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InVentiv's clinical segment revenue down 6%

February 24, 2010

InVentiv Health Inc. (NASD: VITIV) said fourth-quarter revenue fell 5.9% in its clinical segment -- which includes clinical research staffing and outsourcing -- to $51.3 million from $54.5 million in the fourth quarter of 2008.

The company said demand for staffing fell, but that was partially offset by growth in the clinical segment's other operations such as its outsourcing services.

For full-year 2009, inVentiv reported revenue in its clinical segment fell 3.4% to $209.5 million from 2008 revenue of $216.9 million.

InVentiv's total fourth-quarter revenue fell 3.0% on a year-over-year basis to $274.8 million. The company posted net income of $16.6 million compared with a net loss of $162.4 million the fourth quarter of the previous year.

InVentiv posted full-year 2009 revenue of $1.07 billion, a decline of 4.3%. The company's 2009 net income was $47.7 million; in 2008 it reported a net loss of $126.9 million.