Substantial revenue growth and continued profitability despite challenging market conditions
IDBS, provider of integrated data management, analysis and decision-making software for the life sciences, has reported 14% revenue growth for the year ended 31 December 2002.
The UK-based privately owned software vendor - whose customers include leading pharmaceutical and biotechnology companies worldwide such as GlaxoSmithKline, Aventis, AstraZeneca, Amgen, and Millennium - announced substantial new sales of its flagship ActivityBase software suite for managing drug discovery data.
Sales of IDBS's chemistry software applications rose significantly. Growth in software maintenance, corporate licensing and consultancy remained strong as existing customers renewed and extended their collaborations with IDBS.
"We are pleased to report double-digit revenue growth, comprising a sustainable mix of new business, sales of new products, consultancy projects and license renewals," commented Neil Kipling, chairman and CEO. "Despite the pressure on the pharmaceutical and biotech sectors during the year, companies increased their investment in our chemistry and biology data management software.
The solid foundation for the capture, integration and organisation of data provided by our applications is fundamental for discovery research companies striving to reduce cycle times, increase productivity and lower the overall cost of taking drugs to market." IDBS successfully launched four new products during 2002: the IDBS Chemical Technologies, ChemIQ and ChemXtra, for developing chemically-aware software applications; XLfit 3 for curve-fitting and statistics within the Microsoft Excel environment; and DiscoveryChannel, a new concept in web-based ad hoc data mining.
IDBS also announced a host of new customer collaborations including the company's first major sales of ActivityBase in Australia and Canada.
Staff recruitment continued throughout 2002 in all areas of the business, and further openings for 2003 are advertised.
2002 saw the introduction of a new special projects division to cater for increasingly complex global customer projects, including Discovery Warehouse implementations, as well as custom software development projects using technologies such as ChemIQ and ChemXtra.
Revenue growth in IDBS's customer support division continued, which offers consultancy, help desk and training services.
In a comprehensive customer survey carried out at the end of 2002, 60% of customers rated the quality of IDBS Support as better than other software providers they deal with.
"Our strategy of sustainable growth is proving both profitable and effective, particularly during these challenging market conditions," commented Neil Kipling.
"During 2003 we will continue to focus on creating exceptional value for customers through innovative products and excellent service.
We have robust and exciting plans in place for new product development and investment in people."
