BioClinica reports service revenues of $14,746,000 for first-quarter 2010

BioClinica™, Inc. (NASDAQ: BIOC), a global provider of clinical trial management services, today announced its financial results for the first quarter ended March 31, 2010.

“The multi-year outsourcing agreement with Cephalon, under which we will be providing "end-to-end”

Financial highlights for the quarter ended March 31, 2010 include:

• Service revenues were $14,746,000 as compared with $14,475,000 for the same period 2009.
• Backlog was $99.7 million as of March 31, 2010, as compared with $93.3 million as of March 31, 2009.
• Non-GAAP income from operations was $1,748,000 as compared with $1,577,000 for the same period 2009.
• GAAP income from operations was $1,167,000 as compared with $1,222,000 for the same period 2009.
• Non-GAAP net income was $1,065,000, or $0.07 per fully diluted share, as compared with $1,010,000, or $0.07 per fully diluted share, for the same period 2009.
• GAAP net income was $711,000, or $0.05 per fully diluted share, as compared with $786,000, or $0.05 per fully diluted share, for the same period 2009.

In addition, the Company reported several milestones in its growth strategy, including:

• The acquisition of TranSenda International, including its Office-Smart Clinical Trial Manager ("CTMS") and Office-Smart Clinical Payment Manager, each designed to take full advantage of the powerful Microsoft Office tools and based on native interoperability with the Microsoft SharePoint System.
• The launch of BioClinica WebSend and WebView which provide best-in-class regulatory compliant electronic image transport solutions for its medical image management clients worldwide.
• The signing of a multi-year "end-to-end" clinical data management outsourcing agreement with Cephalon, Inc.
• The launch of BioClinica Optimizer, a leading product in the field of clinical supply chain forecasting and optimization, with four of the top ten pharmaceutical companies among its clients.
• Reaching the final development stages of its Trident IVR/IWR, the next generation of Interactive Voice Response/ Interactive Web Response ("IVR/IWR") software.

Mark Weinstein, CEO of BioClinica, said, "These milestones and initiatives provide us the opportunity to sell individual best of breed 'point solutions' as well as create opportunities for cross-selling integrated clinical trial solutions."

He continued, "The acquisition of TranSenda represents an important advancement in the execution of our comprehensive eClinical solutions strategy. TranSenda's CTMS solutions are an important part of our Microsoft Office and SharePoint enabled delivery vision, and provide a real-time window on the vital metrics managers need to oversee efficient clinical trials. We are excited about this acquisition, the company's relationship with Microsoft, and the ways in which it further expands our footprint in the eClinical services industry."

"The multi-year outsourcing agreement with Cephalon, under which we will be providing "end-to-end" clinical data management services to Cephalon's global clinical trial operations, was another significant milestone. With the pharmaceutical industry trending towards more creative outsourcing agreements, this innovative and logical approach has already led to discussions with other companies interested in benefiting from similar arrangements," he added.

"BioClinica Optimizer (formerly Tourtellotte Solutions tcVisualize), which we launched this quarter, offers our clients clinical supply chain forecasting with the most sophisticated simulation and optimization technology available, and its importance is underscored by the fact that currently four of the top ten pharmaceutical companies use this product. In addition, we are in the final stages of completing our Trident IVR/IWR and are excited about its launch during the second half of this year. We believe the Trident IVR/IWR is the next-generation integrated voice/web response solution that the market is seeking, and our clients seem to agree," he said.

Mr. Weinstein continued, "Further, BioClinica WebSend and WebView, formerly CardioNow, which we acquired from Agfa HealthCare, are proven and established solutions for managing the electronic sharing, blinding, tracking, archiving and analysis of medical images for clinical trials worldwide."

Mr. Weinstein concluded, "With industry trends showing renewed strength and the continued refinement and additions to our suite of clinical trial services, we remain on track to achieve our previously stated financial estimates. We reiterate our previous 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, including the financial impact of the TranSenda acquisition. We have revised our GAAP EPS to be in the range of $0.23 to $0.27 per share from $0.25 to $0.29 per share, due to transaction expenses and amortization of intangible assets related to the TranSenda acquisition."