BioClinica third quarter service revenues increase 4.1% to $16.6 million

BioClinica®, Inc. (NASDAQ: BIOC), a global provider of clinical trial management and technology solutions, today announced its financial results for the third quarter and nine months ended September 30, 2011.

“Some of the most rewarding results of this conference were hearing our current clients talk about how satisfied they are with the solutions we provide them, and having them share their ideas on how we can continue to further advance our products and services.”

Financial highlights for the three months ended September 30, 2011 include:

• Service revenues increased 4.1% to $16.6 million as compared with $16.0 million for the same period in 2010.
• GAAP operating income was $479,000 (which included a restructuring charge of $1.0 million) as compared with $1.3 million for the same period in 2010.
• GAAP net income was $358,000, or $0.02 per fully diluted share (which included a restructuring charge of $676,000, or $0.04 per share) as compared with $808,000, or $0.05 per fully diluted share, for the same period in 2010.
• Non-GAAP operating income increased 8.2% to $2.0 million as compared with $1.9 million for the same period in 2010.
• Non-GAAP net income increased to $1.4 million as compared with $1.2 million for the same period in 2010; on a fully diluted basis, non-GAAP earnings per share increased to $0.08 per fully diluted share as compared with $0.07 per fully diluted share reported for the same period in 2010.
• Backlog increased 8.7% to $115.6 million as of September 30, 2011 as compared with $106.3 million as of September 30, 2010.

Financial highlights for the nine months ended September 30, 2011 include:

• Service revenues increased 7.4% to $49.7 million as compared with $46.2 million for the same period in 2010.
• GAAP operating income was $2.5 million as compared with $3.1 million for the same period in 2010.
• GAAP net income was $1.6 million, or $0.10 per fully diluted share, as compared with $1.9 million, or $0.12 per fully diluted share, for the same period in 2010.
• Non-GAAP operating income increased 17.5% to $5.9 million as compared with $5.0 million for the same period in 2010.
• Non-GAAP net income increased to $3.8 million as compared with $3.1 million for the same period in 2010; on a fully diluted basis, non-GAAP earnings per share increased to $0.23 per fully diluted share as compared with $0.20 per fully diluted share reported for the same period in 2010.

"We continue to build our reputation in the industry for providing superior integrated clinical research technology solutions to our clients. With a full range of hosted and SaaS solutions, we support a growing number of clinical trials across the world," said Mark L. Weinstein, President and CEO of BioClinica. "Our third quarter results reflect the progress we have made as our clients seek improved speed and efficiency to implement and execute their clinical trials. These improvements reflect the momentum that is building across all areas of our business, including increased interest in our core medical imaging services, Express EDC, OnPoint CTMS, Optimizer and Trident IVR/IWR. In addition to a growing revenue base, our continued development of our BioPACS™ imaging management system is resulting in efficiency gains that have contributed to improved year-over-year non-GAAP operating income."

"Further, as clinical trial sponsors continue to reduce the number of vendors they use by selecting providers who can fulfill more of their clinical trial software and imaging needs, BioClinica's best-of-breed, interoperable platforms are gaining more traction across the industry. In addition to a growing base of pharmaceutical and medical device clients, we are also experiencing increased interest from leading CROs to serve as their preferred providers for their global clinical trials," Mr. Weinstein continued.

Two weeks ago BioClinica hosted its first annual eClinical users conference at the Microsoft Technology Center in Malvern, Pennsylvania. The two-day meeting was attended by over 80 current and prospective clients that ranged from the largest pharmaceutical and medical device companies to small biotech companies. In commenting on the successful conference, Mr. Weinstein said, "Some of the most rewarding results of this conference were hearing our current clients talk about how satisfied they are with the solutions we provide them, and having them share their ideas on how we can continue to further advance our products and services."

"With increased sales of our products and a strong backlog, we are on track to meet 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 $0.07 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," he concluded.

During the third quarter, BioClinica purchased 51,700 shares of its stock at an average price of $4.81 per share, as part of its stock repurchase program. For the nine months ended September 30, 2011, BioClinica purchased 156,713 shares of its stock at an average price of $5.04 per share. At September 30, 2011, there was $1.2 million of funds remaining that may yet be used to repurchase shares under the plan that originally authorized purchases up to $2 million.