BioClinica Reports Record Quarterly Service Revenues

NEWTOWN, Pa.--(BUSINESS WIRE)--BioClinica®, Inc. (NASDAQ: BIOC), a global provider of clinical trial management solutions, today announced its financial results for the second quarter and six months ended June 30, 2011.

Financial highlights for the quarter ended June 30, 2011 include:

• Service revenues increased 8.7% to a record $16.9 million as compared with $15.5 million for the same period 2010.
• GAAP income from operations was $1.5 million, as compared with $657,000 for the same period 2010, an increase of 125%.
• GAAP net income was $924,000, or $0.06 per fully diluted share, as compared with $403,000, or $0.03 per fully diluted share, for the same period 2010.
• Non-GAAP income from operations increased 45.6% to $2.0 million as compared with $1.4 million for the same period 2010.
• Non-GAAP net income increased 48.6% to $1.3 million as compared with $851,000; on a fully diluted basis, Non-GAAP earnings per share increased 60% to $0.08 per share, as compared with $0.05 per fully diluted share reported for the same period 2010.
• Backlog was $112.5 million as of June 30, 2011, an 8.0% increase as compared with $104.2 million as of June 30, 2010.

Financial highlights for the six months ended June 30, 2011 include:

• Service revenues increased 9.1% to $33.0 million as compared with $30.3 million for the same period 2010.
• GAAP income from operations was $2.0 million as compared with $1.8 million for the same period 2010, an increase of 12.3%.
• GAAP net income was $1.3 million, or $0.08 per fully diluted share, as compared with $1.1 million, or $0.07 per fully diluted share, for the same period 2010.
• Non-GAAP income from operations increased 23.4% to $3.9 million as compared with $3.1 million for the same period 2010.

• Non-GAAP net income increased 26.3% to $2.4 million compared with $1.9 million in the prior year’s period, and was $0.15 per fully diluted share, a 25% increase compared with $0.12 per fully diluted share reported for the same period 2010.
• During the second quarter, we repurchased 67,400 shares of BioClinica stock at an average price of $5.19 per share, as part of our stock repurchase program. For the first half of 2011, we purchased 105,013 shares of BioClinica stock at an average price of $5.12 per share. At June 30, 2011, there was $1.4 million of funds remaining that may yet be used to repurchase shares under the plan that originally authorized purchases up to $2 million.

“By providing best-in-class combined technology and service solutions and a clear line of site to a unified clinical research solution, we are getting a tremendous reception from the entire continuum of pharma and medical device companies. The industry is rapidly accepting that a new development paradigm is needed and that the new paradigm requires new solutions, i.e. BioClinica. Our second quarter financial results show the strength of our historical core medical imaging services combined with the ever-increasing acceptance of our new products and services. For the quarter we showed growth across the board, including: service revenue, gross margin on service revenue, operating income, net income and earnings per share, and we ended the quarter with a strong backlog of $112.5 million,” said Mark L. Weinstein, President and CEO of BioClinica.

Mr. Weinstein added, “We continue to get tremendous traction on our Trident IVR/IWR product which we released in the fourth quarter of last year. Since its initial launch we have had 11 new clients involving 24 studies commit to the Trident platform for their IVR/IWR needs. Everyone that is introduced to Trident is very pleased with its unparalleled efficiency and accuracy.”

“Similar to Trident, we are also beginning to see traction for our OnPoint CTMS, Clinical Trial Management System (‘CTMS’) solution,” he continued. “Initially oriented towards small- to medium- pharma companies, we are now seeing tremendous interest from major global pharmaceutical companies and medical device companies as well. OnPoint’s tight integration with Microsoft® SharePoint enables users to interact with our CTMS solution via Microsoft Office applications (Outlook, Excel, Word, etc.), speeding user adoption and compliance. BioClinica’s growth is not only attributed to our technologies that meet and exceed client demands, it is also the result of our agile and innovative staff, including our expert development organization that creates and supports these various technologies.”

Mr. Weinstein concluded, “We intend to continue this momentum by broadening our client base and increasing the adoption of our products and services. With our strong backlog, and our continued strengthening of our suite of products and services, we remain on track to achieve our previously issued guidance. We are reiterating our expectations for full-year 2011 service revenues to be in the range of $66 to $70 million, our full-year GAAP EPS, including a restructuring charge of $0.06 per share, to be in the range of $0.16 to $0.21 per diluted share, and our full-year non-GAAP EPS to be in the range of $0.30 to $0.35 per diluted share.”

Conference Call Information

Management of BioClinica, Inc. will host a conference call today at 11:00 a.m. EDT. Those who wish to participate in the conference call may telephone 877-869-3847 from the U.S.; international callers may telephone 201-689-8261, approximately 15 minutes before the call. There will be a simultaneous webcast on www.bioclinica.com. A digital replay will be available by telephone approximately two hours after the call’s completion for two weeks, and may be accessed by dialing 877-660-6853 from the U.S. or 201-612-7415 for international callers, Acct. # 360; Replay ID # 375931. The replay will also be on the website under “Investor Relations” at www.bioclinica.com for two weeks.

Non-GAAP Financial Information

BioClinica is providing information on 2011 and 2010 non-GAAP income from operations, non-GAAP net income and non-GAAP diluted earnings per share that exclude certain items, as well as the related income tax effects, because of the nature of these items and the impact they have on the analysis of underlying business performance and trends. The non-GAAP information excludes, certain of which are recurring in nature, the impact of stock-based compensation, amortization of intangible assets related to acquisitions, restructuring charges and merger and acquisition costs. We believe the non-GAAP information provides supplemental information useful to investors in comparing our results of operations on a consistent basis from period to period. Management uses these non-GAAP measures in assessing our core operating performance and evaluating our ongoing business operations. These measures are not in accordance with, or an alternative for, generally accepted accounting principles (GAAP) and may be different from non-GAAP measures used by other companies. Therefore, the information may not necessarily be comparable to that of other companies and should be considered as a supplement to, not a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP. Investors are encouraged to review the reconciliations of these non-GAAP financial measures to the comparable GAAP results, which are included below in this press release.

About BioClinica, Inc.

BioClinica, Inc. is a leading global provider of integrated, technology-enhanced clinical trial management solutions. BioClinica supports pharmaceutical and medical device innovation with imaging core lab, internet image transport, electronic data capture, interactive voice and web response, clinical trial management and clinical supply chain design and optimization solutions. BioClinica solutions maximize efficiency and manageability throughout all phases of the clinical trial process. With over 20 years of experience and more than 2,000 successful trials to date, BioClinica has supported the clinical development of many new medicines from early phase trials through final approval. BioClinica operates state-of-the-art, regulatory-body-compliant imaging core labs on two continents, and supports worldwide eClinical and data management services from offices in the United States, Europe and Asia. For more information, please visit www.bioclinica.com.

Certain matters discussed in this press release are “forward-looking statements” intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. In particular, the Company’s statements regarding trends in the marketplace and potential future results are examples of such forward-looking statements. The forward-looking statements include risks and uncertainties, including, but not limited to, the consummation and the successful integration of current and proposed acquisitions, the timing of projects due to the variability in size, scope and duration of projects, estimates and guidance made by management with respect to the Company’s financial results, backlog, critical accounting policies, regulatory delays, clinical study results which lead to reductions or cancellations of projects, and other factors, including general economic conditions and regulatory developments, not within the Company’s control. The factors discussed herein and expressed from time to time in the Company’s filings with the Securities and Exchange Commission could cause actual results and developments to be materially different from those expressed in or implied by such statements. The forward-looking statements are made only as of the date of this press release and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstance. You should review the Company’s filings, especially risk factors contained in the Form 10-K and the recent Form 10-Q.