BioClinica third quarter service revenues increase to $15.8 million

BioClinica®, Inc. (NASDAQ: BIOC), a global provider of clinical trial management services, today announced its financial results for the three and nine months ended September 30, 2010.

“Our continued strength across therapeutic areas, including oncology, musculoskeletal, cardiovascular and central nervous systems (CNS), positions us well with our pharmaceutical, biotech and medical device customers.”

Financial highlights for the three months ended September 30, 2010 include:

• Service revenues were $15.8 million as compared with $14.1 million for the same period 2009.
• GAAP income from operations was $1.1 million as compared with $1.2 million for same period 2009.
• GAAP net income was $714,000, or $0.05 per fully diluted share, as compared with $701,000, or $0.05 per fully diluted share, for the same period 2009.
• Non-GAAP income from operations was $1.7 million as compared with $2.0 million for the same period 2009.
• Non-GAAP net income was $1.1 million, or $0.07 per fully diluted share, as compared to $1.2 million, or $0.08 per fully diluted share, for the same period 2009.
• Backlog was $106.3 million as compared with $96.5 million for the same period 2009.

Financial highlights for the nine months ended September 30, 2010 include:

• Service revenues were $46.2 million as compared with $42.5 million for the same period 2009.
• GAAP income from operations was $3.1 million and also $3.1 million for the same period 2009.
• GAAP net income was $1.9 million, or $0.12 per fully diluted share, as compared with $2.0 million, or $0.13 per fully diluted share, for the same period 2009.
• Non-GAAP income from operations was $5.0 million as compared with $5.1 million for the same period 2009.
• Non-GAAP net income was $3.1 million, or $0.20 per fully diluted share, as compared with $3.2 million, or $0.21 per fully diluted share, for the same period 2009.

Mark Weinstein, CEO of BioClinica said, "Throughout the third quarter of fiscal 2010 we continued to make progress on many fronts.

"We strengthened our image management service offering through investment in technology and processes that improve our operational efficiencies and our image analysis capabilities." Mr. Weinstein added, "Our continued strength across therapeutic areas, including oncology, musculoskeletal, cardiovascular and central nervous systems (CNS), positions us well with our pharmaceutical, biotech and medical device customers.

"In the eClinical area we signed several contracts across product lines that provide further client validation of our position as a leading provider of eClinical solutions. Cato Research Ltd., a full-service contract research organization, selected our clinical trial management solution (CTMS) platform to serve Cato's global client base. We also signed another three-year, multi-million dollar enterprise agreement to provide electronic data capture (EDC) technology and data management services. This contract, with a multi-billion dollar subsidiary of a major global pharmaceutical company, will support nearly 200 global clinical studies annually, with the first studies expected to be implemented during the fourth quarter of this year. In addition, another major global pharmaceutical company contracted for our clinical trial supply forecasting tool, BioClinica Optimizer, to provide the client with better information to facilitate faster study starts, lower costs by reducing waste and overstocking, and overall improved clinical supply management. These recent awards for our EDC, Data Management, Optimizer and CTMS are clear examples of the integrity, reliability and high-level performance of our suite of eClinical products," he added.

"We launched our Trident IVR/IWR solution at the 2010 Society for Clinical Data Management Conference in mid-October, where it generated a lot of interest among our customer base. Trident's intuitive study set-up user interface empowers business users to quickly set up, test and deploy new protocols, and then monitor and maintain them in one place." Mr. Weinstein continued, "It provides the pharmaceutical industry with the technological innovations that drive the efficiencies their business requires, and is, we believe, the only product of its kind. Designed by the team from Tourtellotte Solutions, who created the world's first parameter-driven IWR, our Trident IVR/ IWR is another example of how our acquisitions expand and enhance our products and contribute to our success.

"On the corporate front, we hired Garry Johnson to fill our newly created position of Chief Technology Officer. Garry brings with him a significant amount of depth and expertise and will lead the Company's global technology strategy, including developing and implementing our technology plan, overseeing technology investments and ensuring that operational efficiencies are maximized."

Mr. Weinstein added, "We continue to see improvements in overall market activity, with our backlog tracking 10.2% higher than last year. In 2010, we made the necessary capital and operating expenditures to integrate our Tourtellotte Solutions, CardioNow and TranSenda acquisitions, further the development of our next generation IVR/IWR product and our Express 5.0 EDC product as well as further the technologies to enhance and improve processes for our image management services. We are reiterating our full year 2010 service revenue guidance of $61 to $63 million and full year GAAP EPS to be in the range of $0.15 to $0.20 per share and correspondingly our non-GAAP EPS to be in the range of $0.25 to $0.30 per share."

Mr. Weinstein concluded, "With the upcoming release of our Trident IVR/IWR and our Express 5.0 EDC solution, continuing sales of the BioClinica Optimizer and CTMS, and the continued strengthening of our image management service offering, we remain confident that we have the right solutions, the right strategies and the right team in place to solidify our strong position in the global markets."