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IDBS Releases Mid-Year Results, Says it is on Track for 'Best Ever' Financial Performance in 2010

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IDBS announced that its revenues for the six months ended June 30 rose by 20 percent over the same period last year to $20.3 million, an increase that company officials attributed to “continuing expansion and growth in demand for its products and services.”

In a statement, the privately held company said that the results follow the “excellent progress” it made in full-year 2009, in which revenues grew 12 percent to $36.4 million.

Since IDBS purchased InforSense in an all-cash transaction last June, the company has secured several new contracts including an agreement with Barts Hospital and the London NHS Trust earlier this year to use IDBS’ ClinicalSense application among other tools to study the effects of genes and genomic variation on cardiovascular disease (BI 07/02/2010).

Excluding the impact of InforSense, IDBS said that revenue growth for the remainder of its business "was well into double digits” for the first half of the year — particularly from several projects in the pharmaceutical industry that used the company’s E-WorkBook Suite.

Overall, IDBS said that software sales for the first half of 2010 grew by 44 percent over the prior-year period, maintenance revenues grew by 13 percent, and professional services increased by 25 percent.

The company did not provide additional details of its financial performance.

Neil Kipling, founder and CEO of IDBS, said that the company is "confident that IDBS is on track to achieve its best ever financial performance in 2010 and to continue to make strong progress thereafter."

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