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ERT CEO Discusses Q3 2010 Results - Earnings Call Transcript

Several clients have expressed support for buying multiple services from one vendor especially vendors with a strong reputation for quality and service that ERT and RS have in the marketplace.

Other advantages decided by clients are bringing together the combined medical expertise of two of the leading providers of technology and services used in clinical trials. The increased resources that the combined company can bring, the increased global foot print of a combined company and the advantages of working on a company whose sole current focus is on clinical trials.

The third quarter of 2010 showed the highest quarterly level of revenue ever recorded by ERT, 45.1 million. Revenue in the third quarter increased 55% sequentially and 99% from the year ago.

Almost all of the increased revenue came from RS with only a small increase in revenue from legacy ERT. Legacy ERT revenue was impacted by delays and the start of both routine and Thorough QT trials as well as by seasonality in the third quarter.

These trial delays are consistent with what seems to be experienced reported by several large CROs recently. Although our cardiac safety bookings continue to be strong, the conversion of these bookings and the revenue continues to take longer.

Legacy ERT revenues increased 4% in the third quarter compared to a year ago. This year-over-year increase in legacy ERT revenues was primarily due to a pick up in routine ECG revenues and the strong increase in ePRO revenue albeit it from a low base offset by a decline in revenues from zero QT trials.

Legacy RS recorded 21.5 million in revenues for the third quarter. The RS revenues in the second quarter were 5.7 million while this represented just one month June of revenues.

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