Phase Forward Incorporated (PFWD), which provides data management solutions for clinical trials and drug safety, reported second-quarter revenues of $52.5 million, up 29% from a year ago level and surpassing consensus estimate of $51 million.

Non-GAAP revenues (excluding $968,000 purchase accounting adjustment to record assumed acquisition deferred revenues and backlog at fair value) were $53.5 million, up from $49.4 million in the prior quarter. Operating expenses increased 45.1% year over year to $27.3 million. GAAP EPS came in at $0.05 while non-GAAP EPS came in at $0.13 beating the consensus estimate by a penny.

Going forward, management expects non-GAAP revenues between $53.0 and $54.5 million while EPS is projected between $0.09 and $0.10. This includes an expected contribution of between $500,000 and $1.3 million from the recently announced acquisitions of Covance’s (CVD) IVRS/IWRS business and Maaguzi lLC being acquired for $10 million and $11 million in cash respectively.

For full year

If you have not read part one of this three part article, please find the link here.

As I have already highlighted, the health care industry is subject to many swings that are caused by macroeconomic variables, regulation, trends, and beliefs.  These changes can be hard to pick up on, especially if you are new to the health care industry or if you are not as familiar with it as with more experienced investors.  In the first part of this article, I explained how the Obama Administration and the FDA are shaping the environment for health care companies.  It is very important to understand the relationship between companies and their stakeholders and the major forces in the industry in order to properly evaluate a health care company.

Major M&A Activity

Recently, there has been some major consolidation within the industry as companies

The healthcare industry is undergoing a large transformation and the whole landscape has drastically changed in the last few quarters. The distressed markets have created immense opportunities for large cap pharmaceutical and biotechnology companies looking to expand their business by expanding their product lines. Even though credit is hard to come by, these “cash cow” companies have been able to raise the necessary funds in order to successfully follow through with their acquisition strategy. In the last few months we saw Pfizer [PFE: 14.16, 0.00 (0.00%)] purchase Wyeth, Merck [MRK: 25.21, 0.00 (0.00%)] sweep up Schering Plough, Roche [RHHBY: 0.00, N/A (N/A)] acquire the rest of Genentech, and Gilead Sciences [GILD: 45.43, 0.00 (0.00%)] acquire CV Therapeutics. This ramp up in healthcare M&A activityhas not been seen in recent years, especially at the levels and sizes we are currently encountering. Is

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