iLab Solutions 2010 Financial Summary, February 2011

iLab Solutions, a software company who develops web-based systems for research institutions to streamline their business processes, announced financial results for FY 2010. The company reported a positive cash flow in 2010 and revenue more than doubled compared to 2009.

Most of the new revenue growth realized in 2010 was driven by iLab’s Core Facility Management module, which was deployed to facilities in every region of the US. iLab began partnerships with a number of new institutions, including Memorial Sloan-Kettering Cancer Center in New York, the Institute for Systems Biology in Seattle, and Wayne State University in Detroit. Additionally, the company continued to deploy the Materials Management module to new labs.

“We are thrilled by the expansion of our customer partnerships,” said iLab Chief Executive Officer, Tad Fallows. He added that, “the most important aspect of our success is seeing our customers realize significant time and money savings in today’s difficult grant funding environment. It is deeply satisfying that the fastest-growing aspect of our business is the growth of existing relationships and referrals from satisfied partners.”

To continue to grow its business, iLab is looking at other ways to help make the business processes used in research institutions more efficient and systematic. The company is investing heavily in updating current services and developing new system functionality to further meet the needs of their current customers. Based on these efforts, iLab projects continued rapid revenue growth in 2011. Fallows reports that iLab has already booked an 85% revenue increase for 2011 over 2010.