Integrated data-management specialist Phase Forward continues to reap demand for electronic data capture (EDC) and safety tracking solutions in the pharmaceutical sector.
The US company reported increases of 27.5% and 94.5% respectively in revenues and operating income for the second quarter ended 30 June. Licensing, application hosting and other revenues from Phase Forward’s InForm EDC solution rose by 39.9% to US$22.8 million, contributing 72.4% of the US$31.5 million in total revenues posted for the quarter.
Phase Forward also announced a partnership with fellow US company Sentrx to offer integrated drug safety services to the life sciences industry. The package combines Phase Forward’s Clintrace solution, a web-based system for adverse-event tracking and reporting, with the Electronic Case Submission Module in Sentrx’ Safety Data Services offering, to be supplied in conjunction with Sentrx Drug Safety Services.
Phase Forward’s second-quarter operating income was US$3.16 million, up from US$1.63 million in the same period last year. The company reported pre-tax profit of US$4.70 million, more than double the US$2.31 million generated in the second quarter of 2006, and net income 129.2% higher at US$4.33 million. For the full year, it expects revenues of between US$129 million and US$131 million, and bookings worth US$150-US$160 million.
“We continue to be encouraged by the overall strength of market demand for electronic data capture and safety solutions, which is reflected in our increased outlook for bookings in 2007,” said chef executive officer and president Bob Weller.
Noting that during the second quarter a “top 10 pharmaceutical company” deepened its InForm capabilities with a multi-year, multi-million dollar application service provider commitment, he added: “We believe the increasing adoption of EDC by the world’s largest pharmaceutical companies adds further pressure on other companies to make similar investments or risk being at a competitive advantage”.
Phase Forward’s own competitive advantage, Weller maintained, was its “customer referenceability, proven scaleability, global service and support infrastructure, as well as the breadth and depth of our products’ functionality”.
The company recently broadened its EDC palette with the introduction of Central Designer, a next-generation clinical-study design application. The new software streamlines the study development process and facilitates extensive component re-use while enabling global collaboration, workflow across teams and incorporation of standards, Phase Forward said. This will help lower the barriers to adoption and rapid-scale-up of EDC for companies of all sizes, it added.