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ERT Reports Third Quarter 2009 Results
Date:10/29/2009

r the nine months ended September 30, 2009, ERT purchased 2,902,735 shares of its common stock at an average price of $5.18 under its approved stock repurchase program at a total cost of $15.1 million.

"The quarter was marked by growth in our routine (Phase I - IV) business, offset by a continued weakness in our Thorough QT business," commented Dr. Michael McKelvey, President and CEO of ERT. "We recorded a book to bill ratio of 1.9 in the quarter, the highest that ERT has ever recorded in recent history. This was due to a strong increase in routine bookings, which increased 23% sequentially and 15% compared to the third quarter a year ago. Thorough QT bookings continued to be impacted by the delays in the timing of sponsors' decisions on starting these 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. The quarter also saw a pick up in new bookings for our emerging ePRO business. We increased our operating income margin to 20.7% sequentially despite flat revenue (excluding the divestiture of our EDC operations) and slightly lower pricing."

"We were very pleased with the results of our business development efforts in the quarter and feel that this will help spur future growth in our routine business," continued Dr. McKelvey. "The routine business is our target area where we see the potential to significantly increase the centralization of ECGs as sponsors focus on the quality, timeliness, and cost advantages of centralization," continued Dr. McKelvey. "We believe the fundamentals of our industry, and ERT's market leading position, remain strong. We are positioning ourselves for additional growth in the future by focusing on increased centralization of ECGs, increased use of ePRO in clinical trials, and increasing our market share."

2009 Guidance

The Company issued guidance
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SOURCE eResearchTechnology, Inc.
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