Science 37 Holdings, Inc. (Nasdaq: SNCE), the industry-leading
Metasite™, today unveiled three global Centers of Excellence (COEs)
to gain greater operational efficiencies, consistent development
velocity, and the highest quality for its virtual site operating
model.
The three COEs will be located in India, Pakistan and Slovakia
and will serve as the primary development centers for Science 37’s
unified technology platform that manages study workflow and
captures data for the Metasite. In addition, the COEs will be home
to highly skilled talent that has expertise in data management and
other administrative functions. Importantly, Science 37’s
experienced United States-based management team will retain
oversight of the three COEs.
“We have been highly successful in managing near- and off-shore
resources, across several functions, for the past two years,” said
David Coman, Chief Executive Officer, Science 37. “The three COEs
give us the flexibility to scale the Metasite and accelerate our
path to profitability. We continue to invest in top leadership
talent to ensure we have the right processes and management in
place to execute this at scale, deliver greater efficiency and
speed, and provide industry-leading quality.”
The Company had approximately 85 employees and contractors
located in the three regions at the end of 2022 and expects to
reach nearly 200 in the calendar year 2023. In a corresponding
move, the Company announced approximately 140 United States and
European-based positions were eliminated.
The announced changes come on the heels of a strong first
quarter where the company is providing preliminary results for
gross bookings of more than $23 million, in addition to revenue of
more than $13.5 million and adjusted EBITDA better than ($13.0
million), which are ahead of the Company’s expectations.
The Company also expects to take approximately $12 million in
realization adjustments to gross bookings for the quarter,
approximately $8 million of which came from a single program
that was on hold, was not previously included in the Company’s 2023
phased backlog and was taken into account in its original 2023
revenue guidance.
The preliminary selected financial results for the
quarter ended March 31, 2023 in this press release are preliminary,
are not a comprehensive statement of financial results for such
quarter, and are provided prior to completion of all internal and
external review and audit procedures and, therefore, are subject to
adjustment. Actual results may differ materially from these
estimates depending on a number of factors. Among the factors that
could cause or contribute to material differences between the
Company’s actual results and expectations indicated by the
forward-looking statements are risks and uncertainties that
include, but are not limited to, changes to the Company’s financial
results for the quarter ended March 31, 2023 due to the completion
of financial closing procedures, final adjustments and other
developments that may arise between now and the time that the
Company’s financial statements for the quarter are finalized and
publicly released, and other risks and uncertainties described
below and in the Company’s filings with the U.S. Securities and
Exchange Commission (the “SEC”). Investors are urged to read the
Cautionary Note Regarding Forward-Looking Statements included in
this press release. Management does not assume any obligation to
update these estimates.
The Company has not provided a quantitative
reconciliation of adjusted EBITDA guidance to net (income) loss on
a forward-looking basis within this press release because the
Company is unable, without unreasonable efforts, to provide
reconciling information with respect to interest income,
depreciation, amortization, stock-based compensation, restructuring
costs and change in fair value of the earn-out liability, all of
which are adjustments to adjusted EBITDA. These items, which could
materially affect the computation of forward-looking GAAP net
income (loss), are inherently uncertain and depend on various
factors, some of which are outside of the Company’s
control.
About Science 37
Science 37 Holdings, Inc.’s (Nasdaq: SNCE) mission is to
accelerate clinical research by enabling universal trial access for
patients. Through our Metasite™ we reach an expanded population
beyond the traditional site, delivering on our goal of clinical
research that works for everyone—with greater patient diversity.
Patients gain the flexibility to participate from the comfort of
their own homes, at their local community provider, or at a
traditional site when needed. Our Metasite is powered by a
proprietary technology platform with in-house medical and
operational experts that drive uniform study orchestration,
enabling greater compliance and high-quality data. To learn more,
visit www.science37.com, or email science37@science37.com.
Cautionary Note Regarding Forward-Looking
Statements
This press release contains certain forward-looking
statements within the meaning of the federal securities laws,
including statements regarding Science 37’s anticipated growth and
profitability, the products offered by Science 37 and the markets
in which it operates, expectations related to the planned cost
reduction program, including the timing and amount of cost savings
and cash expenditures and charges, and preliminary gross bookings
and revenue and adjusted EBITDA guidance for fiscal year 2023.
These forward-looking statements generally are identified by the
words “believe,” “can,” “could,” “seek,” “project,” “expect,”
“anticipate,” “estimate,” “intend,” “strategy,” “future,”
“opportunity,” “plan,” “may,” “might,” “should,” “will,” “would,”
“will be,” “will continue,” “will likely result” and similar
expressions. Forward-looking statements are predictions,
projections and other statements about future events that are based
on current expectations and assumptions and, as a result, are
subject to risks and uncertainties. Many factors could cause actual
future events to differ materially from the forward-looking
statements in this press release, including but not limited to: (i)
the ability to maintain the listing of Science 37’s securities on
The Nasdaq Stock Market LLC, (ii) volatility in the price of
Science 37’s securities due to a variety of factors, including
changes in the competitive and highly regulated industries in which
Science 37 operates, variations in performance across competitors,
changes in laws and regulations affecting Science 37’s business and
changes in its capital structure, and general economic and
financial market conditions, including fluctuations in currency
exchange rates, economic instability, and inflationary conditions,
(iii) the ability to implement business plans, forecasts, and other
expectations, and to identify and realize additional opportunities,
(iv) the risk that Science 37 may never achieve or sustain
profitability, (v) the risk that Science 37 will need to raise
additional capital to execute its business plan, which may not be
available on acceptable terms or at all, (vi) failure to realize
anticipated cost savings, and (vii) risks related to general
economic and financial market conditions. The foregoing list of
factors is not exhaustive. You should carefully consider the
foregoing factors and the other risks and uncertainties described
in the “Risk Factors” section of the Company's Annual Report on
Form 10-K for the fiscal year ended December 31, 2022 filed with
the SEC on March 6, 2023 and in the other documents filed by
Science 37 from time to time with the SEC. These filings identify
and address other important risks and uncertainties that could
cause actual events and results to differ materially from those
contained in the forward-looking statements. Forward-looking
statements speak only as of the date they are made. Readers are
cautioned not to put undue reliance on forward-looking statements,
and Science 37 assumes no obligation and does not intend to update
or revise these forward-looking statements, whether as a result of
new information, future events, or otherwise, except as required by
law. Science 37 does not give any assurance that Science 37 will
achieve its expectations.
Media Inquiries
Grazia MohrenScience 37PR@science37.com
Investor Relations
Steve Halper/Caroline PaulLifeSci
AdvisorsInvestors@science37.com
Science 37 (NASDAQ:SNCE)
Historical Stock Chart
From Jun 2024 to Jul 2024
Science 37 (NASDAQ:SNCE)
Historical Stock Chart
From Jul 2023 to Jul 2024