SOURCE: IDBS

IDBS

February 17, 2011 04:00 ET

IDBS Results for the Year Ended 31 December 2010

Best Ever Financial Performance, Record Revenues and Earnings With Excellent Prospects

GUILDFORD, UNITED KINGDOM and BURLINGTON, MA--(Marketwire - February 17, 2011) - IDBS, a global provider of innovative enterprise data management, analytics and modeling solutions, announces strong growth in revenue and profitability during the year ended 31 December 2010. This record performance continues the accelerating momentum of recent years and underscores the leading position of IDBS in a growing global market. 

Financial Highlights (unaudited)
Total year-on-year revenues rose 27% to $46.2 million (2009: $36.4 million). Worldwide perpetual, software license sales grew 82% to $16.7 million, with services revenue up by 10% to $11.8 million and recurring annual revenues increasing by 8% to $17.7 million.

Revenue growth achieved in 2010 was the result of:

  • increasing market share of its R&D science data platform, E-WorkBook, which has increased four-fold since 2008;

  • deployment of its unique suite of applications for highly regulated R&D and process development environments; and

  • growing demand for its software in the industrial R&D sector.

All areas of the business, geographic regions and market sectors contributed to this performance, with particularly strong progress coming from Asia Pacific where IDBS continues to expand its physical presence.

"The strength of the market position and superior product offering of IDBS is reflected in a healthy overall operating margin of more than 20%. In addition, recurring revenues are robust and continue to grow, representing 39% of total revenues for 2010," said David Morgan, CFO.

Expanding existing relationships and a growing customer base
2010 showed increasing demand from a diversified customer base, with expansion achieved both by extending existing long-term relationships, and winning new customers in both traditional sectors, such as pharmaceutical research, and in new ones such as bioprocess development and industrial chemistry. 

Pharmaceuticals R&D
During the year, blue chip customers such as GSK renewed long term contracts within drug discovery research (ActivityBase), and extended their relationships to include later stage research activities using E-WorkBook, which is now the world's fastest growing application for capturing, securing and retrieving R&D data. 

IDBS also added an impressive list of major new client wins including Amgen, Bayer, Genentech and Daiichi-Sankyo (India), capitalizing on its ability to improve the business process, and to integrate and utilize valuable data from multiple scientific domains. 

Healthcare Research & Analytics
Following the successful integration of InforSense, acquired in June 2009, IDBS has further differentiated its offering from competitors by providing leading-edge orchestration and analysis of complex data. This has created significant new business in the expanding healthcare informatics sector. In particular, IDBS is now providing enabling technologies for hospitals, clinics and researchers seeking to accelerate the provision of personalized medicine and diagnostics across the UK, EU and USA. This started to contribute to revenues in the second half of 2010 and is expected to be a major future growth driver for the healthcare business. 

Industrial R&D
R&D based businesses in sectors such as chemicals, high-tech manufacturing and consumer products are increasingly recognizing the value that IDBS can add to their activities in managing their data, improving their processes and protecting their intellectual property. Notable multinational client wins during 2010 included BASF and Lonza. The Industrial R&D segment is expected to experience significant further growth during the current year.

Acquisition
In August 2010, IDBS acquired Quantrix, the advanced business modeling and analytics software and services company based in Portland, Maine, USA. The cash transaction followed a long-standing commercial relationship with Quantrix which has customers in 50 countries in the financial services, manufacturing and engineering sectors. Their technology adds to the extensive technology portfolio of IDBS and will provide the basis for enhanced applications for the future.

Other achievements
During 2010, the company was listed in the 2010 Sunday Times PricewaterhouseCoopers Profit Track 100 list of companies and was awarded Frost and Sullivan's 'Enabling Technology' award for R&D Knowledge Management.

Outlook

Commenting on future prospects, founder and CEO, Neil Kipling, commented:

"IDBS achieved an excellent financial performance during 2010, building on strong results in the previous year while continuing to invest for future growth. Our success is the result of being able to provide enterprise science data solutions, that none of our competitors can deliver, to an expanding customer base where we are continuously building on deep, long-term relationships. 

We are further strengthening our competitive advantage by investing in our technology, products, domain knowledge, global footprint, corporate development and, above all, our people. 

Customer demand continues to be strong and we are expecting 2011 to be another year of significant progress."

About IDBS
IDBS is a global provider of innovative enterprise data management, analytics and modeling solutions. The company's uniquely sophisticated platform technologies are used by more than 200 pharmaceutical companies, major healthcare providers, global leaders in academic study, and high tech companies to increase efficiency, reduce costs and improve the productivity of industrial R&D and clinical research. IDBS is clearly differentiated by its unique combination of award-winning enterprise technologies and domain knowledge in R&D.

IDBS' solutions help scientists, hospitals and R&D businesses produce the world's newest therapeutics, diagnostics and personalized treatments, high-tech materials and consumer products, faster, cleaner engines and fuels, breakthroughs in productive agriculture, healthy, safer food products, and high tech materials and products.

Founded in 1989 and privately held, IDBS is headquartered in Guildford, UK with a direct sales and support presence worldwide. IDBS is a Profit Track 100 company and the recipient of multiple awards including the Frost and Sullivan 'Enabling Technology' Award in R&D data management for 2010. Further information can be found at www.idbs.com, or follow us on Twitter @IDBSsoftware

Contact Information

  • Contacts:

    IDBS
    Chris Molloy
    + 44 (0)1483 595081


    Bankside
    Simon Bloomfield
    + 44 (0)20 7367 8888