inVentiv Health Reports Record Financial Results for Third Quarter 2007
SOMERSET, N.J., Nov. 7 /PRNewswire-FirstCall/ -- inVentiv Health, Inc. , a leading provider of commercialization services to the global pharmaceutical and healthcare industries, today announced financial results for the third quarter of 2007.
Unless otherwise noted, adjusted figures for all periods exclude equity compensation expense and interest income or expense related to the Company's interest rate hedge on its term loan facility, as further detailed in Note 1 and reconciled to GAAP in Table 3.
Mr. Eran Broshy, Chairman and Chief Executive Officer of inVentiv Health, commented, "I am pleased with inVentiv's record third quarter results and our continued strong revenue and earnings growth, reflecting our premier market position, effective execution and continued new win momentum."
Mr. Broshy continued, "inVentiv has built a strong and diversified business model offering best-in-class services, which uniquely positions the company in a marketplace that is currently in flux. We are seeing a strengthened new business pipeline, and given the significant market opportunity are making select investments and continuing to build to further strengthen our market position."
A replay of the call will be available immediately following the call through November 14, 2007 at (800) 642-1687 or (706) 645-9291. The conference ID number for the replay is 18516004.
In concert with the call, information regarding inVentiv Health's historical and recent operational and financial performance will be available at www.inventivhealth.com/health/investorRelations/investorDecks.asp.
About inVentiv Health
inVentiv Health, Inc. is an insights-driven global healthcare leader that provides dynamic solutions to deliver customer and patient success. inVentiv delivers its customized clinical, sales, marketing and communications solutions through its four core business segments: inVentiv Clinical, inVentiv Communications, inVentiv Commercial, and inVentiv Patient Outcomes. inVentiv Health's client roster is comprised of more than 275 leading pharmaceutical, biotech, life sciences and healthcare payor companies, including all top 20 global pharmaceutical manufacturers. For more information, visit www.inventivhealth.com.
(1) USE OF NON-GAAP FINANCIAL MEASURES
This press release contains non-GAAP financial information which is intended to make the Company's financial statements more directly comparable on a period-to-period basis. The objective is to enhance investors' overall understanding of the Company's past financial performance and its planning and forecasting of future periods. Table 3 below contains reconciliations of the non-GAAP financial measures contained in this press release to the most directly comparable GAAP financial measures. The "adjusted" non-GAAP financial information discussed in this press release is related to the following two factors:
In addition, this press release contains non-GAAP financial information related to the pro-forma organic net revenue growth rate for 2007. This growth rate is calculated as if all companies acquired by the Company as of September 30, 2007 were owned by it as of January 1, 2006.
These non-GAAP measures are not in accordance with, or an alternative for, generally accepted accounting principles and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. Non-GAAP measures have limitations in that they do not reflect all of the amounts associated with the Company's results of operations as determined in accordance with GAAP and these measures should only be used to evaluate the Company's results of operations in conjunction with the corresponding GAAP measures. Management believes that the non-GAAP financial information included in the exhibit, when shown in conjunction with the corresponding GAAP measures, is useful to investors in assessing the performance of the Company's operations on a consistent basis from period to period. Management uses these non-GAAP financial measures for the same purpose.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks that may cause inVentiv Health's performance to differ materially. Such risks include, without limitation: changes in trends in the pharmaceutical industry or in pharmaceutical outsourcing; our ability to compete successfully with other services in the market; our ability to maintain large client contracts or to enter into new contracts; and, our ability to operate successfully in new lines of business. Readers of this press release are referred to documents filed from time to time by inVentiv Health, Inc. with the Securities and Exchange Commission for further discussion of these and other factors.
CONTACT: Investors-Corporate: David S. Bassin, CFO, +1-732-537-4804,
firstname.lastname@example.org; Media: Marcia Frederick, +1-614-543-6281,
email@example.com, both of inVentiv Health, Inc.