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Datatrak International, Inc. (OTC Markets: DTRK) reported its financial results for Q3 and the first nine months of 2021, revealing a decline in revenue to $1.52 million in Q3 2021 from $1.75 million in Q3 2020. The company incurred a net loss of $431,000 compared to a loss of $27,000 in the prior year. Despite these challenges, Datatrak added two new customers in Q3 and extended a contract with a major CRO partner. The backlog decreased to $10.8 million, down from $13.7 million at the end of 2020, indicating potential revenue generation challenges ahead.
Datatrak International (OTC: DTRK) reported its Q2 and H1 2021 operating results, highlighting a 15% increase in revenue-generating contracts and an 11% rise in customers year-over-year. However, Q2 revenue dropped to $1.6M from $1.7M in the previous year, with direct costs increasing to $545K. Despite a gross margin decline from 73% to 66%, Datatrak achieved a net income of $501K, aided by a PPP loan forgiveness. The company's backlog decreased to $12.3M from $13.7M, reflecting concerns about potential revenue generation going forward amidst the ongoing impact of COVID-19.
Datatrak International, Inc. (DTRK) reported its Q1 2021 results, showing a revenue decline to $1,671,000 from $1,951,000 in Q1 2020. Despite this, the company achieved a 14% increase in revenue-generating contracts and an 8% rise in customer numbers. Gross profit margin dropped to 70% from 75%. Datatrak recorded an operational loss of $110,000 compared to a profit of $62,000 in the previous year. Notably, the company's backlog decreased slightly to $13.3 million. The company also secured a $750,000 line of credit with KeyBank.
Datatrak International (OTC: DTRK) has launched Datatrak Direct, an all-in-one app for ePRO, eCOA, and eConsent, now available on iOS and Android. This app aims to enhance data collection for clinical trials by allowing users to enter data anytime, anywhere, and store it securely on the Datatrak Enterprise Cloud. Key features include drag-and-drop trial design tools and automation of workflows to reduce human errors. The launch responds to a growing demand for decentralized trials, improving patient engagement and data accuracy.
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