In what the company said was its first profitable year since 2005, US-based eClinical solutions specialist Datatrak International reported operating income of US$22,693 for the fourth quarter of 2010, compared with an operating loss of US$654,532 for the same period of 2009.
Revenues for the three months ended 31 December 2010 were US$2.0 million, up by 37.6% over the fourth quarter of 2009 and the highest quarterly revenue figure recorded in two years, Datatrak pointed out.
The latest quarter was also the fourth in a row to see Datatrak in profit. The company went through some rough patches in 2008 and 2009, ending the latter year with an operating loss of US$1.90 million. That contrasted with the US$113,469 operating profit registered for the whole of 2010, on revenues that grew by 6.6% to US$7.39 million.
“Our solid financial results continue to demonstrate that 2010 marked a new beginning for Datatrak,” commented chairman and chief executive officer Laurence Birch.
“Compared to the last several years, 2010 was marked by record quarters of new contracts, revenue and most notably, profitability. We successfully executed our 2010 strategy of business stability, including investing in additional resources paramount to our growth plans for 2011.”
Datatrak’s backlog increased to US$11.2 million as of 31 December 2010, from US$9.5 million at 31 December 2009. New contracts worth more than US$3 million were signed during the fourth quarter, the highest quarterly tally in three years, the company said.
“We stated a year ago that 2010 would be focused on capitalising on previous restructuring efforts, remaining client-centric, continuing to deliver cutting edge technologies and expanding our sales and marketing initiatives,” Birch added.
The company had maintained this focus throughout 2010, “and the successes are evident in our financial results”, he said.
“We look forward to converting these successes into re-growth of the organization in 2011 and firmly establishing Datatrak’s patented technology as the industry's leading unified software suite.”