Phase Forward Revenue Jumps 30%
Waltham, Mass.-based Phase Forward, a provider of data management solutions for clinical trials and drug safety, reported after the bell Monday a 30% jump in second quarter revenues to $40.9 million from $31.5 million in the second quarter of 2007.
Bob Weiler, CEO and president of Phase Forward, said, "During the quarter, we signed noteworthy deals with both new and existing customers across the range of our target markets. We are particularly pleased with the continued success of our CRO [contract research organization] Advantage Program during the quarter, as evidenced by winning new CRO customers and deepening our relationships with a number of existing strategic CRO partners."
For the second quarter of 2008, income from operations was $4.2 million, compared with $3.2 million in the second quarter of 2007. For the second quarter of 2008, income from operations was $6.4 million, a 42% rise from the prior year period and an operating margin of 15.7%.
Phase Forward's shares closed down 1.6% at $18.37 on Tuesday.