BioClinica Reports Record Service Revenue for the Fourth Quarter and Year End 2011

NEWTOWN, Pa.--(BUSINESS WIRE)--BioClinica®, Inc. (NASDAQ: BIOC), a global provider of clinical trial management solutions, today announced its financial results for the fourth quarter and year ended December 31, 2011.

"Our business was strong across our eClinical and medical imaging offerings as we significantly grew our customer base. We signed a greater number of enterprise-wide agreements and more multi-product agreements than ever before in our history."

Financial highlights for the quarter ended December 31, 2011 include:

Service revenues were $18.3 million as compared with $16.5 million for the same period 2010.
GAAP operating income was $1.8 million as compared with $1.2 million for same period 2010.
GAAP net income was $1.2 million, or $0.07 per fully diluted share, as compared with $831,000, or $0.05 per fully diluted share, for the same period 2010.
Non-GAAP operating income was $2.4 million as compared with $1.8 million for the same period 2010.
Non-GAAP net income was $1.5 million, or $0.09 per fully diluted share, as compared with $1.2 million, or $0.08 per fully diluted share, for the same period 2010.
Backlog was $123.1 million as compared with $110.7 million for the same period 2010.

Financial highlights for the year ended December 31, 2011 include:

Service revenues were $68.0 million as compared with $62.7 million for the same period 2010.
GAAP operating income was $4.4 million (after a restructuring charge of $1.7 million) as compared with $4.3 million for the same period 2010.
GAAP net income was $2.8 million, or $0.17 per fully diluted share (after a restructuring charge of $1.1 million, or $0.07 per share), as compared with $2.8 million, or $0.17 per fully diluted share, for the same period 2010.
Non-GAAP operating income was $8.2 million as compared with $6.8 million for the same period 2010.
Non-GAAP net income was $5.3 million, or $0.32 per fully diluted share, as compared with $4.3 million, or $0.27 per fully diluted share, for the same period 2010.

"The accelerating adoption of BioClinica's enhanced hosted and SaaS clinical trial technology solutions helped drive the company to another year of record service revenue. We also benefitted from ongoing operational efficiency initiatives that contributed toward improved year-over-year non-GAAP operating margin on service revenue," said Mark L. Weinstein, President and CEO of BioClinica.

"Our business was strong across our eClinical and medical imaging offerings as we significantly grew our customer base. We signed a greater number of enterprise-wide agreements and more multi-product agreements than ever before in our history." Mr. Weinstein added, "As the trend continued for clinical trial sponsors to reduce the number of vendors they engage, BioClinica benefitted from our broad spectrum of products and services that are designed with flexibility, speed and ease of use built in. The fact that our solutions are scalable to handle any size study in any phase of development is also a big positive in the market."

Some of the highlights for the year include:

We were awarded 35 Trident IWR contracts for 22 customers.
We launched our enhanced OnPoint CTMS, and added 10 new CTMS clients.
We released a more powerful version of BioClinica Express EDC that makes it easier to monitor protocol compliance, complete studies with greater speed and efficiency, and includes compatibility with Optimizer, our state-of-the-art clinical supply simulator/manager.
We signed several preferred provider agreements with leading pharmaceutical companies and top-tier CROs, increasing our worldwide business footprint.
We expanded our client base by adding 50 new sponsors to our roster, including 22 new medical imaging sponsors and 28 eClinical sponsors. These additional sponsors represent a broad spectrum of international pharmaceutical and medical device companies.
We reorganized our employee teams to better support our growth, particularly to support client-related projects for Trident IWR and OnPoint CTMS.

Mr. Weinstein concluded, "Our backlog of $123.1 million is a record and with our compelling suite of products and services, we are very optimistic about the future. We expect our full-year 2012 service revenue to be in the range of $73 to $77 million, our full-year GAAP EPS to be in the range of $0.26 to $0.32 per fully diluted share, and our full-year non-GAAP EPS to be in the range of $0.36 to $0.42 per fully diluted share."

Conference Call Information

Management of BioClinica, Inc. will host a conference call today at 11:00 a.m. EST. 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 # 386423. 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, BioClinica' 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 BioClinica'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 BioClinica's control. The factors discussed herein and expressed from time to time in BioClinica'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 BioClinica undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstance. You should review the BioClinica's filings, especially risk factors contained in the Form 10-K and the recent Form 10-Q.

 

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