Waltham, Mass.-based eClinical company Phase Forward reported strong fourth quarter and full 2007 annual results on Jan. 31. Revenues for the full year 2007 were $134.3 million, a 26% increase from $106.6 million in the previous year. More than 70%, or $96.9 million, of its total revenue stemmed from its electronic data capture product (EDC) product InForm.
"We believe Phase Forward's proven track record of delivering highly scalable and complex deployments for companies of all sizes serves as a strong motivating factor that influences customers to adopt Phase Forward and has made us a strategic partner of choice for many of our customers. Our strong business momentum and solid industry fundamentals make us optimistic about our outlook heading into 2008," said Bob Weiler, chief executive officer and president of Phase Forward.
Phase Forward’s operating income was $19.7 million for the year, an increase of 50% from 2006. Its full year operating margin of 14.7%. Revenue was up 25% for the fourth quarter of 2007 at $37.8 million compared with $30.2 million during the same period last year 2006. Net income nearly tripled to $15.7 million or 36 cents a share, from $5.48 million.
During the year, Phase Forward acquired the Montpelier, Vt.-based phase I software management company Green Mountain Logic for $5.2 million in cash.
"During 2007, we added over 50 new direct customers. These included clients spanning the global pharmaceutical, biotech, medical devices, CROs and academic sectors and range from the smallest to some of the largest life science companies in the world," said Weiler.
For 2008, the company stated it expects revenues to be between $165 and $169 million.