In its third quarter, Morrisville, N.C.-based eClinical service provider etrials reported 40% growth in services revenue to $4.4 million.Net revenues during the same period in 2005 were $3.2 million. The company reported operating income of $178,331 compared with an operating loss of $148,618 in 2005 during the same period. etrials went public in 2005 in a reverse merger.
Major players in the eClinical market have seen high revenue growth in 2006, primarily due to an increase in EDC adoption and a less fragmented industry. Medidata Solutions reported the company’s 22nd quarter of consecutive growth. Medidata had a 189% increase in year-over-year revenue in the second quarter of 2006, and a 171% increase in year-over-year revenue for the first half.
United Kingdom-based ClinPhone released interim financial results for its six months ending Aug. 31. ClinPhone reported its revenue increased 32% to £20.7 million ($39.5 million) compared with £15.6 ($29.7 million) during the same period of 2005.One notable exception was eResearch Technology, which reported lower than expected earnings in its third quarter. The company’s share price dropped 22% to $6.04 on Nov. 9.