Welcome!

News Feed Item

DATATRAK International, Inc. Reports Second Quarter Results of 2014

Record Setting Backlog Reflects Continued Adoption of Unified Experience™

CLEVELAND, Aug. 13, 2014 /PRNewswire/ -- DATATRAK International, Inc. (OTCQX: DTRK), the leader in developing cloud-based, unified eClinical® technologies and delivering related services for the clinical trials industry, today announced its operating results for the second quarter of 2014.

"Clients are increasing their commitment to DATATRAK, contributing to our double-digit growth this quarter. Previous trial-by-trial clients converted to Enterprise Partners during the quarter, and existing partners are strengthening their alliance. DATATRAK clients are recognizing the power of Unified Experience™ and renewing long before their existing contracts expire in order to leverage the strengths of our products and services at excellent values. In addition, we believe that DATATRAK continues to outpace other vendors with increased platform adoption as evidenced by 100% of new contracts utilizing two or more solutions and more notably, 67% using three or more products," said Laurence P. Birch, Chairman and CEO, DATATRAK.

"Just as existing clients are embracing the Unified Experience™, we continue to see growing interest in our solutions and services with new clients, reflected in the company's record-setting backlog," continued Birch. "The DATATRAK ONE® Unified Experience™ provides an exceptional user experience, eliminating data migration, minimizing downtime, and providing better site compliance, better data, and a safer trial. In conjunction with our Partners, we offer full service solutions that help our clients realize success in their trials," concluded Birch.

Highlights include:

  • New Company Record Backlog at June 30, 2014 totaled $22.2 million
  • Second quarter 2014 revenues increased to $2.8 million from $2.5 million for the same period in 2013, an increase of 15% year-over-year
  • New client count increased 20% for the first six months of 2014 as compared to the same period in 2013
  • 100% of all new studies used more than one DATATRAK solution, with 67% utilizing three or more solutions
  • Gross Profit Margin for the quarter remained stable at 80%
  • DATATRAK unveiled the DATATRAK ONE® Unified Experience™ at DIA 2014
  • DATATRAK Presented at the Drexel Hamilton Micro-Cap Investor Forum, May 13
  • DATATRAK attended 6th Annual DIA China Meeting
  • DATATRAK Thought Leaders spoke at DIA 2014 50th Annual Meeting and ACRP 2014 Global Conference

Financial Highlights:
Revenue increased by 15% to $2.83 million in the second quarter of 2014 compared to $2.45 million in the second quarter of 2013.  While direct costs increased slightly in order to service a higher level of revenue than the prior year, the gross profit margin remained stable at 80% for the three months ended June 30, 2014 compared to 79% for the three months ended June 30, 2013. SG&A expenses decreased 4% for the three months ended June 30, 2014. As a result, the Company's loss from operations for the three months ended June 30, 2014 was $(375,000) compared to $(802,000) for the corresponding period in the prior year. DATATRAK will continue to invest in Sales, Marketing and Research and Development, introducing new DATATRAK ONE® solutions and feature enhancements while accelerating market share growth.

DATATRAK's backlog at June 30, 2014 was $22.2 million compared to a backlog of $20.9 million at December 31, 2013. Backlog consists of future value from authorization letters to commence services, statements of work, technology and services agreements, change orders and other customer contracts, billed and unbilled. The improvement in backlog from December 31, 2013 to June 30, 2014 was due to new contract sales, change orders and contract amendments. 

Join DATATRAK Thought Leaders:

Tweet: Increasing client commitment driving double digit Q2 Growth #eClinical http://bit.ly/1oKi2yU

About DATATRAK International, Inc.
DATATRAK International is a worldwide technology and services company delivering unified eClinical® solutions and related services for the clinical trials industry. DATATRAK built its multi-component, comprehensive solution on a single, unified platform and expanded this concept to include services delivery via DATATRAK's Clinical and Consulting Services group. The Company delivers a complete portfolio of software products designed to accelerate the reporting of clinical research data from sites to sponsors and ultimately regulatory authorities, faster and more efficiently than loosely integrated technologies. The DATATRAK ONE® software solution, deployed worldwide through an ASP or Enterprise Transfer offering, supports Preclinical and Phase I - Phase IV drug and device studies in multiple languages throughout the world. DATATRAK is located in Cleveland, Ohio; Bryan, Texas; Cary (RTP), North Carolina and London, England.  For more information, visit http://www.datatrak.com.

All contracts are subject to possible delays or cancellation or can change in scope in a positive or negative direction. Therefore, current backlog is not necessarily indicative of the Company's future quarterly or annual revenue. Historically, backlog has been a poor predictor of the Company's short-term revenue.

Except for the historical information contained in this press release, the statements made in this release are forward-looking statements. These forward-looking statements
are made based on management's expectations, assumptions, estimates and current beliefs concerning the operations, future results and prospects of the Company and are subject to uncertainties and factors which are difficult to predict and, in many instances, are beyond the control of the Company, and which could cause actual results to differ materially from those contemplated in these forward-looking statements. For a list of certain factors that may cause actual results to differ materially from those contemplated in these forward looking statements, please see the Company's report filed with the OTCQX Market on March 14, 2014 announcing its results for the full-year period ending December 31, 2013. The Company undertakes no obligation to update publicly or revise any forward-looking statement whether as a result of new information, future events or otherwise.

 

DATATRAK International, Inc. and Subsidiaries

Condensed Consolidated Balance Sheet Data

(Unaudited)





June 30, 2014

December 31, 2013

Cash and cash equivalents

$2,062,691

$3,305,852

Accounts receivable, net

1,492,954

1,084,377

Property & equipment, net

286,640

190,799

Other

493,283

461,196

   Total assets

$4,335,568

$5,042,224




Accounts payable and other current liabilities

$1,734,683

$1,855,061

Deferred revenue

4,064,916

4,425,167

Other long-term liabilities

26,916

29,775

Shareholders'  deficit

(1,490,947)

(1,267,779)

   Total liabilities and shareholders' deficit

$4,335.568

$5,042.224





DATATRAK International, Inc. and Subsidiaries

Condensed Consolidated Statements of Operations

(Unaudited)


For the 3 Months Ended June 30,


2014

2013

Revenue

$2,826,689

$2,454,234

Direct costs

570,736

521,339

   Gross profit

2,255,953

1,932,895




Selling, general and administrative expenses

2,613,743

2,719,209

Depreciation and amortization

17,153

15,334

   Loss from operations

(374,943)

(801,648)




Interest income

274

84

Interest expense

(3,964)

(4,333)

   Net loss

$(378,633)

$(805,897)

     Net loss per share:



          Net loss per share, basic and diluted

$     (0.26)

$      (0.59)

          Weighted-average shares outstanding, basic and diluted

1,434,729

1,357,990





 

SOURCE DATATRAK International, Inc.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Much of the value of DevOps comes from a (renewed) focus on measurement, sharing, and continuous feedback loops. In increasingly complex DevOps workflows and environments, and especially in larger, regulated, or more crystallized organizations, these core concepts become even more critical. In his session at @DevOpsSummit at 18th Cloud Expo, Andi Mann, Chief Technology Advocate at Splunk, will show how, by focusing on 'metrics that matter,' you can provide objective, transparent, and meaningfu...
The IoTs will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, will demonstrate how to move beyond today's coding paradigm and share the must-have mindsets for removing complexity from the development proc...
Artificial Intelligence has the potential to massively disrupt IoT. In his session at 18th Cloud Expo, AJ Abdallat, CEO of Beyond AI, will discuss what the five main drivers are in Artificial Intelligence that could shape the future of the Internet of Things. AJ Abdallat is CEO of Beyond AI. He has over 20 years of management experience in the fields of artificial intelligence, sensors, instruments, devices and software for telecommunications, life sciences, environmental monitoring, process...
In his session at @ThingsExpo, Chris Klein, CEO and Co-founder of Rachio, will discuss next generation communities that are using IoT to create more sustainable, intelligent communities. One example is Sterling Ranch, a 10,000 home development that – with the help of Siemens – will integrate IoT technology into the community to provide residents with energy and water savings as well as intelligent security. Everything from stop lights to sprinkler systems to building infrastructures will run ef...
Redis is not only the fastest database, but it has become the most popular among the new wave of applications running in containers. Redis speeds up just about every data interaction between your users or operational systems. In his session at 18th Cloud Expo, Dave Nielsen, Developer Relations at Redis Labs, will shares the functions and data structures used to solve everyday use cases that are driving Redis' popularity.
We’ve worked with dozens of early adopters across numerous industries and will debunk common misperceptions, which starts with understanding that many of the connected products we’ll use over the next 5 years are already products, they’re just not yet connected. With an IoT product, time-in-market provides much more essential feedback than ever before. Innovation comes from what you do with the data that the connected product provides in order to enhance the customer experience and optimize busi...
Manufacturers are embracing the Industrial Internet the same way consumers are leveraging Fitbits – to improve overall health and wellness. Both can provide consistent measurement, visibility, and suggest performance improvements customized to help reach goals. Fitbit users can view real-time data and make adjustments to increase their activity. In his session at @ThingsExpo, Mark Bernardo Professional Services Leader, Americas, at GE Digital, will discuss how leveraging the Industrial Interne...
In his session at 18th Cloud Expo, Sagi Brody, Chief Technology Officer at Webair Internet Development Inc., will focus on real world deployments of DDoS mitigation strategies in every layer of the network. He will give an overview of methods to prevent these attacks and best practices on how to provide protection in complex cloud platforms. He will also outline what we have found in our experience managing and running thousands of Linux and Unix managed service platforms and what specifically c...
The increasing popularity of the Internet of Things necessitates that our physical and cognitive relationship with wearable technology will change rapidly in the near future. This advent means logging has become a thing of the past. Before, it was on us to track our own data, but now that data is automatically available. What does this mean for mHealth and the "connected" body? In her session at @ThingsExpo, Lisa Calkins, CEO and co-founder of Amadeus Consulting, will discuss the impact of wea...
Increasing IoT connectivity is forcing enterprises to find elegant solutions to organize and visualize all incoming data from these connected devices with re-configurable dashboard widgets to effectively allow rapid decision-making for everything from immediate actions in tactical situations to strategic analysis and reporting. In his session at 18th Cloud Expo, Shikhir Singh, Senior Developer Relations Manager at Sencha, will discuss how to create HTML5 dashboards that interact with IoT devic...
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
Many private cloud projects were built to deliver self-service access to development and test resources. While those clouds delivered faster access to resources, they lacked visibility, control and security needed for production deployments. In their session at 18th Cloud Expo, Steve Anderson, Product Manager at BMC Software, and Rick Lefort, Principal Technical Marketing Consultant at BMC Software, will discuss how a cloud designed for production operations not only helps accelerate developer...
A critical component of any IoT project is the back-end systems that capture data from remote IoT devices and structure it in a way to answer useful questions. Traditional data warehouse and analytical systems are mature technologies that can be used to handle large data sets, but they are not well suited to many IoT-scale products and the need for real-time insights. At Fuze, we have developed a backend platform as part of our mobility-oriented cloud service that uses Big Data-based approache...
Peak 10, Inc., has announced the implementation of IT service management, a business process alignment initiative based on the widely adopted Information Technology Infrastructure Library (ITIL) framework. The implementation of IT service management enhances Peak 10’s current service-minded approach to IT delivery by propelling the company to deliver higher levels of personalized and prompt service. The majority of Peak 10’s operations employees have been trained and certified in the ITIL frame...