FORT LAUDERDALE, Fla., April 22 /PRNewswire-FirstCall/ -- OmniComm Systems, Inc. (OTC Bulletin Board: OMCM) a leader in integrated eClinical solutions for the clinical trials market today announced its results of operations for the first quarter of fiscal 2009.
Revenue for the first quarter of 2009 increased approximately 139% to $2,416,600 compared to $1,012,000 in the same period of 2008. Gross profit margin improved to 79.5% for the three months ended March 31, 2009 compared to 68.5% for the comparable period in 2008. The improvement in the Company's gross profit margin reflects the significant increase in revenue which can be attributed to success in broadening the overall revenue mix through the deployment of TrialMaster(TM) on a licensed basis. In conjunction with the licensing of TrialMaster, the Company also increased the revenues it recognized from professional and consulting services during the first quarter of 2009.
As of March 31, 2009, the Company's balance sheet reflected total assets of approximately $4.5 million, and cash of $2.1 million. The Company experienced a net increase in cash during the first quarter of 2009 and a slight decrease in its net working capital position at March 31, 2009.
"We feel that our first quarter results are indicative of the fact that our infrastructure investments from the last two years have allowed us to make great strides in the eClinical market. The market in general is experiencing some signs of the economic difficulties being felt across the economy. In particular, small biotechnology firms have slowed the rate of EDC spending and our CRO partners are experiencing higher levels of cancellations than expected. However, we are seeing increased activity in our European operations and are encouraged to see that the market for technology transfers has picked up. We believe that OmniComm is positioned to capture additional market share once clinical trial activity begins to rebound. We are pleased that we were able to maintain our S, G & A at levels comparable to 2008, increase our gross profit margins while growing our revenues substantially. By increasing our revenues and successfully managing our costs we have managed to maintain our operating cash. This has allowed us to maintain our financial position in a difficult economy. We have evaluated our cost structure in light of our existing business development pipeline and taken measures to ensure that we optimize the use of our financial resources," commented Ronald T. Linares, Chief Financial Officer of the Company.
"We believe that we are well positioned to grow our business during 2009," said Cornelis F. Wit, Chief Executive Officer of the Company. "Our strategy has been to build the strongest management team possible and to position our products to provide the depth and breadth of functionality and service our clients need to successfully bring their therapies to market. During 2009, our focus will be on increasing our market penetration, increasing revenues from the spectrum of products and services we offer and maintaining a tight handle on our operating expenses. The core of both our long-term strategic and near-term operating plans is ensuring that we continue to provide existing and potential clients cutting-edge eClinical solutions coupled with an emphasis on value-added professional and consulting services."
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 client intuitive pricing model allows companies that range from small, to mid-size to large scale institutions to safely and efficiently capitalize on their clinical research investments. OmniComm Systems, Inc. has corporate headquarters in Ft. Lauderdale, Florida with offices in Bonn, Chicago, Germany, Tula, Russia, California, New York, North Carolina, Tennessee, Massachusetts and Georgia.
Safe Harbor Disclaimer
Statements about OmniComm's future expectations, including without limitation, future revenues and earnings, plans and objectives for the future operations, future agreements, future economic performance, operations and all other statements in this press release other than historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. OmniComm intends that such forward-looking statements be subject to the Safe Harbors created thereby. Since these statements involve risks and uncertainties, including but not limited to economic competitive, governmental, contractual and technological factors affecting OmniComm's operations, markets and profitability, actual results could differ materially and adversely from the expected results.
|SOURCE OmniComm Systems, Inc.|
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