privately held provider of Web-integrated interactive response technology (IRT) based in Radnor, Pa.
“We continue to be optimistic about Phase Forward’s long-term opportunity, particularly considering the fact that we have recently expanded our market opportunity and value proposition with the acquisition of Clarix and its next generation interactive response technologies,” Weiler said in a company release. “The company’s broad range of offerings combined with our strong, debt-free balance sheet makes Phase Forward a financially secure business partner.”
Phase Forward's shares closed down 1.8% at $13.08 on Tuesday.