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Biotech / Medical : eResearchTechnology - ERES

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From: REH1/31/2005 4:32:51 AM
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Forbes Magazine
The Price Makes The Stock
Thursday January 27, 6:36 pm ET
By Vahan Janjigian

A company with a much cleaner balance sheet is Eresearch Technology (13, ERES), which makes software systems for managing clinical and cardiac data. Revenues come from licensing and service fees and from hosting data hubs that receive readings from electrocardiograms. The stock topped out last July at $29, when growth suddenly slowed and management ratcheted down projections.

Nevertheless, the company is generating lots of cash. Despite buying back $6 million of stock in 2004's third quarter, the company increased its cash balance by the same amount. Eresearch sells at a rich 25 times trailing earnings. I think it's worth more--$17, in fact.
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