BioClinica reports financial results for quarter and year ended December 31, 2009

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.

“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”

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.”