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ERT Reports Third Quarter 2011 Operating Results
Date:10/27/2011

red to $5.8 million, or $0.12 per diluted share, in the comparable period a year ago.  Non-GAAP net income was $13.1 million, or $0.27 per diluted share, in the first nine months of 2011 compared to $12.3 million, or $0.25 per diluted share, in the comparable period a year ago.  
  • Cash flow from operations was $22.9 million in the first nine months of 2011 compared to $18.8 million in the comparable period a year ago.

  • "We are pleased with the third quarter results which included both record revenues and bookings." commented Dr. Jeffrey Litwin, President and Chief Executive Officer of ERT.  "This quarter marks the third consecutive quarter that bookings exceeded $70 million.  The bookings this quarter were driven by continued strength in electronic Patient Reported Outcome (ePRO) and very strong cardiac safety activity.  While the revenues came in at the higher end of our expectations and our gross profit margins improved sequentially, our profitability was impacted by a mix shift from higher margin cardiac safety revenue to lower margin respiratory revenue and increased costs for bonus provisions and expansion of our facility in Germany to accommodate higher growth which resulted in achieving EPS at the lower end of our expectations."  

    "We continue to see interest in the unique solutions we can provide to our clients," continued Dr. Litwin, "and this is translating to record bookings at a time where overall research and development  spending is relatively flat.  We will continue to invest in the products that differentiate us from the competition.  We expect our fourth quarter results to be fairly similar to the third quarter, resulting in higher second half 2011 revenues and bookings as compared to the first half of the year.  The growth in our respiratory business has required us to incur higher spending in cost of goods, operating expense and capital expenditures than we had origin
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    SOURCE ERT
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