Not so hot! They got some 60% of what they had year-end... vs 100% for a Medidata. Might just be the business model... but a 50% growth in bklg turned into 12% growth in annual sales. Still, they got enough cash from somewhere to run the co. at breakeven + the 750k. So no pressing need for cash, unless it was the need for this metric that caused them to squeeze q4 costs? ... maybe that explains why they have not used the r/s for anything, yet.
when they announce they are making an investment in sales and marketing etc, that either means they expect that more of the backlog will be converted to revenue and produce profit or they see the company already making 100-200k a qtr and think they can reinvest a good chunk of that profit.