Phase Forward Inc. (PFWD) announced that its Board of Directors has authorized the repurchase of an additional $25 million of its common stock. The program is expected to be completed by Dec 31, 2010.

Earlier, Phase Forward completed the previously announced $40 million share repurchase program. The company expects to use cash on hand and cash generated from operations to fund repurchases of its common stock. Phase Forward exited 2009 with cash and equivalents of $135.5 million.

Earlier this month, Phase Forward reported better-than-expected results for the fourth quarter of 2009.
Management expects to deliver solid financial results in 2010. Revenue is expected to grow by low to mid-teens including a rapid growth in the Interactive Response Technology market and growth in the high-single-digit to 10% range related to Electronic Data Capture (EDC) offerings.

Revenue is projected between $56 million and $57.5 million for the first quarter of 2010. Operating income is estimated around $7.3 million and $8.1 million. EPS is forecasted around 11 – 12 cents. For full year 2010, Phase Forward expects revenue between $240 million and $248 million. EPS is projected between 54 cents and 60 cents.

We believe the increasing adoption of EDC will benefit Phase Forward. The company’s product range could help it to gain market share, allowing it to grow at above-market rates, leading to positive revenues, earnings surprises and revisions.

Headquartered in Princeton, New Jersey, Phase Forward is a leading provider of data management solutions for clinical trials and drug safety.
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