FORT LAUDERDALE, Fla., March 31, 2016 (GLOBE NEWSWIRE) — OmniComm Systems, Inc. (OmniComm) (OTCQX:OMCM), a global leading provider of clinical data management technology, today reported financial results for the year ended December 31, 2015.
Year Ended December 31, 2015 Financial Highlights
Total revenue for the year ended December 31, 2015 was $20.7 million compared to revenue of $16.5 million for the year ended December 31, 2014, an increase of $4.2 million or 26%. This increase in revenue was driven by organic growth across core product lines highlighted by new contracts from both new and existing customers, including 2 of the top 10 global pharmaceutical companies, 4 of the top 10 clinical research organizations and 2 of the top 10 biotechnology companies.
Net income for the year ended December 31, 2015 improved by $7.1 million to $2.6 million of net income as compared to a net loss of $4.5 million for the year ended December 31, 2014.
“These results are the fruition of our success in developing innovative software and services that are recognized by the industry for their added value to the clinical trial process,” said Cornelis Wit, OmniComm’s CEO and Director. “We will continue to add functionality to our suite of products that will empower our clients’ ability to manage the ever increasing complexities of clinical trials.”
Gross margin increased by $3.8 million or 30% to $16.3 million for the year ended December 31, 2015 as compared to $12.5 million for the year ended December 31, 2014. Gross margin as a percentage of revenue improved to 79% for the year as compared to 76% for the prior year.
Operating income improved by $3.1 million year over year. For the year ended December 31, 2015 the Company reported operating income of $1.2 million as compared to an operating loss of $1.9 million for the year ended December 31, 2014.
“I am very pleased with the financial results for 2015,” stated Stephen Johnson, OmniComm’s COO and President. “These significant improvements in our performance are the direct result of the efforts of the entire OmniComm team. We are committed to continuing this trend by providing our clients with outstanding eClinical Solutions and services that enable them to more effectively manage their clinical trials.”
In November 2015, Cornelis F. Wit, the Company’s CEO and Director exchanged $9.3 million of the Company’s debt that he held for 37 million shares of the Company’s common stock. This transaction reduced the Company’s total liabilities by 25% and will reduce the Company’s interest expense by over $1 million per year.
This selected financial information should be read in conjunction with the consolidated financial statements and notes thereto included in OmniComm Systems, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2015 that has been filed with the Securities and Exchange Commission.
About OmniComm Systems, Inc.
OmniComm Systems, Inc. is a leading strategic software solutions provider to the life sciences industry. OmniComm is dedicated to helping the world’s pharmaceutical, biotechnology, contract research organizations, diagnostic and device firms, and academic medical centers maximize the value of their clinical research investments. Through the use of innovative and progressive technologies these organizations drive efficiency in clinical development, better manage their risks, ensure regulatory compliance and manage their clinical operations performance. OmniComm provides comprehensive solutions for clinical research with an extensive global experience from over 4,000 clinical trials. For more information, visit www.omnicomm.com.
Trademarks
OmniComm, TrialMaster, TrialOne, and Promasys are registered trademarks of OmniComm Systems, Inc. Other names may be trademarks of their respective owners.
CONTACT: Contact Info Dennis Constantinou OmniComm Systems, Inc. +1.954.473.1254 [email protected]