PHARSIGHT REVENUES INCREASE 52% FOR 3RD QUARTER.
Pharsight Corporation (Nasdaq:PHST PHST Pädagogische Hochschule Steiermark (Graz, Austria school)
PHST Packaging, Handling, Storage & Transport(ation)
PHST Packing Handling Storage & Transporting ), Mountain View, Calif., a leading provider of technologies and services that improve the drug development process, has announced results for the third quarter of fiscal 2001. For the quarter ending December 31, 2000, revenue increased 52% to $3.5 million, up from $2.3 million for the quarter ended December 31, 1999.
The company reported a net loss for the quarter of $4.8 million, or ($0.27) per share, compared to a net loss of $2.5 million, or ($0.76) per share (excluding accretion on preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders.
Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. ), for the same period in 1999. The increase in net loss is primarily attributed to amortization of deferred stock compensation (non-cash) and expansion of staff and operations.
As of December 31, 2000, Pharsight had $27.2 million in cash, cash equivalents and short-term investments compared to $16.5 million at March 31, 2000, the end of the company's last fiscal year. The increase was attributable to the net proceeds Net Proceeds
The amount received after all costs are deducted from the sale of a piece of property or security.
In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). from the company's IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. in August, 2000, reduced in part from net cash used in operations.
Art Reidel, Pharsight president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , noted that increased revenue was a result of the expansion of relationships with Pharsight's current customer base and the addition of new customers including Aventis, Bayer and two other leading pharmaceutical companies.
"Our strong customer relationships continue to grow with the results created by our products and services," he said. "We're gratified grat·i·fy
tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies
1. To please or satisfy: His achievement gratified his father. See Synonyms at please.
2. that the reputation we've built and the understanding of the value that Pharsight provides are attracting new customers who are seeking proven solutions to improve their development process and achieve substantial savings in time and money."
In order to meet anticipated demand for its products and services worldwide, Pharsight announced an agreement with PricewaterhouseCoopers (PwC) to co-market and deploy new services and technologies designed to dramatically change the way pharmaceutical companies develop and market new drugs.
Under the agreement, Pharsight and PwC will market and implement a range of integrated services In computer networking, IntServ or integrated services is an architecture that specifies the elements to guarantee quality of service (QoS) on networks. IntServ can for example be used to allow video and sound to reach the receiver without interruption. based on Pharsight's industry-leading Computer Aided Trial Design (CATD CATD Confederación Auténtica de Trabajadores Democráticos (Authentic Confederation of Democratic Workers, Costa Rica)
CATD Corrective Action Tracking Document
CATD Combat Aviation Test Division ) capability. CATD is comprised of advanced simulation and modeling technologies and decision analysis methodologies that enable pharmaceutical researchers to design more effective trials and make better program decisions. Pharsight expects that PwC's global competency in process re-engineering, change management and systems integration will enable the broader deployment and adoption of the combined products and services worldwide.
"While we have continued to meet our objectives with our own resources, the combination of increased demand worldwide and the need to integrate our products into more extensive enterprise infrastructures has created opportunities to collaborate with consulting organizations that have complementary expertise in the global pharmaceutical industry," Reidel said. "We are very pleased that PwC, with its experience and skills in this area, will be our initial consulting collaboration. PwC and Pharsight will give our customers what we believe is the best solution -- backed by the strongest technical, scientific and management talent -for dramatic improvement in drug development."
In addition to the new collaboration and new and expanded customer relationships, Reidel reported advances in Pharsight's Information Product development programs. "This quarter we have seen good progress in the beta testing (programming) beta testing - Testing a pre-release (potentially unreliable) version of a piece of software by making it available to selected users. This term derives from early 1960s terminology for product cycle checkpoints, first used at IBM but later standard throughout the and customer evaluation of our Information Products. We're continuing on track toward the significant contribution of these products to our revenue in fiscal 2002."
About Pharsight Corporation
Pharsight Corporation (Nasdaq:PHST) develops and markets integrated products and services that help pharmaceutical and biotechnology companies improve the drug development process. The company's solutions combine proprietary computer-based simulation, statistical and data analysis tools with the sciences of pharmacology, drug and disease modeling, human genetics Human genetics
A discipline concerned with genetically determined resemblances and differences among human beings. Technological advances in the visualization of human chromosomes have shown that abnormalities of chromosome number or structure are surprisingly , biostatistics and strategic decision-making. Pharsight Corporation is headquartered in Mountain View, California For the census-designated place, see Mountain View, Contra Costa County, California. For other places called "Mountain View", see .
Mountain View is a city in Santa Clara County, in the U.S. state of California. The city gets its name from the views of the Santa Cruz Mountains. .
For more information, visit http://www.pharsight.com or call 650/314-3809.