TraceLink Achieves 55% Overall Revenue Growth for Q3 2018
TraceLink Inc., the world’s largest integrated digital supply network, providing real-time information sharing for better patient outcomes, today announced financial and company results for the third quarter of 2018.
Financial growth highlights for Q3 2018 include:
- A 55 percent year-over-year increase in Q3 revenue, including growth in the following regions:
- 165 percent revenue growth in EMEA;
- 145 percent revenue growth in APAC; and,
- 63 percent revenue growth in India.
- A 53 percent year-over-year increase in all bookings for Q3, including a 120 percent increase in EMEA bookings for the quarter;
- A two-year revenue compound annual growth rate (CAGR) of 71 percent;
- A total of 1,016 customers by the end of Q3, representing a 46 percent year-over-year increase in total customers, located across 44 countries, including:
- 63 percent representing pharmaceutical and contract manufacturers;
- 5 percent representing wholesale distributors, 3PLs and repackagers; and
- 32 percent representing pharmacies, hospitals, clinics and health systems.
- A total of 486 employees worldwide as of the end of Q3, with the Company forecasting a total of 539 employees by the end of 2018.
“With over 1,000 customers and more than 272,000 trading partners, TraceLink has officially created the world’s largest integrated digital supply network. The effort has been the result of tremendous collaboration across the industry on compliance, standards and business processes. Today, billions of serial numbers are flowing through the TraceLink network, enabling companies to exchange serialized information - not only to meet compliance, but also to enhance their operations and improve patient care,” said Shabbir Dahod, president and CEO, TraceLink. “As we continue to execute on our vision to build the digital supply chain, we are utilizing our recent capital of $93 million to make strategic investments into creating a patient-centric, digital information-sharing ecosystem that crosses across the globe to maximize the efficacy, quality, safety, security and availability of life sciences products that improve human life.”
Additional Q3 2018 growth highlights and milestones include:
- Leading the market with the industry’s most serialization-ready customers - with over 380 companies on the TraceLink network that are live with serialization.
- Demonstrating unmatched scalability by adding approximately 1.5 billion serial numbers every month to the TraceLink repository - commissioning 185 million serial numbers in Q3, for a total of 28 billion serial numbers represented overall in the TraceLink system.
- Accelerating company and trade partner connectivity - as a result of the “network effect” on the Life Sciences Cloud with:
- More than 280,436 links, or individual connections for serialization, between TraceLink customers and their trade partners on the TraceLink Network;
- Over 38,000 users regularly accessing the Life Sciences Cloud;
- More than 580,000 files exchanged every week;
- Unveiling Product Information Manager, a standards-based network application built on TraceLink’s end-to-end information-sharing platform - Designed to leverage serialized product information and address a range of business use cases such as rich media product education, patient engagement, and digital recalls, Product Information Manager will first deliver capabilities for master data sharing, verification routing and verification responses, in order to help companies meet the 2019 U.S. Drug Supply Chain and Security Act (DSCSA) saleable returns verification requirement.
- Releasing Smart Rx Manager for EU pharmacists, hospitals, clinics and dispensing doctors - enabling them to seamlessly and cost-effectively achieve compliance with the verification and decommissioning requirements of the European Union Falsified Medicines Directive (FMD).
- Announcing its Russia compliance solution - Providing companies with the ability to meet requirements for serialization, traceability, and compliance reporting for all pharmaceutical manufacturers that supply medicines to the Russian market, in advance of the country’s December 2019 enforcement deadline.
- Joining the Irish Medicines Verification Organization (IMVO) serialization pilot study - to support pharmacies and clinics across Ireland in the pilot, which aims to gather critical data and end user insights into the day-to-day operation of a serialization service for compliance with the EU FMD.
- Processing global compliance reports for millions of product units - over 84,000 compliance documents for more than 291 million units of product in the EU, China, Brazil, India and South Korea.