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 ac
|SOURCE OmniComm Systems, Inc.|
Copyright©2009 PR Newswire.
All rights reserved