BioClinica Reports 15.7% Growth in Service Revenue and 26.1% Increase in Non-GAAP Operating Income f

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BioClinica Reports 15.7% Growth in Service Revenue and 26.1% Increase in Non-GAAP Operating Income for Third Quarter

-- Conference Call Today at 11:00 A.M. EST --

NEWTOWN, Pa.--(BUSINESS WIRE)-- BioClinica®, Inc. (NAS: BIOC) , a leading global provider of clinical trial management solutions, today announced its financial results for the third quarter and nine months ended September 30, 2012.


Financial highlights for the quarter ended September 30, 2012 include:

  • Service revenues increased 15.7% to a record $19.2 million as compared with $16.6 million for the same period 2011.
  • GAAP operating income was $1.1 million including a restructuring charge of $839,000 as compared with $479,000 including a restructuring charge of $1.0 million for the same period 2011.
  • GAAP net income was $542,000, or $0.03 per fully diluted share, as compared with $358,000, or $0.02 per fully diluted share in the year-ago quarter.
  • Non-GAAP operating income increased 26.1% to $2.6 million as compared with $2.0 million for the same period 2011.
  • Non-GAAP net income increased 10.3% to $1.5 million compared with $1.4 million; this equated to $0.09 per fully diluted share, as compared with $0.08 per fully diluted share in the same period 2011.

Financial highlights for the nine months ended September 30, 2012 include:

  • Service revenues increased 14.5% to $56.8 million as compared with $49.7 million for the same period 2011.
  • GAAP operating income was $4.4 million including a restructuring charge of $839,000 as compared with $2.5 million including a restructuring charge of $1.7 million for the same period 2011.
  • GAAP net income was $2.6 million, or $0.16 per fully diluted share as compared with $1.6 million, or $0.10 per fully diluted share for the same period 2011.
  • Non-GAAP operating income increased 19.1% to $7.0 million as compared with $5.9 million for the same period 2011.
  • Non-GAAP net income increased 12.7% to $4.3 million compared with $3.8 million; this equated to $0.26 per fully diluted share, as compared with $0.23 per fully diluted share in the same period 2011.

Mark L. Weinstein, President and Chief Executive Officer of BioClinica said, "We are extremely pleased with our third quarter operating results, which included strong growth in service revenue and non-GAAP operating income and margin resulting from increased demand for both our eClinical and medical imaging offerings."

"We are excited to have had several significant contract wins this quarter, attracting some of the largest and most discerning global pharmaceutical companies to our roster of clients. Sanofi's selection of BioClinica's OnPoint as its enterprise CTMS for all of its global clinical trials underscores the strength, scalability and integrity of our technology, the importance of our relationship with Microsoft, and the clear advantages of SharePoint. Additionally, Sanofi has selected us as a preferred provider of medical imaging solutions." He continued, "Other agreements such as those with Isis Pharmaceuticals and Luitpold Pharmaceuticals for BioClinica's Express EDC also reflect the growing acceptance and recognition of our transformational technology and superior service across the industry. We were also pleased to have recently announced TauRx's selection of both our Trident IWR/IVR and medical imaging solutions for its upcoming Phase III clinical trial, further establishing our position as a leading global player. Sanofi and TauRx are representative of many of our clients, from small to major global pharmaceutical and biotech companies, that are selecting us for both our eClinical and medical imaging products and services."

Mr. Weinstein continued, "In order to further strengthen our medical imaging solutions offering, we realigned our global operational structure along therapeutic lines during the third quarter. These changes were implemented and completed during the quarter, and resulted in a restructuring charge, primarily comprised of severance and related costs, of $839,000, or $0.03 per diluted share, all of which was incurred in the quarter. As a result of this restructuring, we expect to realize $1.0 million of annualized operating savings, commencing immediately."

"Our current backlog of $114.1 million compares favorably with last quarter's $110.2 million. Our backlog and strong proposal pipeline position us well for future growth. We are reiterating our full-year 2012 service revenue to be in the range of $73 to $77 million, and our full-year non-GAAP EPS to be in the range of $0.36 to $0.42 per fully diluted share. As a result of the $0.03 per share restructuring charge, we are revising our full-year GAAP EPS to be in the range of $0.23 to $0.29 per fully diluted share as compared to previous GAAP EPS guidance of $0.26 to $0.32 per diluted share," concluded Mr. Weinstein.

Conference Call Information

Management of BioClinica, Inc. will host a conference call today at 11:00 a.m. EST. Those who wish to participate in the conference call may telephone 877-869-3847 from the U.S.; international callers may telephone 201-689-8261, approximately 15 minutes before the call. There will be a simultaneous webcast on www.bioclinica.com. A digital replay will be available by telephone approximately two hours after the call's completion for two weeks, and may be accessed by dialing 877-660-6853from the U.S. or 201-612-7415 for international callers, Conference ID #401423. The replay will also be on the website under the "Investors" section at www.bioclinica.com for two weeks.

Non-GAAP Financial Information

BioClinica is providing information on 2012 and 2011 non-GAAP income from operations, non-GAAP net income and non-GAAP diluted earnings per share that exclude certain items, as well as the related income tax effects, because of the nature of these items and the impact they have on the analysis of underlying business performance and trends. The non-GAAP information excludes, certain of which are recurring in nature, the impact of stock-based compensation, amortization of intangible assets related to acquisitions, restructuring charges and merger and acquisition costs. We believe the non-GAAP information provides supplemental information useful to investors in comparing our results of operations on a consistent basis from period to period. Management uses these non-GAAP measures in assessing our core operating performance and evaluating our ongoing business operations. These measures are not in accordance with, or an alternative for, generally accepted accounting principles (GAAP) and may be different from non-GAAP measures used by other companies. Therefore, the information may not necessarily be comparable to that of other companies and should be considered as a supplement to, not a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP. Investors are encouraged to review the reconciliations of these non-GAAP financial measures to the comparable GAAP results, which are included below in this press release.

About BioClinica, Inc.

BioClinica, Inc. is a leading global provider of integrated, technology-enhanced clinical trial management solutions. BioClinica supports pharmaceutical and medical device innovation with imaging core lab, internet image transport, electronic data capture, interactive voice and web response, clinical trial management and clinical supply chain design and optimization solutions. BioClinica solutions maximize efficiency and manageability throughout all phases of the clinical trial process. With over 20 years of experience and more than 2,000 successful trials to date, BioClinica has supported the clinical development of many new medicines from early phase trials through final approval. BioClinica operates state-of-the-art, regulatory-body-compliant imaging core labs on two continents, and supports worldwide eClinical and data management services from offices in the United States, Europe and Asia. For more information, please visit www.bioclinica.com.

Certain matters discussed in this press release are "forward-looking statements" intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995.In particular, the Company's statements regarding trends in the marketplace and potential future results are examples of such forward-looking statements. The forward-looking statements include risks and uncertainties, including, but not limited to, the Company's ability to convert backlog into revenue as a result of many factors, including but not limited to, contract cancelations; the consummation and the successful integration of current and proposed acquisitions, the timing of projects due to the variability in size, scope and duration of projects, estimates and guidance made by management with respect to the Company's financial results, backlog, critical accounting policies, regulatory delays, clinical study results which lead to reductions or cancellations of projects, and other factors, including general economic conditions and regulatory developments, not within the Company's control.The factors discussed herein and expressed from time to time in the Company's filings with the Securities and Exchange Commission could cause actual results and developments to be materially different from those expressed in or implied by such statements.The forward-looking statements are made only as of the date of this press release and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstance. You should review the Company's filings, especially risk factors contained in the Form 10-K and the recent Form 10-Q.

             
BIOCLINICA, INC. AND SUBSIDIARIES
Consolidated Statements of Income
(in thousands, except per share data)
(unaudited)
 
 

For the Three Months Ended

For the Nine Months Ended

9/30/129/30/119/30/129/30/11
 
Service revenues19,22716,62356,83549,658
Reimbursement revenues5,7014,84713,83611,887
Total revenues$24,928$21,470$70,671$61,545
 
Costs and expenses:
Cost of service revenues11,96810,43435,24831,432
Cost of reimbursement revenues5,7014,84713,83611,887
Sales & marketing expenses2,4892,0817,8486,324
General & admin. expenses2,6972,4348,0817,027
Amortization of intangible assets related to acquisitions138155429467
Mergers & acquisition related costs---162
Restructuring costs8391,0408391,719
Total cost and expenses23,83220,99166,28159,018
 
Operating income1,0964794,3902,527
Interest income (expense) - net(34)(12)(67)(26)
Income before income tax1,0624674,3232,501
Income tax provision5201091,754868
Net income$542$358$2,569$1,633
 
Basic earnings per share$0.03$0.02$0.16$0.10
 
Weighted average number of shares - basic15,59615,64015,62615,645
 
Diluted earnings per share$0.03$0.02$0.16$0.10
 
Weighted average number of shares - diluted16,46116,38316,46716,515
 
 
BIOCLINICA, INC. AND SUBSIDIARIES
GAAP to non-GAAP Reconciliation (1)
(in thousands, except per share data)
(unaudited)
             
 
For the Three Months EndedFor the Nine Months Ended
9/30/129/30/119/30/129/30/11
 
GAAP operating income1,0964794,3902,527
Stock-based compensation *4773491,3671,021
Amortization of intangible assets related to acquisitions138155429467
Mergers & acquisition related costs---162
Restructuring charges8391,0408391,719
Non-GAAP operating income$2,550$2,023$7,025$5,896
 
GAAP net income5423582,5691,633
Stock-based compensation, net of taxes315227902664
Amortization of intangible assets related to acquisitions, net of taxes91101283304
Mergers & acquisition related costs, net of taxes---105
Restructuring charges, net of taxes5546765541,117
Non-GAAP net income$1,502$1,362$4,308$3,823
 
GAAP diluted earnings per share$0.03$0.02$0.16$0.10
 
Non-GAAP diluted earnings per share$0.09$0.08$0.26$0.23
 
* Stock based compensation included in total costs and expenses is as follows:
Cost of service revenues137120406351
Sales & marketing expenses13114130
General & admin. expenses327218920640
4773491,3671,021

 

(1)

 

This table presents a reconciliation of GAAP to non-GAAP income from operations, net income and

diluted earnings per share for the three and nine months ended September 30, 2012 and 2011. The non-GAAP

information excludes the impact of stock-based compensation, amortization of intangible assets

related to acquisitions, restructuring charges and merger and acquisition costs.

 
BIOCLINICA, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
(in thousands)
(unaudited)
        
 
September 30, 2012December 31, 2011
ASSETS
 
Cash & cash equivalents$13,184$12,575
Accounts receivable, net18,95016,353
Prepaid expenses & other current assets1,8861,743
Deferred income taxes5,5225,637
Total current assets39,54236,308
 
Property & equipment, net19,77116,186
Intangibles, net1,3781,808
Goodwill34,30234,302
Deferred income taxes431,021
Other assets765796
 
Total assets$95,801$90,421
 
LIABILITIES
 
Accounts payable$2,320$2,422
Accrued expenses & other current liabilities5,7605,944
Deferred revenue14,17913,438
Deferred income tax-526
Current maturities of capital lease obligations1,006423
Current liability for acquisition earn-out2,0002,000
Total current liabilities25,26524,753
 
Long-term capital lease obligations3,5221,535
Deferred income taxes4,6894,499
Other liability
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