SOURCE: OmniComm Systems, Inc.

OmniComm Systems, Inc.

April 26, 2010 09:00 ET

OmniComm Systems, Inc.® Announces First Quarter Results

162% Increase in New Contracts Over 2009

FT. LAUDERDALE, FL--(Marketwire - April 26, 2010) - OmniComm Systems, Inc. (OTCBB: OMCM), a global provider of eClinical solutions, announced its results of operations for the first quarter of fiscal 2010.

New contracts for OmniComm products and services surpassed $4.2M during the first quarter, a 162% increase over Q1 2009. 53% of the contract sales came from repeat business with existing customers. Consulting, Licensing and Subscriptions fees, up 75% year-over-year, have become a significant component of the Company's revenues. The Company recently launched its phase one trial automation solution, TrialOne™, which has already garnered notable attention in the under-served phase one market and is expected to generate significant revenue in the upcoming months.

"We are off to a great start in 2010 -- this was the best Q1 in our company history in terms of new contracts and revenue," remarked Stephen Johnson, Chief Operating Officer and EVP of Sales and Marketing. "We had a nice 50/50 mix of new business with repeat business. With the addition of new products and services, we believe that this significant growth will continue for the long-term while maintaining our best-in-industry gross margins. We are all excited for what the future will bring."

Milestones for Q1 2010:

  • New contracts signed this quarter are up approximately 162% compared to the same period in 2009 at $1,478,620.
  • Revenues for the period were approximately $2,682,906, an 11% increase over 2009 revenues.
  • Our diversified customer base includes the following industries:
    • Academic -8%
    • Biotech - 24%
    • CRO - 17%
    • Pharma - 14%
    • Medical Device - 18%
    • Research - 20%
  • Revenue from our European clients has grown to approximately 14% of our total revenues as a result of the two acquisitions completed during 2009.
  • We added 3 new CRO partners bringing our total to 44.

"Given the financial turmoil that occurred during 2009, we are pleased that we have we managed to grow our business," commented Ronald Linares, Executive Vice President and Chief Financial Officer. "Our Board and management team saw an opportunity to diversify the Company and capitalized on that opportunity with several solid acquisitions. We believe that we have positioned ourselves for growth opportunities as the economy continues to recover by diversifying our business model, our product offerings and the geographic breakdown of revenues."

About OmniComm

OmniComm Systems, Inc. (www.OmniComm.com) provides customer-driven Internet solutions to pharmaceutical, biotechnology, research and medical device organizations that conduct life changing clinical trial research. OmniComm's growing base of satisfied customers is a direct result of the company's commitment to deliver products and services that ensure ease of use, faster study build, ease of integration and better performance. OmniComm's client intuitive pricing model allows companies that range from small, to mid-size to large-scale institutions to efficiently capitalize on their clinical research investments. OmniComm Systems, Inc has U.S. headquarters in Fort Lauderdale, FL and European headquarters in Bonn, Germany, with satellite offices in New Jersey and the United Kingdom, as well as sales offices throughout the U.S. and Europe.

Safe Harbor Disclaimer

Safe Harbor Disclaimer Statements made by OmniComm included in this release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve a number of risks and uncertainties such as the Company's ability to obtain new contracts and accurately estimate net revenues due to uncertain regulatory guidance, variability in size, scope and duration of projects, and internal issues at the sponsoring client, integration of acquisitions, competitive factors, technological development, and market demand. As a result, actual results may differ materially from any financial outlooks stated herein. Further information on potential factors that could affect the Company's financial results can be found in the Company's Reports on Form 10-K and 10-Q filed with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.

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