BioClinica second quarter service revenues increase 8.7% to $16.9 million

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

Financial highlights for the quarter ended June 30, 2011 include:

• Service revenues increased 8.7% to a record $16.9 million as compared with $15.5 million for the same period 2010.
• GAAP income from operations was $1.5 million, as compared with $657,000 for the same period 2010, an increase of 125%.
• GAAP net income was $924,000, or $0.06 per fully diluted share, as compared with $403,000, or $0.03 per fully diluted share, for the same period 2010.
• Non-GAAP income from operations increased 45.6% to $2.0 million as compared with $1.4 million for the same period 2010.
• Non-GAAP net income increased 48.6% to $1.3 million as compared with $851,000; on a fully diluted basis, Non-GAAP earnings per share increased 60% to $0.08 per share, as compared with $0.05 per fully diluted share reported for the same period 2010.
• Backlog was $112.5 million as of June 30, 2011, an 8.0% increase as compared with $104.2 million as of June 30, 2010.

Financial highlights for the six months ended June 30, 2011 include:

• Service revenues increased 9.1% to $33.0 million as compared with $30.3 million for the same period 2010.
• GAAP income from operations was $2.0 million as compared with $1.8 million for the same period 2010, an increase of 12.3%.
• GAAP net income was $1.3 million, or $0.08 per fully diluted share, as compared with $1.1 million, or $0.07 per fully diluted share, for the same period 2010.
• Non-GAAP income from operations increased 23.4% to $3.9 million as compared with $3.1 million for the same period 2010.
• Non-GAAP net income increased 26.3% to $2.4 million compared with $1.9 million in the prior year's period, and was $0.15 per fully diluted share, a 25% increase compared with $0.12 per fully diluted share reported for the same period 2010.
• During the second quarter, we repurchased 67,400 shares of BioClinica stock at an average price of $5.19 per share, as part of our stock repurchase program. For the first half of 2011, we purchased 105,013 shares of BioClinica stock at an average price of $5.12 per share. At June 30, 2011, there was $1.4 million of funds remaining that may yet be used to repurchase shares under the plan that originally authorized purchases up to $2 million.

"By providing best-in-class combined technology and service solutions and a clear line of site to a unified clinical research solution, we are getting a tremendous reception from the entire continuum of pharma and medical device companies. The industry is rapidly accepting that a new development paradigm is needed and that the new paradigm requires new solutions, i.e. BioClinica. Our second quarter financial results show the strength of our historical core medical imaging services combined with the ever-increasing acceptance of our new products and services. For the quarter we showed growth across the board, including: service revenue, gross margin on service revenue, operating income, net income and earnings per share, and we ended the quarter with a strong backlog of $112.5 million," said Mark L. Weinstein, President and CEO of BioClinica.

Mr. Weinstein added, "We continue to get tremendous traction on our Trident IVR/IWR product which we released in the fourth quarter of last year. Since its initial launch we have had 11 new clients involving 24 studies commit to the Trident platform for their IVR/IWR needs. Everyone that is introduced to Trident is very pleased with its unparalleled efficiency and accuracy."

"Similar to Trident, we are also beginning to see traction for our OnPoint CTMS, Clinical Trial Management System ('CTMS') solution," he continued. "Initially oriented towards small- to medium- pharma companies, we are now seeing tremendous interest from major global pharmaceutical companies and medical device companies as well. OnPoint's tight integration with Microsoft® SharePoint enables users to interact with our CTMS solution via Microsoft Office applications (Outlook, Excel, Word, etc.), speeding user adoption and compliance. BioClinica's growth is not only attributed to our technologies that meet and exceed client demands, it is also the result of our agile and innovative staff, including our expert development organization that creates and supports these various technologies."

Mr. Weinstein concluded, "We intend to continue this momentum by broadening our client base and increasing the adoption of our products and services. With our strong backlog, and our continued strengthening of our suite of products and services, we remain on track to achieve 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 $0.06 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."