IDBS, the leading worldwide provider of data management and analytics solutions to R&D and healthcare organisations, announces that, as the result of continuing expansion, and growth in demand for its products and services, revenues for the six months ended 30 June 2010 rose by 20% on the same period of 2009 to $20.3 million, with profit before tax also growing strongly.
These results follow the excellent progress made in 2009, for which IDBS reported 12% revenue growth to $36.4 million, with the company sustaining healthy underlying profitability and margins and completing the cash acquisition of InforSense in June 2009.
Excluding the impact of InforSense, underlying revenue growth was well into double digits with underlying profit before tax significantly up on the first half of last year. This reflects growing and recurring revenues from existing customers as well as projects completed for new customers.
Revenue for the first half of 2010 benefited from a strong product performance in the company's core pharmaceuticals market where organisations are seeking to improve the effectiveness of their business processes and the use of high-value data. Key to growth for the period was the implementation of significant projects, involving the E-WorkBook Suite, at a number of major companies for drug formulation and preclinical development, and at a contract manufacturer of biologics for process development improvement.
Software sales for the period grew by 44% on the first half of 2009 with maintenance revenues increasing by 13% and professional services by 25%.
Since the acquisition of InforSense, IDBS has established a leading position in the high-growth market of biomarker and personalised medicine research, recently winning a number of new contracts which will benefit the second half of 2010 and beyond. These include a significant engagement with Barts Hospital and the London NHS Trust to improve the understanding of cardiovascular disease in the UK.
"R&D companies and healthcare organisations recognise the strategic value of IDBS in process improvement projects, enhancing regulatory compliance and research collaboration," commented Neil Kipling, founder and CEO of IDBS. "Our reputation and market leadership are based on our data management expertise and solutions combined with an unrivalled understanding of scientists, the R&D process and the needs of our customers. We are continuing to invest in the business and to strengthen our relationships with existing and new customers. As a result, we are confident that IDBS is on track to achieve its best ever financial performance in 2010 and to continue to make strong progress thereafter."
During the period, IDBS was included in the 2010 ProfitTrack100 list of private companies, recognising the company's long-term record of sustained, profitable growth.
IDBS is a unique, global supplier of innovative data management and first-in-class analytics solutions which increase efficiency, reduce costs and improve the productivity of Healthcare R&D organisations. Multinational pharmaceutical companies, major public-private healthcare partnerships, global leaders in academic study and high tech companies employ IDBS as a strategic supplier of scientific informatics and business process improvement solutions. IDBS is clearly differentiated from other providers by its unique combination of deep domain knowledge across the entire R&D sector: from the examination of the human genome at the scientist's bench, through the clinic, to translational medicine initiatives and pay-for-performance healthcare monitoring. IDBS solutions support the protection of Intellectual Property and the requirements for data quality and security demanded under Good Laboratory Practice (GLP), Good Manufacturing Practice (GMP) and HL7 (Health Level) standards. IDBS improves organisational efficiency, releases the value stored in organisations' R&D data assets and enables effective collaboration through secure scientific data sharing.
IDBS is a ProfitTrack 100 private company, founded in 1989 and headquartered in Guildford, UK. IDBS has worldwide consulting and support presence, with U.S. offices in California, New Jersey and Massachusetts, as well as the EU, Australia and China. Further information can be found at www.idbs.com (http://www.idbs.com) .