51% Increase in New Contracts and 40% Increase in Revenues from 2009
FORT LAUDERDALE, Fla., July 27 /PRNewswire-FirstCall/ -- OmniComm Systems, Inc. (OTC: OMCM), a global provider of eClinical solutions and services announced its results of operations for the first half of fiscal 2010.
New contracts for OmniComm products and services surpassed $6.9M during the first half of 2010, a 51% increase over first half of 2009. Software as a Service (SaaS) contracts showed a steady increase over last year at this time, and technology transfer/licensing contracts showed a significant increase, comprising 70% of the new business in 2010. Revenue for the first half totaled $5.9 million compared to revenues in the first half of last year of $4.2 million- a 40% increase year-over-year.
"During the first half of 2010, approximately 44% of our revenue has come from licensing and 12% has come from our European operations," remarked Stephen Johnson, President and Chief Operating Officer. "Coming into the year, two of our primary goals were to substantially grow our licensing revenue and to leverage our existing European operations in Germany and England to garner more international market share. It's rewarding to see our efforts paying off."
Milestones for First Half 2010:
- New contracts signed in the first half, totaled $6,945,450, up approximately 51% compared to the same period in 2009 at $4,601,974.
- Revenues for the period were approximately $5.9 million, an increase of approximately 44% over 2009 revenues for the same period
- Our diversified customer base includes the following industries:
- Academic and Research -21%
- Biotech – 23%
- CRO – 19%
- Pharma – 18%
- Medical Device – 19%
- Revenue from our European clients have grown to approximately 12% of our total revenues as a result of the two acquisitions completed during 2009
- We bolstered our senior management team by promoting Stephen Johnson to President & Chief Operating Officer, Ken Light to Executive Vice President of Operations, and added Bev Hudson as Senior Vice President of Business Development
"We are pleased with the growth and diversification we have achieved during the first six months of 2010," commented Ronald Linares, Executive Vice President and Chief Financial Officer. "We believe that we have positioned ourselves to capitalize on growth throughout the clinical trials arena through our diversification efforts. We have added several new software applications and related services and substantially increased our operating footprint within Europe. We have seen some signs of increased spending in the clinical trial R & D arena and are optimistic that as the overall economy continues its recovery that we will be poised for continued growth."
OmniComm Systems, Inc. (www.OmniComm.com) provides customer-driven Internet solutions to pharmaceutical, biotechnology, research and medical device organizations that conduct life changing clinical trial research. OmniComm's growing base of satisfied customers is a direct result of the company's commitment to deliver products and services that ensure ease of use, faster study build, ease of integration and better performance. OmniComm's pricing model is easily understood and allows companies ranging from small, to large, to maximize their clinical research investments. OmniComm Systems, Inc has U.S. headquarters in Fort Lauderdale, FL and European headquarters in Bonn, Germany, with satellite offices in New Jersey and the United Kingdom, as well as sales offices throughout the U.S. and Europe.
Safe Harbor Disclaimer
Statements made by OmniComm included in this release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve a number of risks and uncertainties such as the Company's ability to obtain new contracts and accurately estimate net revenues due to uncertain regulatory guidance, variability in size, scope and duration of projects, and internal issues at the sponsoring client, integration of acquisitions, competitive factors, technological development, and market demand. As a result, actual results may differ materially from any financial outlooks stated herein. Further information on potential factors that could affect the Company's financial results can be found in the Company's Reports on Form 10-K and 10-Q filed with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.
OmniComm Systems, Inc.
SOURCE OmniComm Systems, Inc.