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ERT Reports Second Quarter 2009 Results
Date:7/30/2009

0, 2009, cash provided by operating activities was $19.1 million compared to $18.0 million for the six months ended June 30, 2008.
  • For the six months ended June 30, 2009, ERT purchased 2,706,719 shares of its common stock at an average price of $5.16 under its approved stock repurchase program at a total cost of $14.0 million.
  • "The results for this quarter were in line with our expectations, as given by our guidance in April," commented Dr. Michael McKelvey, President and CEO of ERT. "In the second quarter of 2009, we saw increases from the first quarter of 2009 in revenue, bookings, and margins. Revenue and bookings continue to be significantly impacted by lower spending by clients on Thorough QT trials. Sponsors may delay the running of Thorough QT trials until later in the drug development cycle, though regulatory guidance ultimately requires that they be performed. As previously announced, we consolidated our customer care teams in Philadelphia and continue to improve the efficiency of our operations. This resulted in increases in our margins in the second quarter and will positively impact our cost base in the future. We believe the divestiture of our EDC operations will be positive for ERT as it allows us to focus our efforts on cardiac safety and ePRO opportunities."

    "We continue to be pleased with the results of our discussions with key pharmaceutical and biotechnology companies on strategic outsourcing relationships," continued Dr. McKelvey. "We are still facing a difficult economic environment and uncertainty in pharmaceutical sponsors' spending, especially Thorough QT trials. However, despite what is historically a slow summer period, we are seeing higher levels of new business development activity. We believe the fundamentals of our industry remain strong and that we are positioning ourselves for additional growth in the future by focusing on increased centralization of ECGs
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