OmniComm Systems, Inc. Reports Record Financial Results For The Quarter Ended September 30, 2016

FORT LAUDERDALE, Fla., Nov. 14, 2016 (GLOBE NEWSWIRE) -- OmniComm Systems, Inc. ("OmniComm") (OTCQX:OMCM), a global leading provider of clinical data management technology, today announced record financial results for the year-to-date period and quarter ended September 30, 2016.

"Our latest record-breaking financial results are the culmination of years of effort to develop and deliver the most innovative products and services to our clients and the marketplace as a whole," said Stephen Johnson, OmniComm's Chief Operating Officer and President. "These results demonstrate the recognition from the industry that OmniComm's solutions enable clinical trial sponsors to more effectively and efficiently manage clinical trials."

Quarter Ended September 30, 2016 Financial Highlights

Total revenues for the first nine months of 2016 represent best-ever results of $17.3 million, up from total revenues of $15.3 million for the same time period in 2015, a gain that translates into a 13% year-over-year increase of $2.0 million.  Third-quarter 2016 revenues of $6.8 million broke the previous quarterly revenues record of $5.6 million, reported in the third quarter of 2015.  Contracts from both new clients and existing customers drove the record revenues.

Year-to-date gross margins improved by $1.7 million or 14% to a record of $13.5 million, relative to $11.8 million for the same period ended September 30, 2015. Operating expenses grew year-to-date by a modest 2% or $240,000, compared to the same period in 2015.  

For the nine months ended September 30, 2016, operating income was best-ever $1.8 million, a 338% year-over-year improvement, compared to operating income of $419,000 for the first nine months of 2015.

"Focus, discipline and execution are the three words that describe our financial performance for both the quarter and the year-to-date period," said Tom Vickers, OmniComm's CFO. "This success is a confirmation of our business model.  Our ability to grow revenue, while maintaining control over our costs is clearly evident in these record-breaking results."