April 28, 2009 / 9:02 PM / 10 years ago

UPDATE 1-Phase Forward Q1 profit rises

* Q1 adj EPS $0.15

* Revenue $49.4 mln

* Sees 2009 adj EPS $0.51 to $0.54

* Sees Q2 adj EPS $0.12-$0.13

April 28 (Reuters) - Clinical-trial software and services provider Phase Forward Inc PFWD.O posted a higher quarterly profit as revenue from InForm, its electronic data capture product, jumped 26 percent.

The company earned $5.2 million, or 9 cents a share, for the first quarter, compared with $4.4 million, or 9 cents a share, in the year-ago period.

Excluding items, the company earned 15 cents a share.

InForm license, application hosting and other related revenue was $36.4 million, representing nearly 75 percent of first-quarter total revenue.

The company raised the lower end of its 2009 profit outlook by a penny to a range of 51 cents to 54 cents a share, excluding items.

The company also raised its non-GAAP revenue outlook to between $207 million and $212 million, from its prior forecast of $200 million to $205 million.

Shares of Phase Forward, whose clients include Merck and Co (MRK.N), Schering-Plough Corp SGP.N and GlaxoSmithKline Inc (GSK.L), closed at $12 Tuesday on Nasdaq. (Reporting by Aradhana Aravindan in Bangalore; Editing by Deepak Kannan)

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