- Science 37 Holdings, Inc. (Nasdaq: SNCE), the industry-leading Metasite™, today unveiled three global Centers of Excellence (COEs) to gain greater operational efficiencies, consistent development velocity, and the highest quality for its virtual site operating model.

The three COEs will be located in India, Pakistan and Slovakia and will serve as the primary development centers for Science 37’s unified technology platform that manages study workflow and captures data for the Metasite. In addition, the COEs will be home to highly skilled talent that has expertise in data management and other administrative functions. Importantly, Science 37’s experienced United States-based management team will retain oversight of the three COEs.

“We have been highly successful in managing near- and off-shore resources, across several functions, for the past two years,” said David Coman, Chief Executive Officer, Science 37. “The three COEs give us the flexibility to scale the Metasite and accelerate our path to profitability. We continue to invest in top leadership talent to ensure we have the right processes and management in place to execute this at scale, deliver greater efficiency and speed, and provide industry-leading quality.”

The Company had approximately 85 employees and contractors located in the three regions at the end of 2022 and expects to reach nearly 200 in the calendar year 2023. In a corresponding move, the Company announced approximately 140 United States and European-based positions were eliminated.

The announced changes come on the heels of a strong first quarter where the company is providing preliminary results for gross bookings of more than $23 million, in addition to revenue of more than $13.5 million and adjusted EBITDA better than ($13.0 million), which are ahead of the Company’s expectations.

The Company also expects to take approximately $12 million in realization adjustments to gross bookings for the quarter, approximately $8 million of which came from a single program that was on hold, was not previously included in the Company’s 2023 phased backlog and was taken into account in its original 2023 revenue guidance.

The preliminary selected financial results for the quarter ended March 31, 2023 in this press release are preliminary, are not a comprehensive statement of financial results for such quarter, and are provided prior to completion of all internal and external review and audit procedures and, therefore, are subject to adjustment. Actual results may differ materially from these estimates depending on a number of factors. Among the factors that could cause or contribute to material differences between the Company’s actual results and expectations indicated by the forward-looking statements are risks and uncertainties that include, but are not limited to, changes to the Company’s financial results for the quarter ended March 31, 2023 due to the completion of financial closing procedures, final adjustments and other developments that may arise between now and the time that the Company’s financial statements for the quarter are finalized and publicly released, and other risks and uncertainties described below and in the Company’s filings with the U.S. Securities and Exchange Commission (the “SEC”). Investors are urged to read the Cautionary Note Regarding Forward-Looking Statements included in this press release. Management does not assume any obligation to update these estimates.

The Company has not provided a quantitative reconciliation of adjusted EBITDA guidance to net (income) loss on a forward-looking basis within this press release because the Company is unable, without unreasonable efforts, to provide reconciling information with respect to interest income, depreciation, amortization, stock-based compensation, restructuring costs and change in fair value of the earn-out liability, all of which are adjustments to adjusted EBITDA. These items, which could materially affect the computation of forward-looking GAAP net income (loss), are inherently uncertain and depend on various factors, some of which are outside of the Company’s control.