BioClinica ($BIOC) capitalized on the compatibility of its clinical trials software with Microsoft ($MSFT) technology and boosted revenue and income during the first quarter that ended March 31, the company said last week. And the provider of clinical trials software and medical image management continued to build on record business backlogs.
Newtown, PA-based BioClinica grew service revenue 14.9% from $16.1 million to $18.6 million, according to the company, which reiterated its guidance for full-year service revenue of $73 million to $77 million. The company's backlog jumped to $125.8 million, a record. Quarterly non-GAAP operating income and net income jumped 17.1% to $2.2 million and $17.8% to $1.4 million, respectively, compared with the year-earlier quarter.
BioClinica CEO Mark Weinstein, who has ambitious growth plans for the company, has emphasized growth in its clinical trials software business, a newer animal at the company than the core medical imaging operations. In the first quarter, the company announced a partnership to integrate its clinical trials management systems (CTMS) product OnPoint with venture-backed NextDocs' document-management and compliance software, with both company's products leveraging Microsoft technology.
"BioClinica's strong relationship with Microsoft continues to be an advantage to us, as we enable our customers to leverage Microsoft SharePoint and Microsoft Office Suite investments to drive down cost and improve information accessibility and usability," Weinstein stated. "Using the Microsoft platform enables us to develop and deploy new technologies in a cost-efficient and timely manner, ultimately resulting in economic benefits for our clients."
Correction: This story incorrectly identified Nextrials as a partner of BioClinica. The reporter intended to write that NextDocs, not Nextrials, and BioClinica formed a partnership in the first quarter. We apologize for the mistake.