NORTH READING, Massachusetts, Nov. 13, 2017 /PRNewswire/ -- TraceLink Inc., the World's Largest Track and Trace Network for connecting the life sciences supply chain and providing real-time information sharing for better patient outcomes, today announced financial and company results for the third quarter of 2017.
Growth highlights for the third quarter of 2017 include:
- An 84 percent year-over-year increase in Q3 revenue, including revenue growth of over 230 percent in both the EMEA and India regions, respectively;
- A 60 percent year-over-year increase in new year-to-date bookings with a record 517 percent increase in new year-to-date bookings for the India region;
- A two-year revenue compound annual growth rate (CAGR) of 70 percent;
- A 59 percent year-over-year increase in global employee growth, driven by massive expansions in EMEA (184 percent), India (113 percent) and APAC (200 percent), for a total of 379 employees worldwide; and
- A total of more than 700 TraceLink customers, spanning all segments within the global pharmaceutical supply chain across the U.S., EMEA, India and APAC regions, including:
- 46 percent representing pharmaceutical and contract manufacturers;
- 7 percent representing wholesale distributors and parallel importers; and
- 47 percent representing pharmacies, hospitals and health systems.
"This quarter was a true demonstration of our ability to deliver on the goal we set out to achieve for 2017, which was to globally expand our market leadership position and increase worldwide customer adoption of the Life Sciences Cloud platform," said Shabbir Dahod, president and CEO, TraceLink. "The industry's need for a proven, scalable network is validated by our continuous quarter-over-quarter customer growth, representing more customers than all other solution providers combined in this space. As the industry surges towards a fully serialized world of pharmaceutical products, TraceLink is capitalizing on its mission to build the world's only digital supply and information sharing network that, in the near term, will ensure compliance for the life sciences supply chain, and in the future, unlock unprecedented and transformative value for the healthcare industry."
Additional Q3 2017 growth highlights and milestones include:
- Acquiring ROC IT Solutions, the leader in intelligent edge data capture for serialized product inventory in the pharmaceutical supply chain – adding industry-leading edge solution, EdgeTRAC™, into the TraceLink family of serialization software solutions, creating the most comprehensive portfolio of serialization solutions on the market, extending the capture, process and exchange of serialized product data across their digital supply chain networks to product inventory in their warehouses – at the "edge" of the supply chain.
- Demonstrating the industry's only proven solution with the most serialization-ready companies on the network – with more than 100 contract manufacturing organizations on the TraceLink Life Sciences Cloud Network that are serialization-ready as of the end of Q3.
- Providing educational industry forums across Europe and the U.S. - delivering five regional workshops during Q3 in London, Paris, Munich, Basel and New Jersey, with educational content and customer presentations on serialization preparations.
- Experiencing a surge of pharmaceutical customers replacing competitive offerings with TraceLink solutions - citing long implementation delays, gaps in country compliance coverage, repeated unsuccessful validation attempts, and high costs as primary factors that these companies have moved away from other vendors and selected TraceLink.
- Expanding the industry's only community for serialization stakeholders across the supply chain – adding 275 new members to the TraceLink Cloud Community during the third quarter, totaling over 3,100 Cloud Community members representing more than 650 companies in the life sciences supply chain.
- Executing unprecedented serial number volumes globally – commissioning more than 462 million serial numbers and processing 3.5 billion serialized events to date.
- Processing global compliance reports for millions of product units – processing over 43,000 compliance documents for 96 million units of product in the EU, China, Brazil, India and South Korea.
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 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 three consecutive years on Deloitte's Technology Fast 500 (ranked number 177 in 2017), 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.