CRF Health Announces Record Breaking Revenue and Earnings Growth in 2011
Record revenues and earnings
Patient focused technology development with worldwide launch of TrialMax Web™
Research demonstrates excellence in technology leadership and delivery
March 21, 2012
PLYMOUTH MEETING, Pa.--(BUSINESS WIRE)--CRF Health, a world leader in the provision of global ePRO solutions tailored for the life sciences industry today announced impressive revenue and profit growth for a third consecutive year. Total revenues grew 88% from the prior year with service revenues growing 23%. The company also reported healthy growth in earnings while maintaining strong ratings for service delivery and continuing to invest in best in class, patient-focused technology and services.
CRF Health's CFO Jeff Payne, commented, "We are proud to have achieved a consistently strong financial performance with year on year record revenue growth and consistent quarter on quarter profitability for the past three years. In 2012 we will continue to leverage our strong financial position to focus on priority initiatives that we expect to drive long term value and further enhance our position in the market going forward."
The company saw continued growth in new proposal volume versus prior year, reflecting strong operational focus on client satisfaction as well as new initiatives to grow market understanding of ePRO. Fiscal 2011 saw the continued development of preferred partner relationships, with the company now being a preferred partner of a majority of the top 10 Pharma.
Independent industry research with ePRO users conducted by ISR published in 2011 showed that CRF Health's ePRO solutions rate among the highest in the industry for patient usability, which is a proven success factor for improved patient recruitment and retention in clinical trials. In addition, research conducted by the Avoca Group on behalf of CRF Health in February 2012 indicated an overall 92% satisfaction rating and continued client endorsement of CRF Health as a patient-focused technology solutions leader with excellence in delivery.
"We are delighted to report strong revenue performance in 2011. At the same time we are focusing our efforts on and continue to invest in initiatives designed to build strong customer relationships and tailored service offerings to meet our customers changing needs," said Rachael King, CEO. "Our commitment to investment in R&D with a focus on strong product management has resulted in CRF Health being the technology leader in this sector. Our recent launch of TrialMax Web™ was the culmination of more than 20,000 hours of R&D labor. Having benefited from significant customer and end user input during development, we expect TrialMax Web™ to make a positive contribution to late phase clinical development."
King outlines a path for continued competitiveness: "In 2012 we will continue with investments needed for growth. These include enhanced business development, as well as system and process improvements designed to drive quality and efficiency. We will continue to place a large emphasis on excellence in project delivery while fostering our relationships with key strategic customers."
About CRF Health
CRF Health is a global leader in ePRO (electronic patient reported outcomes) solutions for the life sciences industry. Through innovative technology, a thorough understanding of drug development, and mobile computing, CRF Health is driving the change to higher quality outcomes and more efficient paper-free clinical trials.
CRF Health's ePRO technology has been used in more than 70 countries, on six continents and 68 regional languages, including several regional Indian dialects. CRF Health consistently demonstrates the industry's highest patient compliance rates, while delivering unrivaled data accuracy and unmatched patient and site acceptance.
Since 2000, CRF Health has continued to provide true global ePRO delivery and service. CRF Health is headquartered in the US and operates its R&D center of excellence in Helsinki, Finland.
For more information, please visit www.crfhealth.com.
Heather Bilinski, Marketing Manager