Research Management Software company iLab Solutions announced financial results today for Fiscal Year 2011. The company, which is the leading provider of core facility management tools for research institutions, reported greater than 100% revenue growth, marking the company’s fourth consecutive year of triple-digit revenue growth. iLab also reported a positive cash flow for the fiscal year and doubled its employee count from 2010.
iLab signed new contracts for core facility management with a number of leading research institutions in 2011, including Johns Hopkins University, Baylor College of Medicine, Cold Spring Harbor Laboratory, The Methodist Hospital Research Institute, Sanford-Burnham Medical Research Institute, and the National Heart, Lung and Blood Institute of NIH. iLab also broadened its relationship with existing clients, such as Weill Cornell Medical College. Additionally, the Norwegian University of Science and Technology became the first international institution to use iLab’s Core Facility Management system.
“Research cores and labs face business management challenges which can exact a heavy toll on scientific productivity, create unwieldy billing procedures and make auditing compliance difficult,” says iLab CEO Tad Fallows. “We work closely with our customer partners to identify and deploy management solutions to address these challenges.”
iLab invested heavily in enhancing its software and service offerings in 2011. New functionality enhancements included software to track actual equipment usage, complex reporting options, multi-core collaboration functionality, a new homepage interface, and improvements to the sample upload and calendar features.
iLab expanded its Engineering and Product Management teams in early 2012 to support a continued acceleration of new feature development in the year ahead. “Our competitive advantage is our willingness to make our clients’ long term success our top priority; the new features currently under development will further the ability of universities and hospitals to realize significant savings and accelerate the pace of research,” says Chief Software Architect, Andreas Hagen.
iLab expects financial results for Fiscal Year 2012 to continue the trajectory of rapid growth; by the end of Q1, 2012, iLab had already booked a 70% revenue increase over Fiscal Year 2011.