BioClinica posts Q4 profit, sales increase

BioClinica Inc. (NSDQ:BIOC) posted fourth-quarter sales of $20.2 million for the three months ended Dec. 31, 2009, up 14.3 percent compared with $17.7 million during the same period in 2008. Net income reached $943,000, compared with a net loss of $171,000 during Q4 2008:

Press Release

BioClinica Announces Fourth Quarter and Year End 2009 Financial
Results

NEWTOWN, Pa.–(BUSINESS WIRE)–BioClinica™, Inc. (NASDAQ: BIOC), a global provider of clinical trial
services, today announced its financial results for the quarter and year
ended December 31, 2009. The operating results of Phoenix Data Systems
(“PDS”) are included in the financial results following the acquisition
of PDS that was completed March 24, 2008. The CapMed division, which was
sold on January 6, 2009, was reclassified as a discontinued operation
for all periods presented.

Financial highlights for the quarter ended December 31, 2009 include:

• Service revenues were $14.9 million as compared with $15.0 million for
  the same period 2008.
• GAAP income from continuing operations before interest and taxes was
  $1.6 million as compared with $2.3 million for the same period 2008.
• GAAP income from continuing operations, net of taxes was $943,000, or
  $0.06 per fully diluted share, as compared with $1.7 million, or $0.11
  per fully diluted share, for the same period 2008.
• Non-GAAP income from continuing operations before interest and taxes
  was $2.0 million as compared with $2.4 million for the same period
  2008.
• Non-GAAP income from continuing operations, net of taxes was $1.2
  million, or $0.08 per fully diluted share, as compared with $1.8
  million, or $0.12 per fully diluted share, for the same period 2008.

• Backlog was $98.7 million as of December 31, 2009 as compared with
  $96.5 million at September 30, 2009 and compared with $92.7 million as
  of December 31, 2008.

Financial highlights for the year ended December 31, 2009 include:

• Service revenues reached a record $57.4 million as compared with $56.2
  million for the same period 2008.
• GAAP income from continuing operations before interest and taxes was
  $4.7 million as compared with $8.5 million for the same period 2008.
• GAAP income from continuing operations, net of taxes was $3.0 million,
  or $0.20 per fully diluted share, as compared with $5.8 million, or
  $0.40 per fully diluted share, for the same period 2008.
• Non-GAAP income from continuing operations before interest and taxes
  was $7.1 million as compared with $9.4 million for the same period
  2008.

• Non-GAAP income from continuing operations, net of taxes was $4.5
  million or $0.30 per fully diluted share, as compared with $6.4
  million, or $0.44 per fully diluted share, for the same period 2008.

Mark L. Weinstein, President and Chief Executive Officer of BioClinica
said, “As we enter our twentieth year of business, I am extremely proud
to be the CEO of BioClinica, a leader in our industry. We offer a suite
of integrated services including medical image management, electronic
data capture, data management, IVR/IWR, clinical supply optimization and
other eClinical services. Despite difficult market conditions, we
reflect positively upon the successes that we achieved during the last
year, including record service revenue. Among the many highlights for
the year were the acquisitions of Tourtellotte Solutions and CardioNow,
as well as our rebranding into BioClinica. The two acquisitions
complemented and increased our suite of services, and the integration of
both companies into BioClinica has been very successful. BioClinica
Optimizer, a clinical supply forecasting and optimization product, has
an established presence in four of the top 10 pharmaceutical companies
and there are many discussions underway with other companies.
Additionally, our team is completing the development of our Trident
IVR/IWR which will be launched this summer. Further, our rebranding has
also met with great success, and I am pleased to note that our brand
recognition today is as high as it was before the rebranding took place
last April. Customers and potential customers alike have a high
awareness level of our new name, and with that, comes the value of our
brand equity that translates into high-quality, cost-effective and
best-in-class solutions.”

“The increases in market activity that began late last year have
continued into the first quarter of 2010 and have resulted in an
increased level of proposal activity,” Mr. Weinstein continued.
“Company-wide, we have increased and strengthened the component
offerings in our suite of clinical trial services, and we have also
benefited from the continued trends in the pharmaceutical industry to
outsource their clinical trials services to companies such as
BioClinica. With an established and growing global presence, 20 years of
experience and a stellar reputation in the industry, we believe
BioClinica will continue to benefit from these changing industry trends.
Our balance sheet remains strong and we continue to seek acquisitions
that will enable us to strengthen our products and services, while also
helping us to increase our market share.”

Mr. Weinstein concluded, “With our strengthened offerings, increased
proposal activity and our improved backlog, we expect full-year 2010
service revenue to be in the range of $61 to $65 million and non-GAAP
EPS to be in the range of $0.33 to $0.37 per share, which equates to
GAAP EPS in the range of $0.25 to $0.29 per share.”