NORTH READING, Mass., Nov. 16, 2016 /PRNewswire/ -- TraceLink Inc., the World's Largest Track and Trace Network for connecting the life sciences supply chain and eliminating counterfeit prescription drugs from the global marketplace, today announced financial and company results for the third quarter of 2016.
Company growth highlights for third quarter of 2016 include:
- A 112 percent year-over-year increase in overall sales bookings;
- A 111 percent year-over-year increase in new bookings;
- A two-year revenue compound annual growth rate (CAGR) of 83 percent;
- A 110 percent increase in customer growth year-over year, with 55 new customers added during the third quarter. Of the new customers, 51 percent selected TraceLink for serialization; and
- 63 brand owner and contract manufacturing organization (CMO) connections that are live in GMP validated production environment and exchanging serialization data.
"Our continuous company performance and success is a strong indicator that the industry is beginning to recognize the urgency of serialization and that a proven solution with an end-to-end network model is the only way to ensure drug supply and safety," said Shabbir Dahod, president and CEO of TraceLink. "As compliance deadlines get closer, we've seen an increasing trend of companies who have previously selected other solution providers promising DSCSA solutions but abandon those decisions after recognizing that TraceLink is the only proven solution available with live serialization customers. While many providers are still focusing on implementation, TraceLink maintains a long-term vision on track and trace and has developed industry performance benchmarks in serialization that demonstrate speed, scalability and the ability to efficiently exchange data with trade partners on the Life Sciences Cloud."
Additional highlights include:
- Delivering unprecedented serial number exchange TraceLink has already commissioned more than 100 million serial numbers in a GMP validated environment, with 183 percent growth year to date, and 235 percent growth compared to third quarter of 2015.
- Experiencing a rapid-growing customer base - hitting a milestone of 119 pharmaceutical and contract manufacturing customers and 444 customers overall, utilizing the Life Sciences Cloud, including:
- 27 percent representing pharmaceutical & contract manufacturers (28 percent are among the top 100 global manufacturers, 14 percent are contract manufacturers, 58 percent are small to mid-sized, including virtual pharmaceutical companies);
- 10 percent representing wholesale distributors; and
- 63 percent representing dispensers.
- Leading the market in technology performance and innovation - TraceLink is the only company to demonstrate and publish its performance capabilities in processing and commissioning serial numbers to the expected scale and capacity necessary for the industry to comply with global regulations. The TraceLink Life Sciences Cloud demonstrates the capability to provision/commission 250 million serial numbers and serial number read/write speeds averaging 70,000/per second and 9,500/per second but performing as high as 150,000/per second and 14,000/per second.
- Executing on NEXUS '16 with the highest attendance to date which attracted thought leaders from across the global pharmaceutical supply chain, with 10 keynotes and 26 sessions/discussions from industry leaders, as well as global standards and regulatory organizations including GS1-US, EMVO, INTERFARMA, SINDUSFARMA, and the Indian Drug Manufacturers Association.
- Expanding partnerships with 3PL and Repackaging customers - announced Woodfield Distribution and Sharp Packaging Services selected TraceLink to help their customers prepare for U.S. Drug Supply Chain Security Act (DSCSA) regulations for serialization.
- Gaining access to over 80 percent of the entire U.S. hospital market through its group purchasing organization (GPO) partnerships - announced Intalere as the most recent GPO that selected TraceLink to offer DSCSA compliance solutions to 90,000 healthcare provider members within its network.
- Driving interoperability for serialization - TraceLink was named to the steering committee for the Open Serialization Communication Standard (Open-SCS) Working Group, a consortium driven by healthcare providers to directly address the healthcare industry's product serialization regulations over the next decade.
TraceLink is the World's Largest Track and Trace Network for connecting the Life Sciences supply chain and eliminating counterfeit prescription drugs from the global marketplace. Leading businesses, including 16 of the top-20 global pharmaceutical companies, trust the TraceLink Life Sciences Cloud to deliver complete global connectivity, visibility and traceability of pharmaceuticals from ingredient to patient. A single point and click connection to the Life Sciences Cloud creates a supply chain control tower that delivers the information, insight and collaboration needed to improve performance and reduce risk across global supply, manufacturing and distribution operations. A winner of numerous industry awards including Deloitte's Technology Fast 500 (ranked number 293 in 2015), the Amazon AWS Global Start-Up Challenge Grand Prize, and the Edison Award for Innovation in Health Management, the Life Sciences Cloud is used by businesses across the globe to meet strategic goals in ensuring global compliance, fighting drug counterfeiting, improving on-time and in-full delivery, protecting product quality and reducing operational cost. For more information on TraceLink and our solutions, visit www.tracelink.com or follow us on LinkedIn, Twitter and Facebook.
TraceLink is funded by FirstMark Capital, Volition Capital and F-Prime Capital.
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SOURCE TraceLink Inc.