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ERT Reports Second Quarter 2011 Operating Results
Date:8/1/2011

rter where bookings exceeded $70 million," commented Dr. Jeffrey Litwin, President and Chief Executive Officer of ERT.   "Bookings this quarter were driven by strengthening cardiac safety and very strong electronic Patient Reported Outcome (ePRO) activity.   Our revenue level was slightly lower than expected due to the delay in start time of two major studies, however revenue is projected to be stronger over the next two quarters given our present backlog.  We are disappointed with our 6.8 percentage point sequential drop in gross profit margin from our March 2011 quarter.  My focus has been on top line revenue growth and we made decisions to increase staffing and expedite product manufacturing in our German operations to meet aggressive study timelines for key strategic customers in our respiratory and ePRO business lines which impacted costs.  During the current quarter we started several large new respiratory studies which incurred higher costs for study set up, customization and costs to expedite product manufacturing which resulted in higher freight, consumables and manufacturing variances.   We expect gross profit margins to improve in the coming quarter as a portion of these charges incurred the German operations are not expected to be recurring and projected increases in revenue should generate higher margins given the operating leverage in our cost structure. "

2011 Guidance ERT modified its guidance for the full year of 2011.  ERT expects net revenues of between $178 million and $183 million for 2011 with the top end of the range reduced from prior guidance of $188 million.  ERT expects GAAP diluted net income per share to be between $0.27 and $0.32 for 2011 and non-GAAP diluted net income per share to be between $0.37 and $0.42 for the same period.   EPS guidance has been reduced to reflect a drop in the range of the revenue guidance and the lower than expected results for the June 2011 quarter.


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