BioClinica Announces Second Quarter 2010 Financial Results

BioClinica Announces Second Quarter 2010 Financial Results
Conference Call Today at 11:00 A.M. EDT
 

NEWTOWN, Pa., Aug 04, 2010 (BUSINESS WIRE) -- BioClinica(TM), Inc., a global provider of clinical trial management services, today announced its financial results for the second quarter and six months ended June 30, 2010.

Financial highlights for the quarter ended June 30, 2010 include:

-- Service revenues were $15.7 million as compared with $13.9 million for the same period 2009.

-- GAAP income from operations was $812,000 as compared with $702,000 for the same period 2009.

-- GAAP net income was $497,000, or $0.03 per fully diluted share, as compared with $529,000, or $0.04 per fully diluted share, for the same period 2009.

-- Non-GAAP income from operations was $1.5 million as compared with $1.4 million for the same period 2009.

-- Non-GAAP net income was $945,000, or $0.06 per fully diluted share, as compared with $1.0 million, or $0.07 per fully diluted share, for the same period 2009.

-- Backlog was $104.2 million as of June 30, 2010, as compared with $94.1 million as of June 30, 2009.

Financial highlights for the six months ended June 30, 2010 include:

-- Service revenues were $30.4 million as compared with $28.4 million for the same period 2009.

-- GAAP income from operations was $2.0 million as compared with $1.9 million for the same period 2009.

-- GAAP net income was $1.2 million, or $0.08 per fully diluted share, as compared with $1.3 million, or $0.09 per fully diluted share, for the same period 2009.

-- Non-GAAP income from operations was $3.3 million as compared with $3.0 million for the same period 2009.

-- Non-GAAP net income was $2.0 million, or $0.13 per fully diluted share, as compared with $2.1 million, or $0.14 per fully diluted share, for the same period 2009.

Mark Weinstein, CEO of BioClinica, said, "This was a very productive quarter as we worked on integrating our recent acquisitions, prepared to launch several new products and continued investing in our technology and operational infrastructure. Each of our development projects, including new and upgraded technology-enabled service offerings as well as internal systems to improve operational efficiencies, is a key component to our continued success. Our products need to be best-in-class and our internal systems must support our ability to be the highest quality, lowest cost producer."

Mr. Weinstein added, "Of particular note we were pleased to be able to launch the enhanced TranSenda clinical trial management system (CTMS), which included BioClinica enhancements, infrastructure and rebranding, at the DIA Conference in June. This was done in a remarkably fast turnaround time, in that we completed the TranSenda acquisition in March of 2010. The BioClinica CTMS system, which is built on the Microsoft .NET framework, is a full-functioning expandable clinical trial system that is a viable, cost-effective solution for any size pharmaceutical or medical device company."

"We are also working on finalizing the development of BioClinica's next-generation Trident IVR/IWR interactive response system and are on track to launch it during the second half of this year," Mr. Weinstein continued. "This system is in its final stages of testing and validation and we are in active discussions with several major pharmaceutical companies about adopting the system for use on a global basis. Feedback from the marketplace has validated our assumption that this product will provide sponsors with the most comprehensive, cost-effective IVR/IWR product in the market. Additionally, when this product is implemented alongside BioClinica Optimizer, our clients will have the only comprehensive system that will allow them to optimize their clinical supplies/randomization schemes at the start of a study, have that optimized scheme automatically configure the majority of their IVR/IWR, and then once the study is operational, re-optimize on a continual basis using real-time information from the Trident IVR/IWR."

"Our focus on our imaging core lab services remains strong and we continue to make investments that improve our operational efficiencies and increase our image analysis capabilities. Our development efforts this quarter included enhancing our new WebSend product to support the electronic transport of images from the various imaging modalities that are used across therapeutic areas, including cardiology, oncology, musculoskeletal and central nervous system disorders." He added, "Further, we made significant investments to enhance our imaging core lab services, including the BioPACS(TM) and BioREAD(TM) systems. When integrated with WebSend, we believe these new systems will fortify our position as a state-of-the-art imaging core lab and provide operational efficiencies that are expected to result in significant cost savings as new studies are brought on to this platform."

Mr. Weinstein concluded, "While we are seeing improvements in overall market activity, and are pleased to report backlog increased 10.7% year over year, we continue to experience delays in contract executions and project starts relative to signings. As a result, we now expect our second half results will be sequentially flat with our first half results, and are therefore narrowing our full year service revenue guidance to $61 to $63 million, and lowering our full year non-GAAP EPS to be in the range of $0.25 to $0.30 per share and correspondingly our GAAP EPS to be in the range of $0.15 to $0.20 per share."

Conference Call Information

Management of BioClinica, Inc. will host a conference call today (August 4, 2010) 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# 353964. 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 2010 and 2009 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 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 services. BioClinica supports pharmaceutical and medical device innovation with imaging core lab, internet image transport, electronic data capture, interactive voice and web response, Microsoft Office-Smart clinical trial management, and clinical supply chain forecasting and optimization solutions. BioClinica services maximize efficiency and manageability throughout all phases of the clinical trial process. With more than 20 years of experience and over 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.

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