Updated from 4:50 p.m. ET to include latest share prices, additional information on Sina.com. NEW YORK ( TheStreet) -- Shares of eResearch Technology ( ERES) surged in late trades on Monday after the Philadelphia-based medical technology company delivered strong fiscal fourth-quarter earnings with revenue rising on both a year-over-year and sequential basis. eResearch Technology posted a non-GAAP profit of $6.9 million, or 14 cents a share, for the three months ended Dec. 31 on revenue of $52.3 million. The average estimate of analysts polled by Thomson Reuters was for earnings of 10 cents a share on revenue of $47.5 million. The company said new bookings totaled $303.5 million at the end of the year, up from $212.5 million at the same time last year.
The stock was last quoted at $6.55, up 17.8%, on volume of more than 65,000, according to Nasdaq.com. Based on Monday's regular-session close at $5.56, the shares were down nearly 9% over the past year, bottoming out at a 52-week low of $3.86 on Nov. 23. "This is the first quarter our bookings have ever exceeded $80 million and it marks the fourth consecutive quarter of more than $70 million in bookings," said Dr. Jeffrey Litwin, the company's president and CEO, in a statement. "Bookings growth was driven by sustained strength in both our cardiac safety and respiratory solutions. Our continued growth shows that our message, outlining the benefits of centralization, along with the ability to purchase high quality cardiac safety, respiratory and ePRO services from one vendor is resonating with our clients." For the current first quarter, eResearch Technology sees non-GAAP earnings of 8 to 11 cents a share on revenue ranging from $46 million to $49 million vs. Wall Street's current consensus view for a profit of 10 cents a share on revenue of $44.7 million. For the whole of 2012, the company forecast non-GAAP earnings of 45 to 53 cents a share on revenue of $195 million to $203 million vs. the average analysts' view for earnings of 46 cents a share on revenue of $195.2 million. The sell side was bullish ahead of the report with 5 of 7 analysts covering the shares at either strong buy (3) or buy (2) and the 12-month median price target at $7.50, implying potential upside of 35% from Monday's close. The stock's forward price-to-earning multiple is at 12.1X vs. 13.1X for the S&P 500. Check out TheStreet's quote page for eResearch Technology for year-to-date share performance, analyst ratings, earnings estimates and much more.